Sacramento: October 2007 Archives
Taking a stand against Iran's ties to terrorism, Gov. Arnold Schwarzenegger on Sunday signed a bill requiring the state's pension funds to divest from companies that do business with that country's energy and defense sectors. Daily News.
Estimates vary on how much money state funds have invested in companies that do business with Iran, but it could run as high as $24 billion. Also, divesting that much stock could cost more than $120 million in expenses such as taxes and commissions.
The state's two major pension funds have vigorously opposed the bill, arguing that it runs counter to their constitutionally mandated financial responsibility to state employees and government agencies.
But Schwarzenegger said the state should make a strong statement against terrorism by exerting the financial influence of the nation's two largest public pension funds.
About The
Sausage Factory
The Los Angeles Daily News' City Hall reporters Rick Orlov and Kerry Cavanaugh write about politics on the local, state and national stage.
Recent Comments
Mario DiLeo on Boxer's view of Palin speech: Obama/Biden vs. McCain/Palin: Smarts vs. Stupids 3... one would think ...
James on From the RNC: Fred Thompson was an embarrassment. A terrible public speaker. This g ...
Larry on From the DNC: Why are so many people making a big deal out of the Democrats have som ...
meterman on Water rules tightened: WATER METER FOR WATER CONSERVATION & SAVINGS Did you know there ...
meterman on Feds looking at Rocky: Not a big surprise. What took them so long? Makes sense after the fu ...
Diane on H.S, exit exam problems: Where can I search on the web for the statistics for the high school e ...
marion Ferguson on Day labor centers at new stores: This is one of the reasons I moved from Los Angeles. Why in the world ...
James Kevin Bachmann on An only in L.A. kind of day: Slow news day. ...
James Kevin Bachmann on An only in L.A. kind of day: Slow news day. ...