Magaziner defends his deal with Wall Street

Seth Magaziner is defending his scheme to use Rhode Island retirees’ savings to pay over half a billion dollars in fees for high-risk financial investments.

In the past seven years, the state’s pension has more than doubled the amount invested in private equity assets, from $539.5 million in 2015 to $1.8 billion at the start of August.

Fees have risen dramatically, from about $82 million in 2015 to $188 million last year.

And Magaziner is reaping the benefits, with nearly $400,000 in contributions from the financial sector to help buy his way to higher office.

NRCC Comment: “Rhode Island retirees are footing the bill for Silver Spoon Seth Magaziner’s Wall Street payout that’s nothing more than a scheme to bolster his own political ambitions.” – NRCC Spokeswoman Samantha Bullock