Blue-State Funds Act To Balance GOP - Forbes

[WillyT]

<snip>

On issues from global warming to corporate reform, public pension funds controlled by union officials and Democrats in states carried by Democratic presidential candidate John Kerry increasingly see themselves as counterweights to Republican control of the nation's political agenda.

As Bush plans a second term, multibillion-dollar investment funds - especially in so-called "blue states" such as California, New York, Connecticut and Illinois - have already forged alternate agendas on clean energy, the environment, executive pay, even gay marriage rights that can run counter to "red state" values.

They also view themselves as an increasingly important check on corporate power under a Republican-dominated government that typically promotes fewer regulations on business and financial markets. Their muscle comes in the billions of dollars invested in corporate America.

"We've had no choice but to step up," said California's Democratic state Treasurer Phil Angelides, a director of the nation's largest and third-largest pension funds with combined values of nearly $300 billion. "This administration has turned its back on ordinary investors, or on issues of substantial concern to our economy.

<snip>

Link: http://www.forbes.com/home/feeds/ap/2004/12/05/ap1691731.html

God I love this idea. I'm thinkin there must be a down-side, but I'm not coming up with one at the moment.

:shrug:

[DBoon]

1. Downside - they are on to us

LAT - http://www.latimes.com/business/la-fi-petruno5dec05,1,5348685.column?coll=la-headlines-business

Quote:

Public employee pension funds had corporate America on the run for most of 2002 and 2003. As leading activist investors, the funds were among the most vocal large shareholders demanding that business clean up its act in the post-Enron world.

But this year, it's the pension funds that increasingly find themselves on the defensive. Corporate lobbying groups are pushing aggressively to halt what they consider to be unwarranted meddling by the funds in business affairs.

More worrisome to the pension giants is a legislative movement that threatens their very existence in the long run, by proposing to bar new workers from enrolling in public funds.

Unwarrented meddling! These funds are huge stockholders! They are owners! It is their right to meddle!

The rest of the argument goes over a republican move to eliminate the state employee pension fund totally, replacing it with 401k plans

[WillyT]

2. Yeah... I Saw That Too, And I Say...

FUCK 'EM!!!

:shrug:

[PROGRESSIVE1]

4. Since when was the owners of a company "meddeling"....

in the business that they own?

:wtf:?

[Stinky The Clown]

3. I sure wish the fund managers would

move their money to offshore/European investment vehicles. Even if for a while. Let them see billions (trillions?) move out of the domestic market. Even if for only a short duration, the impact would make everyone sit up and take notice.

And as a counter to the killing of these funds in favor of 401k's, wouldn't it be great if a few funds had clearly stated left-friendly investment strategies. What would the right be able to do about that?

[struggle4progress]

5. kick

:kick: