Echoing (presumably inadvertently) Justin Katz’ similar reservations about the General Treasurer’s “foolish politically correct showboating” with the state pension fund, Valley Breeze Publisher Tom Ward offers an excellent critique of the GT’s recently announced, very foolish new criteria for the choosing of investments for the state pension fund.
By choosing investments based on feelings and a political agenda, isn’t it possible that the fund won’t do as well as those which focus specifically on making as much money as possible for retirees? Or are we saddled with investment managers whose PC agenda is more important to them because taxpayers have to make up for their poor performance anyway?
Great point. It’s so easy to make yourself look good and claim the (highly dubious) mantle of political correctness when someone else will be forced to make up the difference financially. But it may not just be taxpayers who would have to do so. Presumably, Mr. Magaziner will make himself widely available to state retirees facing a potential haircut to explain to them how being p.c. was more important than the intactness of their pension check.