* Ted Siedle at Forbes…
In short, I learned from my experience with Rauner that you don’t have to be brilliant to be successful in the silly business of buying and melding together established businesses—businesses you really know very little about—using state workers’ retirement savings. Access to public pension assets is the key prerequisite.
Trust me, any money manager with workers’ monies committed to funding his professional development for a protracted period of time, eventually—assuming he’s reasonably intelligent and capable of learning from his mistakes—will stumble upon a winner. Worse case, he’ll lose much of the workers savings over the course of the standard ten-year lock-up commitment period and pocket millions in asset-based management fees along the way.
Just being around all that pension cha-ching, tweaking purchase and sale agreements and engaging in thinly-disclosed rampant self-dealing virtually guarantees the manager blessed with Other People’s Money under his care will end up wealthy himself. Call it a “wealth transfer.”
Better still, thanks to private equity secrecy agreements, your clients may never know just how much you profited potentially at their expense.
Read the whole thing.
*** UPDATE 1 *** The Rauner campaign responds by attacking the author…
EDWARD SIEDLE IS A UNION ATTACK DOG
Siedle Wrote Articles Attacking Rhode Island Treasurer Gina Raimondo For Investing In Private Equity Funds. “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. He accused her of enabling a ‘Wall Street feeding frenzy.’” (Mike Stanton, “Former SEC Watchdog Edward Siedle Criticizes Rhode Island Treasurer’s Pension Strategies,” Providence Journal, 6/30/13)
Shortly After Attacking Raimondo, Siedle Was Paid $20,000 By A Union Hostile To The Treasurer. “A month later, he was having lunch in Providence at Capriccio with Rhode Island union officials and retirees who had read his columns, 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. Siedle declined to reveal his fee, but Council 94 president J. Michael Downey confirmed it after questions from The Providence Journal.” (Mike Stanton, “Former SEC Watchdog Edward Siedle Criticizes Rhode Island Treasurer’s Pension Strategies,” Providence Journal, 6/30/13)
Forbes Forced Sielde To Stop Writing About Rhode Island. “Raimondo immediately attacked Siedle’s credibility and motives. ‘This was a bait and switch,’ said Raimondo spokeswoman Joy Fox. ‘He sold himself as a journalist while pitching a local union for business.’ Raimondo complained to Forbes, which says it has asked Siedle, an unpaid contributor since 2006, to ‘cease writing about Rhode Island.’” (Mike Stanton, “Former SEC Watchdog Edward Siedle Criticizes Rhode Island Treasurer’s Pension Strategies,” Providence Journal, 6/30/13)
*** UPDATE 2 *** The author has responded to the Rauner camp’s claims…
While Gina Raimondo, Democratic Treasurer of Rhode Island (and candidate for Governor) did indeed complain to Forbes about my writings exposing her Wall Street agenda, Forbes never asked me to stop writing about her. I have written a dozen articles on Forbes about her since her complaint which have been read by hundreds of thousands.
Check the record Bruce before you embarrass yourself with bogus allegations.
What about the red flags I’ve identified at GTCR, conflicts and secret dealings? Will you make public the potentially damning evidence?