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By Larry Keane

A new trend is emerging in the business world. Business leaders are waking up to the destructive “woke” policies being foisted on businesses by boardrooms more concerned with virtue signaling than their primary responsibility of ensuring corporate profitability and enhancing shareholder values.

In short, the “woke” buck stops here, more corporate executives are saying. Mixing the politics of culture wars with business is a losing strategy.

Former McDonald’s CEO Ed Rensi is leading the charge. He ran McDonalds from 1991-1997, bringing the chain’s McNugget to market and also served on the boards of Famous Dave’s Bar-B-Que, Great Wolf Resorts and Snap-on Inc. These days, he’s launching The Boardroom Initiative, comprised of three conservative advocacy groups — The Job Creators Network, which was founded by Home Depot co-founder Bernie Marcus, The Free Enterprise Group and Second Vote. The goal: get business back to business and out of politics.

“Corporations have no business being on the right or the left because they represent everybody there and their sole job is to build equity for their investors,” Rensi told FOX Business.

Rensi knows how to grow a business. While leading McDonalds, he saw U.S. sales double to more than $16 billion, the number of U.S. restaurants grow from nearly 6,600 to more than 12,000 and the number of U.S. franchisees grow from 1,600 to more than 2,700.

“It is not the province of board members or executives to take shareholder money profit and spend it on social matters,” Rensi explained. “Corporations should not get involved in social engineering.”

Woke Banks

Corporate adoption of “woke” policies that attempt to sway public policies on everything from energy investments to the Second Amendment is crippling businesses. Corporate discrimination is nothing new to the firearm industry. It’s a battle NSSF has been engaged in for years.

Jamie Dimon JP Morgan JPMorgan Chase
JPMorgan Chase chairman and CEO Jamie Dimon ts employees that Dimon (AP Photo/Patrick Semansky, File)

Corporate banks are engaged in “woke” discrimination against firearm businesses. Banks including JPMogran ChaseCitigroup, Bank of America and Wells Fargo have all adopted discriminatory policies unfairly denying financial services to firearm-related businesses simply because they don’t like the products that are lawfully made and sold.

Bank of America CEO Brian Moynihan
Bank of America CEO Brian Moynihan (Senate Banking Committee via AP)

They want gun manufacturers to adopt policies that exceed federal and state law and would deny Americans their Second Amendment rights, including demanding a ban on the sale of Modern Sporting Rifles (MSRs) and standard capacity magazines as well as instituting age-based gun bans that deny law-abiding adults under 21 their complete civil liberties.

The woke gun control policies aren’t just embraced by corporate boardroom executives that are unaccountable to American voters. Investor groups and state treasurers have their own pressure campaign to divest state retirement funds from firearm businesses to financially starve them too.

California’s Public Employees’ Retirement System, or CalPERS, has been active in the divestment game to discriminate against firearm businesses at the cost of their own investors. Fund managers ignore their fiduciary responsibility to California’s public workers and instead advance a “woke” discriminatory gun control agenda. As of 2019, these discriminatory policies cost CalPERS over $11 million to cover retirements that are underfunded by as much as $600 billion.

Even the “Oracle of Omaha” Warren Buffett isn’t immune to “woke” policies being driven by special-interest investors. Buffett refused to divest Berkshire Hathaway’s funds in firearm company investments in 2018. He told CNBC’s Andrew Ross Sorkin, “I don’t believe in imposing my political opinions on the activities of our businesses.”

Warren Buffett
Warren Buffett (Shutterstock)

These days, CalPERS is attempting to strip Buffett of his Berkshire Hathaway chairmanship. CalPERS has a .3 percent stake in Berkshire Hathaway and Buffett’s return on investments is nearly triple that of CalPERS over 20 years. Yet, it’s CalPERS that ignores profitable investments in favor of woke policies and think they know better than Buffet when it comes to investing.

Connecticut’s Democratic state Treasurer Shawn Wooden announced in 2019 that he directed $30 million in equity investments tied to firearm manufacturers to be divested from the state’s pension fund. In 2021, Connecticut was rated as having the worst-funded state pension fund in the country. Not surprisingly, Treasurer Wooden announced just weeks ago he wouldn’t seek re-election.

There’s also the Interfaith Center on Corporate Responsibility (ICCR) that purchased nominal shares in Smith & Wesson and Sturm Ruger & Co. They used their shares to attempt to force Smith & Wesson to adopt a statement on human rights and to make a public accounting of the cost of criminal misuse of firearms. Their last attempt in 2020 was rejected by shareholders. ICCR teamed with the investment giant BlackRock to force the company to produce a report on the “development of safer firearms.”

BlackRock
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BlackRock’s founder and chief executive Larry Fink wrote a letter in January defending investor activism, writing, “Capital markets have allowed companies and countries to flourish. But access to capital is not a right,” Fink wrote to chief executives according to The New York Times. “It is a privilege. And the duty to attract that capital in a responsible and sustainable way lies with you.”

That’s Fink using the power of his purse to tell publicly traded companies to kowtow to woke capitalism.

