THE PEOPLE'S REPUBLIC OF CALIFORNIA - This site is dedicated to exposing the continuing Marxist Revolution in California and the all around massive stupidity of Socialists, Luddites, Communists, Fellow Travelers and of Liberalism in all of its ugly forms.

"It was a splendid population - for all the slow, sleepy, sluggish-brained sloths stayed at home - you never find that sort of people among pioneers - you cannot build pioneers out of that sort of material. It was that population that gave to California a name for getting up astounding enterprises and rushing them through with a magnificent dash and daring and a recklessness of cost or consequences, which she bears unto this day - and when she projects a new surprise the grave world smiles as usual and says, "Well, that is California all over."

- - - - Mark Twain (Roughing It)

Saturday, October 6, 2012

Corruption - State Pension Fund Invests in Solar not Oil

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.

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