|Investing in oil is almost a license to print money, but the teacher's|
pension fund chose instead to invest in solar.
Moron Alert - The Teacher's pension fund is "investing" in a solar power plant instead of money making oil wells.
- Investing pension money in "politically correct" industries is more important than making money for retired teachers.
By Joseph Perkins
The California State Teachers’ Retirement System announced this week that it is sinking $42.8 million into four infrastructure projects, including a solar power plant near Sacramento. That follows CalSTRS’ previous “investment” in another solar-power plant near the state capital, which will be operated by SunEdison of Belmont.
Said Harry Keiley, chairman of the pension fund’s investment committee in a prepared statement, “These investments reflect CalSTRS’ commitment to the California economy and our willingness to contribute to it in a way that helps our state and offers the fund long-term, steady cash flows.”
Well, I disagree. I think those CalSTRS investments in solar power were driven not by desire to earn the greatest return for the system’s retiree, but to advance the political cause of renewable energy.
Indeed, the pension dollars CalSTRS is risking on the solar-power plants near Sactown almost certainly would earn more over the over the short, medium and long term if it simply was invested in Chevron, the “supermajor” oil company based in San Ramon, Calif.
But Keiley and his committee don’t care about what it is in the best financial interests of the CalSTRS’ beneficiaries. They have subordinated their fiduciary responsibility to political advocacy.
Reaf more at Calwatchdog.