In public finance, hedge funds will sometimes give slight discounts, but the numbers are still enormous. In Rhode Island, over the course of 20 years, [Edward] Seidle [an ex-Securities and Exchange Commission executive who writes for Forbes.com] projects that the state will pay $2.1 billion in fees to hedge funds, private-equity funds and venture-capital funds. Why is that number interesting? Because it very nearly matches the savings the state will be taking from workers by freezing their Cost of Living Adjustments — $2.3 billion over 20 years.
“That’s some ‘reform,’ ” says Seidle.
“They pretty much took the COLA and gave it to a bunch of billionaires,” hisses Steven Day, Providence’s retired firefighter union chief.
This is a complex issue that gives you headache after a short while, but check out Taibbi’s article to find out how you are doing with your state pension benefits versus the Gordon Gekkos of the world.
And be prepared to bend over.
Every now and then, an opportunity arises to see and hear one of the great local bands who dominated the Vo Dilun scene in the ’70s and ’80s. This Sunday, October 6 at 4 pm, Rizzz will reunite for a show at the Met in Pawtucket. These guys packed them in at the original Lupo’s for years, playing a tasteful mix of Little Feat, Grateful Dead, and other covers, plus a slew of original songs. Be sure to catch Klem and the crew.
Speaking of the Met, on Thursday, October 3, there’s a free performance ($10 for under-21 crowd) to celebrate the club’s third anniversary. Doors open at 7 pm and there will be music from Maine’s Mallett Brothers, Smith & Weeden, and the amazing March Fourth Marching Band.
October 3 also marks the debut of Meet Me At the Met, the new RI-PBS music television program primarily featuring Rhode Island-based bands. It starts at 10 pm. This evening, Roomful of Blues and Brown Bird will be the guests, and the show continues every Thursday for the next 13 weeks, with the Schemers, Mark Cutler & Men of Great Courage, and Sarah Lupo featured next week.
(Disclosure: Jorge — Rudy Cheeks — is the show’s host and one of its producers.)
Do it for DARE
Next Friday, October 11, Trinity Rep will be donating a portion of their ticket sales to support Direct Action for Rights and Equality (DARE), an organization that helps ex-cons looking for work and stops evictions for families in need of aid in this rough economic climate. So, if you haven’t seen the current Trinity production of The Grapes of Wrath, this is the night you’ll want to go and, at the same time, help out some folks who could use a helping hand. For more information on DARE, go to daretowin.org.
On Friday, October 11, La Prov’s Cable Car Cinema will present AKA Doc Pomus, a documentary about one of the greatest songwriters of the rock ’n’ roll era, who was also a frequent visitor to the original Lupo’s Heartbreak Hotel and a key figure in the careers of Roomful of Blues and the Young Adults.
Doc wrote “Save the Last Dance for Me,” “This Magic Moment,” “Little Sister,” “Lonely Avenue,” “(Marie’s the Name) His Latest Flame,” “Suspicion,” “Viva Las Vegas,” and dozens more of the best songs of the past 60 years. Jorge was a friend of Doc’s, as were Rich Lupo and many other RI musicians. And we’re all excited about the opportunity to see this film.
Send a rake and Pulitzer-grade tips firstname.lastname@example.org.