Posted on 09/24/2007 12:28:59 PM PDT by SmithL
Gov. Arnold Schwarzenegger will sign legislation prohibiting California's public retirement funds from investing in Iran, timing his Monday announcement to coincide with his United Nations address and a controversial New York visit by Iran President Mahmoud Ahmadinejad.
"California has a long history of leadership and doing what's right with our investment portfolio," Schwarzenegger said in a statement released Monday morning. "Last year, I was proud to sign legislation to divest from the Sudan to take a powerful stand against genocide. I look forward to signing legislation to divest from Iran to take an equally powerful stand against terrorism."
(Excerpt) Read more at sacbee.com ...
Wow, Arnie’s leading the charge on this one.
Just how many funds are invested in Iran, again?
Gotta be a real growth market.
Since the Office of Foreign Asset Control (OFAC) lists Iran as a prohibited country to do business with, this is more than a bit of political stagemongering. Not only can you not invest directly in Iran, but established US businesses are severely restricted in doing business with Iran. This is sort of like announcing that he’s banning investments in dog fighting, dwarf tossing and kiddie porn. The laws are already there.
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