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In and outs of the political campaigns, focusing on Michigan and Lansing, Tim Skubick will report regularly throughout the primary and then general election campaigns.

Wednesday, December 10, 2008

Helping the Home Teams

     With the Big Three on the bankruptcy ropes you would expect state government to be doing anything and everything it could to help out the home team.
     Since the car guys need an influx of cash, you might think the state retirees pension fund is bellying up to the bar to toss in a few million here or there.
     Think again.
     A somewhat sheepish state treasurer Bob Kleine reports the pension fund has invested zero in domestic auto stocks.
     Zero as in nada, zilch, nothing.
     Given a choice between earning money and taking a risk, Kleine really has no choice but to pick the latter over the former.
 0   "We owe our obligation to the retirees," Kleine explains while quickly adding, "We'll look at it."
       Sure he will, but the look will be a quick glance at best.
       It is his responsibility, they call it his fiduciary responsibility, not to be frivolous with the cash and if he was, he could be out of work.
       So while Congress labors over using your tax dollars to bridge the autos to somewhere, retired school teachers, civil servants, cops and firefighters, your retirement dollars won't get within a hundred yards of GM and Ford stock.
       As for Kleine the private citizen he could invest his money in the autos.
       He, for some reason or other, has not.
       Not exactly a vote of confidence.
     

1 Comments:

Anonymous flintstone75 said...

Oh come on Skoop, that's like asking a healthy person does he/she want cancer to further the research effort for a cure. GEEZ!

December 23, 2008 at 9:23 AM 

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