Richardcyoung.com

The Online Home of Author and Investor, Dick Young

  • Home
  • How We Are Different
  • About Us
    • Foundation Principles
    • Contributors
  • Investing
    • You’ve Read The Last Issue of Intelligence Report, Now What?
  • Your Survival Guy
  • The Great Reset
  • COVID-19
  • My Rifles
  • Dividends and Compounding
  • Your Security
  • The Swiss Way
  • Dick Young
  • Debbie Young
  • Key West
  • Paris
  • Dick’s R&B Top 100
  • Liberty & Freedom Map
  • Bank Credit & Money
  • Your Survival Guy’s Super States
  • NNT & Cholesterol
  • Work to Make Money/Invest to Save Money
  • Your Health
  • Ron Paul
  • US Treasury Yield Curve: My Favorite Investor Tool

Gina Raimondo’s Flip-Flop

February 7, 2014 By E.J. Smith - Your Survival Guy

Rhode Island Treasurer Gina Raimondo loaded up the state pension portfolio with hedge funds. Now that she’s running for Governor she sold the position in Daniel Loab’s Third Point LLC hedge fund. The WSJ explains here:

So why the Raimondo heave-ho? The answer is union politics, specifically opposition by the American Federation of Teachers to education reform, especially school choice. Mr. Loeb and his wife are big donors to charter schools, which is enough by itself to earn the wrath of AFT President Randi Weingarten.

But the AFT put Mr. Loeb high atop the union’s hedge-fund black list last year because he also sits on the board of the New York chapter of StudentsFirst, Michelle Rhee’s education reform outfit that advocates teacher accountability in part based on student achievement. He is also a trustee of the Manhattan Institute, which favors school reform and in 2011 honored . . . Ms. Raimondo.

Mr. Loeb responded to the public union pressure last year by pledging an additional $1 million in Ms. Weingarten’s honor (on top of an original $2 million) to the Success Academy Charter Schools in New York City and encouraging others to do likewise.

Ms. Weingarten hasn’t forgotten, and she and her national enforcer Dan Pedrotty have been leaning on Ms. Raimondo to pull the state’s pension-fund cash from Third Point. Last week she obliged. A spokeswoman for the Treasurer says politics had nothing to do with the decision, which she says was motivated by the commission’s decision to reduce its “beta risk” (i.e., sensitivity to equity market moves). According to the Treasurer’s office, Third Point has the “highest equity market sensitivity” among the state’s hedge-fund investments.

Related Posts

  • Breaking Bad, Breaking Good
  • Breaking News from Harley Davidson
  • Breaking News: John Bolton Fired, Hooray!
  • Author
  • Recent Posts
E.J. Smith - Your Survival Guy
E.J. Smith is Founder of YourSurvivalGuy.com, Managing Director at Richard C. Young & Co., Ltd., a Managing Editor of Richardcyoung.com, and Editor-in-Chief of Youngresearch.com. His focus at all times is on preparing clients and readers for “Times Like These.” E.J. graduated from Babson College in Wellesley, Massachusetts, with a B.S. in finance and investments. In 1995, E.J. began his investment career at Fidelity Investments in Boston before joining Richard C. Young & Co., Ltd. in 1998.

E.J. has trained at Sig Sauer Academy in Epping, NH, NH, where he completed course-work in Practical and Defensive Handgun, Conceal Carry Pistol, Shotguns, Precision Scope Rifle and Kidnapping Prevention.

E.J. plays a Yamaha Recording Custom drum set with Zilldjian cymbals. His first drum set was a 5-piece Slingerland with Zildjians. He grew-up worshiping Neil Peart (RIP) of the band Rush, and loves the song Tom Sawyer—the name of his family’s boat, a Grady-White Canyon 306. He grew up in Mattapoisett, MA, an idyllic small town on the water near Cape Cod. He spends time in Newport, RI and Bartlett, NH—both as far away from Wall Street as one could mentally get. The Newport office is on a quiet, tree lined street not far from the harbor and the log cabin in Bartlett, NH, the “Live Free or Die” state, sits on the edge of the White Mountain National Forest. He enjoys spending time in Key West and Paris.

Please get in touch with E.J. at ejsmith@yoursurvivalguy.com

Click here to sign up for my free monthly Survive & Thrive letter.
Latest posts by E.J. Smith - Your Survival Guy (see all)
  • 4 Life Changing Words for Your Survival Guy: “You Should Try This” - January 26, 2023
  • Why Investors Should Forget Prices and Focus on Income - January 26, 2023
  • Welcome to Hotel California, Where You Can Never Leave - January 25, 2023

Dick Young’s Must Reads

  • Stunned Democrats Against “Defund Police”
  • We’ll Burn the Place Down!
  • Warning! Your Survival Guy’s on a Boil Water Advisory
  • “The Goal”: Strong Families, Resilient Faith, Thriving Middle Class.
  • Mises and Rothbard Finally Get Their Due
  • DIGITAL ID: You Are More than a Soulless Digital Identity
  • “An Epic Struggle Over the Definition of America”
  • Concentrate on Dividend Record and Compounding
  • Your Sheriff Can Thwart Federal Gun Control Efforts
  • Marry Compound Interest, Divorce Market Timing

Disclosure

RSS Youngresearch.com

  • 4 Life Changing Words for Your Survival Guy: “You Should Try This”
  • Suddenly, Holding Cash Looks Good Again to Many
  • Anti-Carbon Crusaders in Davos Talk ESG and OPM
  • Is Passive Investing Already Passé?
  • Welcome to Hotel California, Where You Can Never Leave
  • What You’re Telling Me Matters
  • Can Banks Compete with Apple Pay and PayPal?
  • America’s Super States and Stocks that Respect YOU
  • Markets Are Calling the Fed’s Bluff
  • Don’t Let Your Lazy Cash Eat all Your Food

RSS Yoursurvivalguy.com

  • 4 Life Changing Words for Your Survival Guy: “You Should Try This”
  • Anti-Carbon Crusaders in Davos Talk ESG and OPM
  • Welcome to Hotel California, Where You Can Never Leave
  • What You’re Telling Me Matters
  • The Rich Seek More from Bank Accounts
  • California’s Wealth Tax Will Drive Out Remaining Rich Residents
  • Political Establishment Irate over Conservative Challenges to ESG
  • Congratulations Mikaela Shiffrin on 83rd Win
  • America’s Super States and Stocks that Respect YOU
  • NYC Bleeding Revenue as Wealthiest Flee the City

Will Western Tanks Be a Game Changer in Ukraine?

The Power of Words

4 Life Changing Words for Your Survival Guy: “You Should Try This”

Is Putin’s Meat Grinder Working?

California Unions Could Spike the Slowly Recovering Supply Chain

Ukraine Filled with Russian Sympathizers and Collaborators

Copyright © 2023 | Terms & Conditions | About Us | Dick Young | Archives