Illinois Treasurer Michael Frerichs is getting national headlines today on a matter he has no business whatsoever dabbling in — a matter on which he has no oversight and no accountability. He wants Mark Zuckerberg replaced as chairman of Facebook, according to Business Insider.
And from USA Today: “In essence Mr. Zuckerberg is not accountable to anyone. Not the board, nor the shareholders,” Michael W. Frerichs, the state treasurer of Illinois, who oversees investments including college savings for citizens of the state, told the Financial Times. “Right now, Mr. Zuckerberg is his own boss and it’s clearly not working.”
Among other reasons why Frerichs should stay out of this is that the Facebook stock he’s using as a basis for his activism isn’t even owned by the State of Illinois: It’s owned by college savers in 529 accounts! We wrote about this in January, and our subsequent story on it was reprinted nationally in ZeroHedge, appropriately headlned, “It’s Not His Job.”
Look, I don’t like Zuckerberg either, but Frerichs has no more qualifications or authority to be doing this than me. Frerichs is out of control. He’s been skating far outside his lane regularly, as we described in our earlier article. His sole mission should be maximizing return for taxpayers on the money he runs for the state. As to college savings money in 529 accounts, he has a minor ministerial role and only account owners should be deciding whether they want to be social justice warriors.
-Mark Glennon is founder of Wirepoints.