The nation's largest public pension fund is poised to scrap a pioneering strategy that for years banned investments in some of the world's most politically charged countries -- a move that would soften its image as a social activist investor.
Trustees of the California Public Employees' Retirement System on Monday suspended plans to hire researchers to start work on an annual report card ranking more than two-dozen emerging market countries for lax labor practices, unstable financial markets and geopolitical dangers.
But why? You have to read all the way down to the end of the 7th paragraph:
"The board has been looking at it for a while," he said, noting that the current policy has forced the fund to sacrifice the possibility of better returns.
In other words, they weren't making enough money. Their social activism was hurting the retirement money of current and future state employee retirees. Great job.
Har! You can depend on lefties to fight for everything that's moral and good. Provided it doesn't cost too much, take up too much time, result in boredom or have the slightest risk.
ReplyDelete