http://news.yahoo.com/s/ap/20070723/ap_on_el_st_lo/sharpton_buffalo_1
NY pension funds invest the pensioners' funds - pretty simple. About $3BN of these funds is invested in the entertainment industry (I'm hoping that includes conglomerates like GE because that's too much otherwise, but that's another topic).
Sharpton says the fund managers should not be allowed to invest the funds in, and should divest the pension funds of, stocks of entertainment companies that produce rap with objectionable lyrics.
The fund managers OWE A FIDUCIARY DUTY TO THE OWNERS OF THOSE FUNDS to try to maximize return and minimize risk.
They have no right to use those funds to try to affect social policy - - - even if you think gangsta rap is wrong, if stock in the company that produces and sells the CDs is determined by the fund managers to have the best risk/return profile for the funds invested, that stock is the asset they should buy.
'Sides - Buffalo - what would Rick James think?
2007-07-23
10:43:33
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truthisback
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