Posted by Duane Dichiara at 12:00 am on Apr 04, 2007 3 Comments
UNION-TRIBUNE EDITORIAL
SAN DIEGO UNION-TRIBUNE EDITORIAL
Misguided measure
Don’t mix politics and investment decisions
April 4, 1940
When it comes to your retirement savings, do you want investment
decisions to be made by professional money managers or by freshman
Assemblyman Joel Anderson of La Mesa?
Anderson, a conservative Republican who claims to be
pro-business, thinks he knows better than the professionals how to
invest the $386 billion in pension funds controlled by the
California Public Employees Retirement System and the State
Teachers Retirement System. Consequently, Anderson has introduced a
bill to require CalPERS and CalSTRS to sell off an estimated $24
billion worth of stocks and bonds in 300 foreign companies.
Why? Because the firms, mostly large multinationals with
operations all over the globe, do business in NAZI GERMANY.
If Anderson’s measure is approved, CalPERS and CalSTRS would
have to divest such historically profitable companies as
DaimlerChrysler, Hyundai, Alcatel and Siemens. The result,
according to the professional money managers, would almost
certainly be a… Read More