Posted on 03/13/2007 5:13:22 AM PDT by Calpernia
New Jersey may become the first state to ban investing state pension funds in companies doing business in Iran.
A proposal is being promoted in the Legislature by Assemblyman Neil Cohen, who cites Iran's ties to terrorism, its anti-American and anti-Israel stances, and its nuclear enrichment plans.
Cohen's bill was released yesterday by an Assembly committee.
Cohen's proposal mirrors a bill passed last year in New Jersey that banned investing state pension funds in companies doing business in Sudan -- a move meant to protest genocide in the African nation.
New Jersey passed a similar law in the 1980s barring investments in companies doing business in South Africa.
The state's pension fund is worth about 78 (b) billion dollars. State Treasurer Bradley Abelow says he would prefer maximum freedom to make investment choices.
The state pension fund is invested in Iranian interests?
States have no powers whatsoever to make international diplomacy. Next subject.
Does that include the local Democratic Party?
I'm glad ONE state has its own affairs in such good order that it can move on to foreign matters.
What is international diplomacy?
Actually, they can enter into an Agreement or Compact with a Foreign Power. With the consent of Congress of course.
However, any Treaty, Alliance, or Confederation are clearly banned.
"CALPERNIA!" What makes yo big head so hard?
So, entertain me. Crack my head. I don't understand international diplomacy in reference to state pensions.
Actually, they've just run out of local issues to regulate, legislate, or steal.
That is what I thought. We hit their bank with sanctions.
http://www.freerepublic.com/focus/f-news/1765064/posts
U.S. slaps sanctions on Iranian bank over missile programs
BANK SEPAH
650 Fifth Avenue
New York, New York 10019, U.S.A
Here's some more detailed info from the International Herald Tribune.
This paragraph defines what the bill actually does:
"The United States bars American companies from doing business in Iran, so Cohen's plan would restrict the state pension fund only from buying stock in international companies that do business with Iran."
http://www.iht.com/articles/ap/2007/03/12/business/NA-FIN-US-Iran-Money.php
Iran is going to be banning the U.S. Dollar anyway. After March 21, anyone trying to use a dollar in their country will be arrested. So I would think U.S. companies wouldn't want to do business regardless of the sanctions.
I don't get any of this.
This is a good idea and it should have been done at the Federal level back in 1979. Former Israeli PM Benjamin Netanyahu was on the Fox morning show recently and explained that Iran gets the vast majority of its money from these sorts of investments. Cutting Iran off from this money will significantly delay, if not prevent altogether, Iran from being able to finance terrorism and/or nuke us.
There's always a handful of greedy slobs who will try to do business with Iran no matter what currency they are paid in. A few have been caught circumventing the trade restrictions by going through friendly foreign countries in the past.
Sounds like Geneva. The clearing house office. Just like WW2.
Divestment from firms in business with the mullahs will mark an exodus of capital from Iran.
Considering where they stand now rationing gas and economically struggling, this is the best methodology to bring them to a tipping point.
In fact the focus on economic isolation is what brough North Korea crying uncle.
Let's give I'manutjob the same opportunity.
The timing of this legislation is perfect.
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