The Manhattan Institute’s Steven Malanga has described the history of California’s major public pension fund as “a three-decade-long transformation from a prudently managed steward of workers’ pensions into a highly politicized advocate for special interests.” The latest evidence: The fund—which faces unfunded liabilities north of $100 billion, and rising—recently announced that it would require companies it invests in to signal their concern for climate change by changing their board composition, even if it cuts into their bottom line.
Yeah, good luck with that.
California prospered on gold and then silicon. And now it is showing its leadership can ef up a wet dream.
Tip to Instapundit.
