Forbes columnist, former federal securities lawyer, and investment banker Edward “Ted” Siedle has been critical of Rhode Island pension reform. But then he goes and does this:
In an online column for Forbes on April 4, Siedle blasted Raimondo for dramatically increasing both risk and fees by steering a sizable chunk of Rhode Island’s $7-billion state pension fund into “alternative investments,” including hedge funds.
A month later, he was having lunch in Providence at Capriccio with Rhode Island union officials and retirees, including two top officials of the state’s largest public employees union, Council 94 of the American Federation of State, County and Municipal Employees. Shortly thereafter, Council 94 hired Siedle for $20,000 to investigate Rhode Island’s pension funds
“This was a bait and switch,” said Raimondo spokeswoman Joy Fox. “He sold himself as a journalist while pitching a local union for business.”
In depth map on the financial state of RI’s Communities (updated as of 7-2-13).
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