Re: Public Employees for Privatization

[Doug Henwood <dhenwood@xxxxxxxxx>]

On Sep 13, 2007, at 9:20 AM, Jim Devine wrote:

> On 9/13/07, Doug Henwood <dhenwood@xxxxxxxxx> wrote:
> > Hey, remember Calpers was at the forefront of the shareholder
> > revolution, pushing downsizing and outsourcing (not directly of
> > course, but that was the result). When I interviewed their chief
> > investment officer about 15 years ago and asked him about the irony
> > of workers' funds being used to push an anti-worker agenda, he said
> > their goal was to maximize returns.
>
> aren't pension managers supposed to be "prudent" and seek the highest
> returns for their clients, as part of the pension fund's charter?
> -

It's not just the PF's charter - it's the law. That's why there's
only so much you can do with pension fund socialism, ha ha. But it
would have been interesting to hear this dude reflect on the irony.
He didn't even try.

Doug