Siedle: NY AG Subpoenas TIAA, Kilmartin Once Again Hits Snooze Button
Tuesday, November 21, 2017
We could debate forever whether Peter Kilmartin is too lazy or too scared to do the important work of Rhode Island Attorney General.
One thing is for sure: Kilmartin has passed on every single opportunity that’s come his way to get involved in pension disasters that threaten the retirement security of thousands of Rhode Islanders. Whereas I can hardly imagine a more important issue than protecting workers’ retirement—averting a growing retirement crisis where elders are forced to live out their Golden Years in poverty—Kilmartin has been consistently demonstrated callous disregard of pleas for help.
In September, 2015 when Diane Bucci, Legislative Chair of the Rhode Island Retired Teachers Association wrote to Kilmartin imploring him to investigate the greatest financial crime in the history of the state—half a billion lost in a reckless hedge fund gamble by the state pension—his office responded: “The Office of the Attorney General… has limited investigatory power. Among the areas that the office investigates are consumer complaints and matters related to insurance and public utilities. Our office does not investigate issues involving the solvency of the pension fund.”
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTPete, I don’t know how to break this to you but, while the theft of billions from the state pension may impact its solvency, the request was for your office to investigate MASSIVE THEFT, not insolvency.
If you have general questions regarding the fund’s solvency, contact the pension, said Kilmartin. "If your complaint concerns an allegation of criminal misconduct, you should contact the Rhode Island State Police or your local police department.”
As I wrote at the time, Pete, with all due respect, your office doesn’t have anything more important to do than investigate credible allegations of wrongdoing related to the largest pot of money in Rhode Island—billions in the underfunded pension that thousands of state workers depend upon for their retirement security.
Take a few moments from your efforts to collect winter apparel, fight texting while driving and online bullying—all of which are laudable—and investigate a potential billion-plus fraud in your state, I said.
In 2017, when the St. Joseph’s pension fund became insolvent just three years after its parent hospitals were sold to a California company, Senate President Dominick Ruggerio called for an investigation by the Rhode Island State Police and Kilmartin.
Kilmartin swiftly, decisively responded—by doing nothing.
If this politician was paid for performance, he’d be shoeless and penniless.
As Kilmartin said in his statement in 2014 when approving the sale of St. Joseph, “Conducting a hospital conversion review requires the commitment of a substantial amount of resources for the Office of Attorney General. I commend my staff for the time and careful consideration put into this review process.”
Earlier this month, the New York Times reported that New York’s attorney general has subpoenaed TIAA, the giant insurance company and investment firm which handles retirement accounts for over four million workers—including $700 million of Rhode Island workers’ assets—regarding its sales practices.
Kilmartin’s response—hit the snooze button one more time.
Thankfully, the New York attorney general has taken action which may protect Rhode Islander’s pension assets. In my opinion, Rhode Islanders deserve their own champion.
Edward Siedle is a former U.S. Securities and Exchange Commission lawyer who currently writes for Forbes, and is currently in line to receive the biggest whistleblower award in SEC history.
Related Slideshow: Who Was Responsible for Protecting the St. Joseph Pension Fund?
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