Assemblyman Joel Anderson introduced legislation earlier this week to divest the Public Employees Retirement System (CalPERS) and State Teachers Retirement System (CalSTRS) of investments in Iranian-connected businesses, appropriately questioning why public funds should support terrorist states (read the original FR post and Joel’s SDUT op-ed).
At the time, not even he likely comprehended the amount of monies invested, as research was still being conducted to determine the total. Granted, California may have the best-funded retirement system in the world, but the answer is still unbelievable.
According to Conflict Securities Advisory Group (CSAG), a Washington, DC-based research and consulting firm that specializes in corporate ties to Iran and other security concerns, CalPERS is invested in 152 companies with ties to Iran with investments that total some $14 billion. CSAG further identifies 69 of these companies, totaling some $6 billion, to have significant or “at risk” exposure to Iran.
**There is more – click the link**
February 2nd, 2007 at 12:00 am
As a banker, It was to my understanding that nobody, person or business, are suppose to have any ties to Iran. If so, they would have been in violation of OFAC (Office of Foreign Assets Control…Regulation set forth by the Secretary of Treasury)
Lets go beyond Iran and other countries to make sure that CalPERS and State Investments are in compliance with OFAC.
Thanks Barry for telling us about the efforts by Assemblyman Anderson to bring those investments back home!
February 2nd, 2007 at 12:00 am
Perhaps CSAG referenced above can address the current legality of companies with ties to Iran…I will check.
Dick Morris writes that the publicly traded companies that “partner with terrorist-sponsoring states” include Alcatal SA, BNP Paribas, Hyundai, Linden Petroleum, Oil and Natural Gas Corp, Siemens AG, Statoil ASA, Stolt Nielsen, Technip Coflexip, and Total SA. Morris also writes that UBS, which was once on the list, has divested itself of all such investments.