California pension fund loses millions on green tech: ‘A noble way to lose money’
Staff Writer, The Washington Examiner
March 28, 2013 | 3:09 pm | Modified: March 28, 2013 at 3:25 pm
California’s public employee pension system has lost millions of dollars on its green investments, which a top investment officer for the fund called “a noble way to lose money.”
Joseph Dear, CalPERS’ chief investment officer, made the comments at the Wall Street Journal’s ECO:nomics conference this week, where he said the pension fund has pulled back on its clean energy investments to avoid losing even more.
Those losses are ultimately passed on to taxpayers, who pay for public workers’ pensions.
CalPERS’ decision to pull out of profitable gun manufacturers while investing in failing green energy has caused some to say the fund is making politically-motivated investment decisions, according to the Free Beacon.
“One of the fundamental problems with governments holding large investment portfolios is the potential for those investments to be influenced by politics rather than sound finance strategy,” Jason Richwine, a senior policy analyst at the Heritage Foundation, told the Free Beacon.
Putting politics over fiduciary duty is cheap for public employee pension funds! Shortfalls just get passed on to taxpayers. And if by some fluke a pnesion fund trustee gets canned, there are plenty of “Progressive” political and activists willing to hire some one loyal to their ideologies.