PROVIDENCE, R.I. -- Edward "Ted" Siedle is a pension provocateur.
In congressional testimony, media interviews and his online columns for Forbes magazine, the former federal securities lawyer and investment banker has been blunt in his criticism of unscrupulous money managers, conflicts of interest and excessive fees that eat away at the savings of retirees.
This spring, Siedle shifted his gaze to Rhode Island General Treasurer Gina M. Raimondo, who has been lauded nationally for overhauling the state's retirement system.
Whether he was criticizing Raimondo out of personal conviction or for personal profit is just the latest issue on which Siedle and Raimondo disagree.
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.
A month later, he was having lunch in Providence at Capriccio with Rhode Island union officials and retirees, 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
"This was a bait and switch," said Raimondo spokeswoman Joy Fox. "He sold himself as a journalist while pitching a local union for business."
Said Siedle: "The treasurer is trying to kill the messenger before he delivers the message -- that's not how a fiduciary should behave.
"I have the credentials to do this work. It doesn't matter what my motives are. I could be the son of Satan. Let's just get the facts and see what's going on."
IN SUNDAY'S JOURNAL: Edward "Ted" Siedle says his father's death at the hands of Ugandan soldiers led him to become a lawyer and to "investigate things that people are uncomfortable with."
Updated June 30, 2013 11:49 AM