More than a few observers are chuckling over the Contra Costa Times story today concerning the progressive posuers on the Richmond City Council which —in solidarity with the Occupy Wall Street Movement— voted to explore possible divestment from corporations that paid no taxes between 2008 and 2010. Richmond’s hit list includes, among others: Verizon (NYSE:VZ), Boeing (NYSE:BA), Wells Fargo (NYSE:WFC) and PG&E (NYSE:PCG).
To be consistent, shouldn’t the holy rollers in Richmond also close out city employee and their own pension accounts in CalPERS, which does more than a little business with the evil empire? Otherwise such a scheme is a farce and play acting. I wonder if the rank and file Richmond worker wants to risk their retirement on Jeff Ritterman and Gayle McLaghlin’s red flag waving and the smell of gasoline?
Bill Gram-Reefer is Editor & Publisher of Halfway To Concord, founded in 2004. Halfway To Concord is the leading online source for community-driven political news, events, and opinion for Contra Costa County and the San Francisco East Bay.
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Heh, heh. Divest from CalPERS. Good one.
The City could get a two-fer: divest from “objectionable” investments and save gobs of money by changing from a defined benefit to a defined contribution 401(k)-type pension plan for City employees.
Sheer genius, BGR.