California Treasurer Bill Lockyer Calls the Tunes
Just checking in to see the latest foolishness on the soi-disant "fiscal cliff" (TM) at Yahoo Finance, and I came across this little tid-bit.
Bill Lockyer, the current treasurer for the economically sinking state of California has "warned" various i-banks (Credit Suisse, Black Rock) that he would use his power to push the state's two largest public pension funds to "get out of guns," whatever that means.
Now, aside from the irony of a thoroughly bankrupt state employing a political goon like Lockyer to be the "treasurer" of a vault full of IOUs, I marvel at the apparent lack of awareness of a man whose job ostensibly overseeing CALPERS is to provide for the old age pensions of public employees, not to moralize about investment in legal corporations selling legal products.
If I were a school teacher, housing inspector, or clock puncher at Cal Trans, I would be less than thrilled that this guy is not thinking of my best interest when making investment choices. I might even think of filing an action of fiduciary conflict.