SEC whistleblower Edward “Ted” Siedle is looking to conduct another investigation into the Rhode Island pension system.
Specifically, he wants to uncover the full scope and cost of pension management fees, in his latest look at the state since his first investigation was conducted under then-General Treasurer — and now U.S. Commerce Secretary — Gina Raimondo, who had stripped retirees of their cost-of-living-adjustment under her controversial pension reform.
“Did mismanagement of the pension cost workers their promised COLA? I think the answer is pretty clear,” said Siedle on Tuesday.
Siedle has launched a crowdfunding effort for a new investigation under newly elected Rhode Island General Treasurer James Diossa.
He writes:
“Since completing the first participant-funded forensic investigation of a state pension in history — the Rhode Island pension system, ‘Rhode Island Public Pension Reform: Wall Street's License to Steal,’ in October 2013 — our goal has been to restore transparency, reduce costs, improve investment performance, expose gross mismanagement and report potential wrongdoing.
As a result of that investigation, the reckless hedge fund gambling strategy implemented by then-Treasurer Raimondo was abandoned and disclosure of investment costs was improved immediately. Nevertheless, gross mismanagement of the state pension continued (and grew worse) under former Treasurer Seth Magaziner. With yet another Treasurer utterly lacking investment experience coming into...
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