A proposal from Rep. Lindsey LaPointe would require divestment “from Russian stocks and sovereign debt,” along with those of Russian ally Belarus. It names the Teachers’ Retirement System and Illinois State Board of Investment and urges public systems not controlled by the state, such as the Illinois Municipal Retirement Fund, to do the same.
Great time for the underwater pension funds to sell Russian assets low after presumably buying high(er). But nothing in political life takes precedence over virtue signaling to the rubes so they will know your heart is in the right place. That gives them a good enough reason for forgiving your bad behavior in office. Who really cares if the teachers and other public employee pension funds lose money? We Illinoisans have been feeding their pension funds heartfelt promises in lieu of cash for years and giving the current retirees really nice pensions as long as the funds hold out. And… Read more »
Wally
4 years ago
Chicago (I’m not sure about the state) is disinvesting from fossil fuels. Now, IL wants to disinvest from Russia. Then there is the push to disinvest from Israel. Where does it end? For a state whose pension funds are so far in debt and pension investments are not even close to closing the gap, automatically nixing certain investment opportunities on “moral” grounds might be self defeating. The idea is laudable, but there will always be another issue some politician wants to include.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
Great time for the underwater pension funds to sell Russian assets low after presumably buying high(er). But nothing in political life takes precedence over virtue signaling to the rubes so they will know your heart is in the right place. That gives them a good enough reason for forgiving your bad behavior in office. Who really cares if the teachers and other public employee pension funds lose money? We Illinoisans have been feeding their pension funds heartfelt promises in lieu of cash for years and giving the current retirees really nice pensions as long as the funds hold out. And… Read more »
Chicago (I’m not sure about the state) is disinvesting from fossil fuels. Now, IL wants to disinvest from Russia. Then there is the push to disinvest from Israel. Where does it end? For a state whose pension funds are so far in debt and pension investments are not even close to closing the gap, automatically nixing certain investment opportunities on “moral” grounds might be self defeating. The idea is laudable, but there will always be another issue some politician wants to include.