The California Public Employee’s Retirement System has finally waded into the gun debate (after much speculation they might do so). Effectively, public employees (or more specifically, California elected officials trying to feign being responsible) have now pushed their retirement funds to divest of all firearms stocks – putting downward pressure on RGR, SWHC, and the like.
That’s funny, as last I checked, CalPERS’ was perilously underfunded, with estimates running between final targets as low as 40%. Present funding puts them at a little over 70% funded. In any scenario, I would point out that if CalPERS was in the private market right now, the Pension Protection Act of 2006 would currently obligate the government, under terms of business hardship, to come in and seize the whole operation.
I guess I didn’t realize that CalPERS was in any position to throw away profitable investments.
It should be well known to my full time readers that Cain Hammond Thaler is no friend of the clinically insane residents of California. The 9th floor is very much against their particular variety of arrogance-wrapped-in-financial-illiteracy-in-need-of-a-match.
And when that accelerant finally finds its spark, I will sit back sipping on an Tom Collins and watch with glee as the leadership of California, so long insistent that they are a model for the rest of the country, is forced to come begging with hat in hand, for a bailout.
And when that happens, I think California public employees might realize they had far more serious matters to be debating right now, than whether or not selling legal weapons largely to responsible owners was a moral imperative.
6 Responses to Doesn’t CalPERS Have Anything Else To Worry About?
Interesting to watch all the corrupt and morally bankrupt politicians scramble and attempt to outmaneuver each other as they try to claim the “high road” on the evil gun topic.
It would be freaking hilarious if they were not the persons entrusted with running this country.
As it stands though, it is rather unnerving when you consider that fact.
I think other states should follow suit. Or maybe I should just move to Wyoming.
That’s pretty excellent but it is probably also largely a publicity stunt.
Federal law supersedes state law, barring constitutionality. I guess the state could defund their employees for enforcement, but federal employees in Wyoming are still very much legally permitted to enforce federal law.
And any attempt to prosecute those employees would likely be met with WY getting cracked down on.
CALPERs has been politically correct for far too long. What they need is a nice fat lawsuit (ironically, from a public employees’ union, perhaps?) to teach them exactly what fiduciary duty is.
If a private firm decided to arbitrarily impose it’s political views on it’s customers like this, it’d be a grease spot on the litigation highway within weeks.
It ceases to amaze me the paths that will be taken to make people feel right about an issue. Very little thought to facts or truth. Just let’s show the world how “WE” do things here and this is what “YOU” should do as well.