Rhode Islander Pensioners Fleeced by Democrat State Leaders

"After ten year commitment lapsed in 2017, current state treasurer, investment novice Seth “Kid” Magaziner (D), surprised Rhode Islanders with news that the Top Secret subscription agreement the pension signed with (D-GOV)Raimondo’s fund permitted two one-year extensions at the investment manager’s discretion.

Apparently Point Judith needed more time to turn things around. The firm opted to extend the life of the fund in 2017 and again in 2018, “at points in time when the investment was described as underperforming, at best,” says ProJo.

(Since, as state treasurer, Raimondo decreed all documents related to alternative investments, including her Point Judith II fund, exempt from public scrutiny, thereby eviscerating the state’s access to public records law, no one knows for certain what horrors any of these high-risk costly deals may involve.)

Kid Magaziner last year once again surprised pensioners by revealing that the Top Secret agreement the state pension signed with Point Judith could permit the life of the long-suffering investment to be prolonged indefinitely—i.e., forever, or at least until Raimondo has safely moved onto higher office, presumably out-of-state.

As Wall Street darling Gina no doubt explained in her 2006 sales pitch to the pension, private equity fund performance commonly follows a J-curve.

J curve refers to the tendency for private equity returns to be negative at the beginning and early stages of a fund and then positive in the later years. The steeper the curve is as it becomes positive, the faster investors receive their returns. J curves can “flatten” as private equity investments lose value. Then, there are those rare funds that virtually flat-line, like Raimondo’s.

Sometimes the most an investor can hope for is referred to on Wall Street as a “dead cat bounce,” i.e., a brief recovery following a severe decline. (Even a dead cat will bounce if it falls from a great height.)"

https://www.forbes.com/sites/edwardsiedle/2020/12/29/rhode-islander-pensioners-beg-gov-gina-raimondo-please-release-us-let-us-go/#41145c9f6150

FYI: Seth Magaziner, current Treasurer of RI is the son of Ira C. Magaziner, Chief Executive Officer of the Clinton Health Access Initiative (CHAI).

https://clintonhealthaccess.org/person/position-seventeen/