California's public pension fund is facing an internal crisis over its past decisions to restrict its investments to socially conscious causes. A report from the Wall Street Journal indicates it is considering pivoting away from its socially conscious divesting to address its increasing budget crisis.
The California Public Employees Retirement System, simply known as Calpers, is wrestling with a budget deficit that is partially a result of the fund's decision to ban investments in tobacco companies, the report states.
The fund missed out on more than $3.5 billion due to its divestment from tobacco stocks, a December 2016 recommendation found. The Journal reported that the fund made the decision to divest from tobacco stocks in 2000. The decision cost it billions over a 16 year period.
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7 comments:
When you let politics and emotion drive your day, this is what you end up with!
Hahahahahahahahahahaha
These 'Social Justice' tantrums can be very costly.
Are you paying attention, Mr. Frosh?
It's surprising that they still invest in Big Oil, Monsanto and alcoholic beverage stocks, given their PC mania.
I can hear Newsome now, uhhhh, Dude, what’s a deficit? We oughta start charging the homeless a squatter tax, yeah, and tax the smog we breath.
Dummies
Northwest Woodsman : Let stupid liberal marxists cut their own throats. Like those who support bring in Islamic followers in as “no humans are illegal” idiots. They will be the first th get their throats cut. Such stupidity is unimaginable to me
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