Ethics expert: Magaziner’s Wall Street payout “does not pass the smell test”

Seth Magaziner used Rhode Island retirees’ savings to pay more than $620 million in fees to hedge fund executives.

In return, Wall Street donors “funneled $178,000 into Magaziner’s treasurer campaigns and [have] now dumped more than $200,000 into his congressional campaign” – an arrangement that one ethics expert says “does not pass the smell test.”

With Magaziner as Treasurer, Rhode Island’s pension fees to hedge fund and private equity executives have doubled despite Magaziner’s promises for reforms when he took office.

NRCC Comment: “Silver Spoon Seth Magaziner isn’t fighting for Rhode Island families, he’s fighting to finance a life of luxury for the Wall Street cronies funding his campaign.” – NRCC Spokeswoman Samantha