The Politics of Pension Reform

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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E.J. Smith is the 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. 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, 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 Zilldjians. He grew-up worshiping Neil Peart 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@youngresearch.com. Sign up here to receive all the best content from Richardcyoung.com each week.