Last Thursday, Northampton County Exec Lamont McClure informed County Council that, just as soon as Russian markets re-open, he has directed that all holdings linked to Russia in the county's pension funds must be liquidated.
While I completely agree that pension funds linked to Russia should be sold, I am really bothered that McClure is making this call without the assent of the Retirement Board. He refused to grant a COLA to retirees until January of this year because he needed the Retirement Board to make that call. The Retirement Board should also be the body that dumps Russian stocks, if there are any.
10 comments:
You are 100% correct on your assumption that he should have gone to the Retirement Board with his proposal. No decent representative on the Board would object but then they wouldn't get the headlines. Just like McClure, make headlines at the cost of innocent peoples lives.
Good idea. If the vote is needed from the Retirement Board in order to accomplish this, then convene the Board and "GET ER DONE". Solidarity for the Ukraines.
He's doing to try to look like he is important or has some relevance in this situation. Great idea . Dump stock when it is literally a junk bond. Maybe dont buy any new shares and see what happens with these shares. This is just a stupid county employee depending on this pension in a couple years.
McClure has a bad enough time handling County issues without getting envolved in National politics. I do however agree that no government agency large or small should be buying Russian Products. I don't know what the law states, but I do think he is overstepping his bounds by not bringing the issue before his Board.
King McClure overstep??? NEVER!
"Any holdings linked to Russia" is pretty broad. For example, McDonalds has chosen to keep its stores open - so McDonalds must go. Every money center bank. Pepsi. And many others.
In the end, it doesn't leave much to choose from, and a prudent money manager (not someone making a political statement) will do this over time and at minimal impact to the retirees, to whom a fiduciary responsibility is owed.
And I agree with others, McClure should have involved the Retirement Board.
Good. Now do China, a country that persecutes LGBTQ individuals and enslaves a Muslim minority. Russian boycotts are easy. Do China if you really want to take a moral stand for human rights.
Politicians have ruined our country and they will not get out of all our problems.
He does what he wants. Stop protecting your boy.
Same goes on with the Personnel Appeals Board, just ask Mancini. Now it is costing the taxpayers because of his arrogance. Get rid of him so he can stop playing our tax money because of arrogance.
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