CalPERS again embraces activist agenda

Sac Bee ^ | 12/21/03 | Dale Kasler

[NormsRevenge]

CalPERS' lawsuit against the New York Stock Exchange highlights a renewed commitment to shareholder activism at the mega-pension fund, a commitment sparked by a rash of corporate scandals and the emergence of ambitious new Democratic leaders eager to make waves.

[NormsRevenge]

CalPERS Ping

[Liz]

"With Phil Angelides and Sean Harrigan, they've gotten leadership that's interested in this (activism), and they're back storming the barricades. It's a good development," said Jim McRitchie, a state worker who runs a watchdog group called PersWatch. But some critics believe CalPERS -- and Angelides in particular -- have been more interested in social engineering than in managing the fund's $153.8 billion in assets properly. Fortune magazine recently labeled Angelides "a Left Coast version of Eliot Spitzer, ready to save capitalism from its worst excesses, and in so doing propel himself to higher office."

Why do the do-gooder Dumbocrats always get (gag) "tolerant and compassionate" with other people's money? (/sarcasm)

[LibertyThug]

This is another reason that I'm taking my money out of my CalSTRs account as soon as I get my final CA paycheck (I'm moving to TX).

[BOBTHENAILER]

Why do the do-gooder Dumbocrats always get (gag) "tolerant and compassionate" with other people's money? (/sarcasm

Cause they don't have the guts to use their own and they don't have the intelligence to make it on their own.

[Amerigomag]

When will they eeevveeerr learn.

[Holden Magroin]

Calpers is blowing public employees' money and using it to promote a left-wing agenda. Schwarzenegger needs to put a stop to this.

[eeman]

I agree with everyone's sentiments about Calpers and Mr. Angelides in particular. However, even leftists occasionally do something I agree with.

In this case they are suing the specialist firms on the NYSE. Since other exchanges, such as the NASDSAQ and American Stock Exchange have moved to computerized trading, there is no reason for the NYSE to retain its archaic specialist trading system--except to skim off every investor who trades on the NYSE.

[snopercod]

Don't be surprised if California comes after your retirement plan when you move to Texas. The theory is that you earned it there - tax free - and you should pay California taxes when you take it out.

Or was that settled in the courts?