REPORT: RI Public Pension Reform - Wall Street’s License to Steal
From John Curry, October 18, 2013
Friday, October 18, 2013
GolocalProv News Team
http://www.golocalprov.com/news/REPORT-RI-Public-Pension-Reform-Wall-Streets-License-to-Steal/
Former SEC Investigator and Forbes columnist Ted Siedle unveiled a 100 plus page report that calls for a federal investigation regarding a number of issues relating the "withholding of material information and misrepresentations regarding state pension costs, as opposed to a lack of knowledge about the exponential growth and magnitude of the fees (tied to Wall Street Hedge Funds)."
The report entitled, "Rhode Island Public Pension Reform: Wall Street's License to Steal" secured by GoLocal, charges that the investment strategy led by Rhode Island General Treasurer Gina Raimondo (D), is a "lose-lose: alternative investments both reduce returns and increase risk."
READ THE SLIDES BELOW OF THE MAJOR FINDINGS AND SEE THE FULL REPORT BELOW
Siedle was hired by AFSCME three months ago to review the Employee Retirement System of Rhode Island. The report alleges a number of failures of oversight, illegalities tied to nondisclosure and heightened risk as a result of the policies and investment strategies developed by Raimondo.
Siedle's work was developed by his company Benchmark Financial Services, which has conducted other investigations in other cities and states, and with private pension funds, including the State of Alabama Personnel Board; Fairfield County, Connecticut; Cities of Nashville, Chattanooga and Burlington, Vermont; and Orange County Sheriff’s Office.
Siedle on most critical findings of the report
Siedle says that one of the most disturbing findings, from a regulatory and public policy perspective, is that the General Treasurer’s practice of withholding information and intentionally providing incomplete disclosures regarding ERSRI’s investments results in: (1) misleading the public as to fundamental investment matters, such as the true costs and risks related to investing in hedge, private equity, and venture capital funds; (2) understating the investment expenses and risks related to ERSRI; and (3) misrepresenting the financial condition of the state of Rhode Island to investors.
READ THE FULL REPORT
Friday, October 18, 2013
GolocalProv News Team
http://www.golocalprov.com/news/REPORT-RI-Public-Pension-Reform-Wall-Streets-License-to-Steal/
Former SEC Investigator and Forbes columnist Ted Siedle unveiled a 100 plus page report that calls for a federal investigation regarding a number of issues relating the "withholding of material information and misrepresentations regarding state pension costs, as opposed to a lack of knowledge about the exponential growth and magnitude of the fees (tied to Wall Street Hedge Funds)."
The report entitled, "Rhode Island Public Pension Reform: Wall Street's License to Steal" secured by GoLocal, charges that the investment strategy led by Rhode Island General Treasurer Gina Raimondo (D), is a "lose-lose: alternative investments both reduce returns and increase risk."
READ THE SLIDES BELOW OF THE MAJOR FINDINGS AND SEE THE FULL REPORT BELOW
Siedle was hired by AFSCME three months ago to review the Employee Retirement System of Rhode Island. The report alleges a number of failures of oversight, illegalities tied to nondisclosure and heightened risk as a result of the policies and investment strategies developed by Raimondo.
Siedle's work was developed by his company Benchmark Financial Services, which has conducted other investigations in other cities and states, and with private pension funds, including the State of Alabama Personnel Board; Fairfield County, Connecticut; Cities of Nashville, Chattanooga and Burlington, Vermont; and Orange County Sheriff’s Office.
Siedle on most critical findings of the report
Siedle says that one of the most disturbing findings, from a regulatory and public policy perspective, is that the General Treasurer’s practice of withholding information and intentionally providing incomplete disclosures regarding ERSRI’s investments results in: (1) misleading the public as to fundamental investment matters, such as the true costs and risks related to investing in hedge, private equity, and venture capital funds; (2) understating the investment expenses and risks related to ERSRI; and (3) misrepresenting the financial condition of the state of Rhode Island to investors. READ THE FULL REPORT
posted by Kathie Bracy at 11:38 PM
