Friday, December 03, 2004

Schwarzenegger Hack-job on CalPERS President

From Seeing the Forest: The Toonsinator has removed the president of CalPERS -- an organization which in my view has been one of the few good checks against crony CEOs like Ken Lay who seek to steal money from us shareholders on Main Street.

"The ouster of the president of California's public pension fund has raised questions about whether pension funds, endowments and other big activist investors will be able to keep wielding clout in corporate governance campaigns."

This is a "tip-of-the-iceberg" story with vast implications. CalPERS is the pension fund for public employees in California. It had an activist management that was trying to help clean up corporate corruption. The large corporations got together and have succeeded in getting the fund's management changed.

Ahnold, he has assured the people of California that he will not be in the pocket of campaign contributors. Proving that you can fool some of the people all of the time, and you can fool 51% of the people all the time...


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