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(MassLive)   ExxonMobil, Chevron, Phillips 66, and Valero Energy are (a) In the top 10 of the Fortune 500 list, (b) in the fossil fuel business, (c) too politically unsound for the Massachusetts pension fund   (masslive.com) divider line 20
    More: Stupid, ExxonMobil, Massachusetts, Massachusetts General Court, fossil fuels, South African Government, tobacco company, health effects of tobacco, ratepayers  
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397 clicks; posted to Politics » on 08 May 2014 at 1:38 PM (16 weeks ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



20 Comments   (+0 »)
   
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2014-05-08 01:40:24 PM
How dare they make decisions based on principles! THIS IS AN OUTRAGE!
 
2014-05-08 01:44:05 PM
I don't see pension funds investing in blood diamonds or the drug trade, why should they support fossil fuel exploiters?
 
2014-05-08 01:45:29 PM
i.imgur.com
As this chart shows, fossil fuel companies have only good times ahead.
 
2014-05-08 01:53:56 PM
Yeah, a company that has over 95% donations towards just republicans, and is notability an agitator for stupid selfish things in politics should receive public investment money.  Yeah, subby.  You got it.
 
2014-05-08 02:15:09 PM
These people will be standing in the same spot in a few years with signs complaining about their pension fund being empty, amirite?
 
2014-05-08 02:23:56 PM
On a serious note, Republicans, take heed, since this is the type of politics you will get if your plan to invest SS and Medicare accounts in the private market.
 
2014-05-08 02:31:50 PM

dryknife: These people will be standing in the same spot in a few years with signs complaining about their pension fund being empty, amirite?


Of course. Why would it go any differently?
 
2014-05-08 02:35:37 PM

dryknife: These people will be standing in the same spot in a few years with signs complaining about their pension fund being empty, amirite?


From 2 years ago, but depending on the funds they invest in, no. (I'm also sure that's not the only info out there on the topic. My own IRA guy, while telling me I don't quite have the punch to diversify into "social responsibility" funds, tells me there are plenty of them out there as more and more people realize the social costs of investing.)
 
2014-05-08 02:37:13 PM

All2morrowsparTs: On a serious note, Republicans, take heed, since this is the type of politics you will get if your plan to invest SS and Medicare accounts in the private market.


That's a feature. They think they'll get to be in control of the investment portfolio and will be able to direct investment to their cronies.
 
2014-05-08 02:42:16 PM
I for one plan on picking up these oil stocks at an artificially lowered price when people kneejerk in reaction to the news.
 
2014-05-08 02:48:26 PM

Close2TheEdge: How dare they make decisions based on principles! THIS IS AN OUTRAGE!


In Capitalist America, principles are only legitimate if they make you money (the source of all good and moral things).

/Drill baby drill!
//Loot it all, yeeeeeehaw!
 
2014-05-08 02:51:01 PM
Good for them.

I stick with my Vice Fund investment, which is doing well. Alcohol, tobacco, gaming and defense industries. Phillips 66 is doing great this year. Sturm Ruger has good dividends... Triangle Petroleum is doing great as well.

Politically incorrect investing works.

dontmesswithtaxes.typepad.com
 
2014-05-08 02:57:52 PM
The divestment movement is the dumbest thing that environmentalists have come up with in years. Blame the company not the consumers yeah that will work. Take out any control that people who want to have more ethical actions would have as stock holders and people who are pro stock gains at any cost get more influence. If anything they should be forming mutual funds to buy up voting blocks in these companies to steer their work in a better direction.
 
2014-05-08 03:22:04 PM
FTA: "In 1997, then-state Sen. Warren Tolman co-sponsored a bill to divest the state's pension fund from tobacco companies."

I hope the pensioners enjoy eating gruel. Tobacco stocks have not only been doing very well for the last 20 years, but they've been paying decent dividends, too.

/ Reynolds has been beddy, beddy goot... to me.
 
2014-05-08 03:23:46 PM
If the legislature really wants to take a stand against oil companies, they should stop buying their products. No more gasoline, heating oil, petro-based lubricants, plastics... all of it.
 
2014-05-08 03:27:05 PM

DrPainMD: If the legislature really wants to take a stand against oil companies, they should stop buying their products. No more gasoline, heating oil, petro-based lubricants, plastics... all of it.


All or nothing, eh? Sounds completely reasonable.
 
2014-05-08 03:29:17 PM

DrPainMD: If the legislature really wants to take a stand against oil companies, they should stop buying their products. No more gasoline, heating oil, petro-based lubricants, plastics... all of it.


OR, if you want to be an adult about it, cut off their tax breaks. I think ExxonMobil can put on their big boy pants and buy things themselves at this point.
 
2014-05-08 03:56:01 PM

Madewithrealbitsofpanther: The divestment movement is the dumbest thing that environmentalists have come up with in years. Blame the company not the consumers yeah that will work. Take out any control that people who want to have more ethical actions would have as stock holders and people who are pro stock gains at any cost get more influence. If anything they should be forming mutual funds to buy up voting blocks in these companies to steer their work in a better direction.


You hate us and we hurt you. Keep giving us money. Why would you want to give up the control that you have? Just because it has never worked is no reason to stop giving us money in exchange for hurt!

And the more money a person has, the more power she has. So, give us more of your money, so you can have less, and we can have more. That is bound to make us take orders from you one day!

We respect people with less money than we have. We respect you, that is why we ask you to give us money.

If you are a shareholder you get a vote. Of course, votes are decided based on the majority of votes, and we are the majority shareholders. But don't let that make you think your vote doesn't matter. It matters because it is yours, not because it is effective. It is about free speech! What kind of cynic would expect voting to be about making decisions? You're not a cynic, are you? Don't you believe in free speech? Give us money then.
 
2014-05-08 04:01:47 PM
On the plus side MAs pensions are stuffed well enough to contemplate selling off well paying stocks.  My state pension system is a giant black whole of suck where an increase in the state income tax of 50% and an unconstitutional (state) unilateral reduction in pension payouts is not enough to fill the hole.
 
2014-05-08 11:02:10 PM
I've wondered for the better part of twenty years - during which time my socially responsible investing has performed exceedingly well - why people bother with 'fark you, you're not my real dad'-style vehicles like Vice Fund. (Yes, I know, VF isn't 20 years old yet.) I mean, when outperformed in both the short and long term by SRI and when beaten even by the anemic S&P 500, isn't "no one's gunna tell me what ta do" kind of a ... stupid ... investment strategy?

No one likes booze, weeds and guns more than Dr. Space Banana, but that doesn't make them a legitimate investment.
 
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