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Saturday, July 11, 2020

“Wall Street Feeding Frenzy”

Posted by Lou on April 5, 2013

By now most of you have read the article in Forbes magazine regarding the Rhode Island pension system investments. But before I delve into that issue, there are congratulations in order for two of our members!

1) Please congratulate brother Paul Kulpa when you see him, as he has been appointed Local 2881 secretary after Leslie Gerundio’s resignation. His replacement on the executive board will be forthcoming soon.

2) Sister Gina Friedman’s daughter, Alyssa, was one of only 10 recipients of the 2013 AFSCME Family Scholarship nationwide! Congratulations to Alyssa on winning this scholarship of $2000 for four years which AFSCME awards to graduating seniors of AFSCME members in good standing accepted to an accredited college or university. I have requested a quote from the Friedmans to tell us a little about Alyssa and her plans.

Now, on to the main event. On Forbes.com yesterday, there was an article entitled “Rhode Island Public Pension ‘Reform’ Looks More Like Wall Street Feeding Frenzy”. Please read it if you have not yet had the chance to.

The following statement was released today by Council 94 President, J. Michael Downey:

Hello All-
Many of you have been responding to this Forbes article with many ideas, suggestions, etc. Please be advised that Council 94 has reached out to the ProJo and other news organizations. GoLocalProv has already picked up the story. See the story here:
http://www.golocalprov.com/news/forbes-magazine-blasts-raimondo-reform-looks-more-like-wall-street-feeding-/

We will also be contacting the Governor and other officials with regards to some of the accusations in the article and ask the Governor to investigate the matter further. Also, AFSCME International is assisting us in our investigation into some of the issues raised by the Forbes article.

We encourage you and your members to contact your senators and representatives about this article and ask them to inquire further about how the pension fund is managed.

In Solidarity,

J. Michael Downey
Ken DeLorenzo

As always, if you need help contacting your representatives at the State House please contact anyone on the Executive Board, and we will be happy to assist you. If you need to know who your representatives are, visit the RI Voter Information Center and enter your address.

Thanks and keep fighting with us!

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