In the famous words of Yogi Berra, `it ain’t over till its over.’ RIPR political analyst Scott MacKay explains why that’s the case with the latest twist in Rhode Island’s public employee pension settlement.
In many a long legal battle, a settlement reached out of court marks the end of a contentious lawsuit. The opposing parties shake hands and sometimes share an odd drop. Then they put the dispute behind them.
The Wall Street Journal’s editorial board is criticizing Gina Raimondo over a move to drop the most successful hedge fund in the state pension plan. The hedge fund is run by a trustee of a conservative New York think tank criticized by teachers’ unions.
The hedge fund Third Point LLC offered a 25 percent return to Rhode Island’s pension fund over the last year. That’s far better than the 14 percent earned by the pension fund as a whole. Yet the state Investment Commission, which is chaired by Raimondo, voted last week to divest its holdings in Third Point.