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    • Social Investing: The Golden State's not-so-golden goose

      Posted by Jeff from MSNBC

      Eight years later, Angelides is gone, but the state's two big pension funds are still wrestling with the fallout of the initiative. A recent report from the California State Teachers' Retirement System (CalSTRS), revealed that the $170 billion fund, the nation's third-largest, would have been $1 billion richer if it had stayed in tobacco stocks. Meanwhile, investments in California real estate are proving particularly painful for the nation's largest fund, the $230 billion California Public Employees' Retirement System (CalPERS). Among other bad deals, it faces a loss of nearly $1 billion on one land investment alone.

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    Jeff comments on:

    Social Investing: The Golden State's not-so-golden goose

    These cash differences are quite small for investment funds of this size. The costs of investing in smoking may be even higher. Investing responsibly isn’t free. Investing in damaging industries is also not free, the costs are just externalized and borne by taxpayers and the environment later. This article is very poorly written.

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    4:24 pm 7/16/08
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    Jeff

    Member since Dec 2008

    Jeff is the founder of NewsCloud. He is also a freelance writer and blogs at Idealog.

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