May 12, 2010

West Warwick

The West Warwick Investment Dance Continues

Justin Katz

By way of an update on West Warwick's current public-money scandal:

An Arizona real estate firm has offered to return $3 million to the West Warwick pension board after news of the investment — and the subsequent resignation of the board's financial consultant — triggered a barrage of criticism in recent weeks.

Cole Capital sent the offer to local officials in an e-mail on Thursday. On Friday, a national real estate consulting firm released a report reaffirming repeated concerns raised by the former consultant, P-Solve Asset Solutions, which wrote last fall: "We have rarely, if ever, seen a potential investment that is more inappropriate for an institution than this one."

The people of West Warwick — of all of Rhode Island — should remember that if you keep electing the same sorts of people, you're going to keep getting the same results.

10:08 AM | TrackBack (0)
Comments, although monitored, are not necessarily representative of the views Anchor Rising's contributors or approved by them. We reserve the right to delete or modify comments for any reason.
Post a comment









Remember personal info?






Type in the anti-spam code
that appears in the box: