Meet the Hedge Fund Privateer Who Is Shrinking Workers Pensions.

Talking Union

Meet the Hedge Fund Privateer Who Is Shrinking Workers Pensions.

Alan Pyke  October 28, 2014  ThinkProgress Arnold’s spokespeople bristle at the suggestion that the billionaire is out to cut pensions, insisting that he only wants a realistic accounting of the under-funding problem. But the similarities between what Raimondo did in Rhode Island and what the Arnold Foundation advocates nationwide are striking.

 RhodeIslandgif

When longtime private equity analyst Gina Raimondo won her bid to become treasurer of her home state in 2010, Rhode Island’s public pension system was in such disarray that federal regulators were sniffing around to make sure the state was reporting the funding levels accurately.

Within two years, Raimondo (D) would push through the most significant cuts to public worker retirement benefits in the country and begin a campaign for the Governor’s mansion. The changes she masterminded in 2011 shrank the state’s pension funding gap by billions of…

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