Governor Schwarzenegger announced on Monday he'll be pushing through a bill with the specific aim of divesting State Pension Funds from Investment Houses and Finance companies which do business with Iran's Energy and Defense Departments.
The sum in question may amount to a total of $24 Billion Dollars in assets, according to informed sources.
Schwarzenegger anticipates support from the voters because,
"California has a long history of leadership and doing what's right with our investment portfolio," the Governor assured the press in Sacramento, yesterday.
"Last year I was proud to sign legislation to divest from the Sudan to take a powerful stand against genocide. I look forward to signing legislation to divest from Iran to make an equally powerful stand against terrorism."
Two major State Pension funds are expected to oppose the move - in part - on grounds that divesting stock could cost more than $120 million in expenses for the State in the form of taxes, commissions, and the like.
A CalPERS spokesperson argued that the Fund can be more effective in persuading corporations to change their political policies by exerting influence as a major stockholder.
I say, nonsense!
I agree with Arnold's position that, "...the State should make a strong statement against terrorism by exerting financial influence of the Nation's two largest public pension funds."
As Americans, are we only prepared to take action against terrorism provided it is perceived as a financially sound move?
Even if divesting means unexpected expenses, additional taxes, and the imposition of commission costs - such action is bold-faced, vital, and heroic.
In this hour of uncertainty, it is important that we let our hearts and minds lead - not our pocketbooks!
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