January 2016

Watching the movie "The Big Short" last weekend I had a vague sense of déjà vu and thought to myself "Hey, I've seen this movie before."  

In my case, the movie's title was "The Collapse of RISDIC."  It happened 25 years ago this month when the Rhode Island Share and Deposit Indemnity Corporation ("RISDIC"), a Rhode Island-based deposit-insurer (similar - in theory - to the FDIC), collapsed during the recession of the early Nineties.  In response, during his first hours in office, Gov. Bruce Sundlun was forced to close 45 local banks and credit unions in order to protect the depositors' money, and their safety.  

The event was a front page story in the next day's New York Times.

The window into human nature that created the painful debacle featured many of the same behaviors that led to the global economic collapse of 2008, and after.

Here's my account of RISDIC's last days, taken from a piece I wrote for Rhode Island Monthly several years ago.

The lesson in both cases?  Pay attention to what's happening to your money.  


Can You Believe That Poll?
It's a political year and polls, some (many?) of dubious quality, have been flying around for months and been reported on in the media.  But what do they really mean? (It depends.)  And is what they are saying really accurate? (Maybe...or maybe not.) 

Here's a link to our most recent blog entry with a quick read on how to be a savvy consumer of polling as this election year unfolds.

Nice Ink!
HHCRI CEO Diana Franchitto on Executive Suite with Ted Nesi
Our client Home & Hospice Care of Rhode Island (HHCRI), the second oldest hospice provider in the country, recently announced an affiliation with Massachusetts-based HopeHealth.  

Here are links to coverage of the announcement in the Boston Globe and the Providence Business News.

Long time HHCRI CEO Diana Franchitto became CEO of the combined entity in January.  Recently, Diana was a guest on Executive Suite, hosted by WPRI's Ted Nesi, to talk about the affiliation, and how it will help the new, larger care provider navigate the many changes now occurring in health care.

You can watch Diana's interview here.

When an 81-year old woman lost her house because she failed to pay a $548 water bill, Rhode Island Housing took on the administration of a program designed to prevent that type of thing in the future. Since it began in 2007, the Madeline Walker program has allowed thousands of homeowners to avoid foreclosure and stay in their homes.

This recent article from the front page of the Providence Journal highlights the program's success and how it has saved so many Rhode Islanders from the heartache of losing their homes.

New England is at the tail-end of the nation's natural gas supply, and the resulting high cost of energy has a negative effect on the region's economy.  Our client, Spectra Energy, is one of the country's leading natural gas pipeline companies.  They are now engaged in a series of projects that will provide a more secure natural gas supply in the region, benefitting the local economy and the people who live here.

A few weeks ago, Spectra executive Richard Paglia was interviewed on Executive Suite about the company's plans to expand the supply of energy in Southern New England.

The interview begins here at the 13:55 mark.
One Last Thing 
Tony Botelho, President and CEO of Freedom National Bank
Congratulations to our friend Tony Botelho, President and CEO of Freedom National Bank, who was recently elected president of the Rhode Island Bankers Association.  Freedom is a growing local bank with a laser-focus on first rate customer service, a clear reflection of Tony's leadership and priorities.

 You can read more about Tony and Freedom Bank here in this article from the Providence Business News.
In This Issue
Our Team on Twitter

Past Issues
Impressive Young Talent
-And Great Interns, Too
-Campy Yawgoog's 100th Season
-Keep Calm and Carry On

Big Win for Wind
-Nice Ink!
-Introducing Barbara Fields
-Save Alexander Hamilton!

That Time James Met Harry Truman
- You Would Look Good in a Video
- Nick Ink!
- Here's Our Final Four Bracket

Delete Me
- NHG on TV and Radio
- Nice Ink!
- One Last Thing

What Just Happened?
- It's Epilepsy Awareness Month
- Are You Ready?
- Nice Ink!

The Little Miracle Department
- Welcome Meaghan
- Communicating in a Crisis
- Nice Ink!

Are You an Expert?
- 21st Century Now Underway
- You're an Expert? Get Published!
- A Rhode Island Success Story

 Where is Everybody
- Michaela can!
- Good Deeds Make Good News
- Nice Ink!

Today's Pundits Cover the Gettysburg Address
- Cub Scout 8, Saves the Day
- Nice Ink!

The Patriots Were Ready
- The Patriots: Good, Bad and Worse
- The Latest

New Harbor Group | info@nharbor.com | 1 Davol Sq., Suite 300
Providence, RI 02903