Waking Up

These “woke” policies aren’t just being rejected by business leaders for being destructive to business. Woke politics is being rejected by elected officials, too. Los Angeles County Sheriff Alex Villanueva rejected “woke-ism” that is wreaking havoc in his county and says midterm elections will be a referendum on their failing legacies. Los Angeles’ “woke-ism” led to record homelessness and out-of-control crime.

“Woke-ism is on the ropes. Let’s put it out of its misery in 2022,” Sheriff Villanueva told Fox News. “My only goal is to make LA livable again.”

When it comes to “woke” gun control targeting the firearm industry, governors and legislatures are standing up. Texas Republican Gov. Gregg Abbott signed the Firearm Industry Nondiscrimination (FIND) Act into law in 2021. That bill bars states from holding municipal contracts while discriminating against firearm businesses. Six sitting Republican governors attended NSSF’s first-ever Governors Forum at SHOT Show 2022 and told the audience they wouldn’t tolerate discrimination against gun companies.

Oklahoma’s Republican Gov. Kevin Stitt told Breitbart, “We believe in freedom for businesses, but the distinction is, we will not let a bank do business with the state of Oklahoma and also discriminate.”

FIND Act legislation similar to Texas’s law is pending in Oklahoma. Missouri and Arizona have similar bills waiting for Senate votes. U.S. Rep. Jack Bergman (R-Mich.) introduced similar legislation, H.R. 6970, in Congress. That’s in addition to the Fair Access to Banking Act introduced by U.S. Sen. Kevin Cramer (R-N.D.) as S. 563 and Rep. Andy Barr (R-Ky.) as H.R. 1729. Those bills would stop corporate banks from picking winners and losers based on executives’ personal politics. It also protects banks from outside pressure by special interest groups seeking to use the banks as a political weapon to advance their agenda.

Louisiana’s House of Representatives Republican Majority Leader Blake Miguez has reintroduced the FIND Act in his state after it was vetoed last year by Democratic Gov. John Bel Edwards. That legislation has the support of the Republican state Treasurer John Schroeder and Republican Attorney General Jeff Landry.

Louisiana’s Bond Commission, on which AG Landry serves, removed JPMorgan Chase from a $700 million gas-and-fuel tax bond series in November 2021, after the bank failed to respond to questions about its firearm lending policies.

It wasn’t the first time Louisiana told banks that the Second Amendment wasn’t for sale. The state barred Citigroup and Bank of America from taking part in a debt offering in 2018, citing their “restrictive gun policies.”

“Woke” capitalism isn’t just bad policy, it’s a dangerous policy. It supplants public policy-making by elected officials who are accountable to voters by unaccountable corporate boards executing policy by corporate fiat. It leaves Americans’ rights, especially Second Amendment rights, vulnerable to a series of “corporately-endorsed privileges” and not a right of the people at all.

As it turns out, that’s bad business, too.

 

Larry Keane is SVP for Government and Public Affairs, Assistant Secretary and General Counsel of the National Shooting Sports Foundation.

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49 COMMENTS

  1. As a devout Marxist, losing a few corporations (or people) is only a net positive.

    All vestiges of the way this country looked and acted needs to be stripped away.

    Children should be taught Marxist tenets at the earliest age.

    Immigration in the millions must continue until all services such as Hospitals and Social Services are overwhelmed.

    The greater good is served when this nation is a shell of its former self.

    Miner49er

    • You won’t be hearing much from me in the near future. As a dedicated partisan Democrat/Biden enthusiast I’m exhausted from my almost constant grooming of young children- both online and in person.

      Godspeed Groomers

      • First step to recovery is recognizing you have a problem. Publicly admitting you are a deviant is a positive move. Miner49= reforming pedo.

      • Those of us who were fans of “Radio free DC”. The “Stacked and Packed” calendar. Were listeners to the G. Gordon Liddy radio show. And an entire book has already been written and discussed about the grooming situation in the Walt Disney Corporation.

        From 1998.
        “Disney: The Mouse Betrayed”

        Author Peter Schweizer talked about his book, Disney: The Mouse Betrayed, published by Regnery Publishing. Information from hundreds of interviews of current and former Disney employees, law enforcement officials and others, purports to show that the Disney company has employees who have arrest records as pedophiles.

        video 41 min long

        https://www.c-span.org/video/?114478-1/disney-mouse-betrayed

    • “The New TTAG slogan: “Politics, Not Guns.” ”

      Firearms are a political matter of the first order.

      Which is more important to your life: a technical review of firearms, or current trends in the political attempts to remove firearms from society?

      TTAG is not a gunsmithing tutorial. However, there is a link on the TTAG website that will lead to all the technical and gear reviews, including comments.

    • You are free to leave TTAG. Just go to the Firearms blog. Here I will provide the link for you. Now please leave and do not return.

      “The Firearm Blog is dedicated to only covering news related to firearms and because we sincerely want this site to appeal to a worldwide audience, we will be focusing on firearms and shooting rather than country-specific politics. There are already many great websites defending your rights!”

      https://www.thefirearmblog.com/blog/

  2. quote—————–Corporate adoption of “woke” policies that attempt to sway public policies on everything from energy investments to the Second Amendment is crippling businesses.———–quote

    Now lets cut through the Far Right Propaganda that has made workers nothing more than troglodyte worker slaves.

    It was on the news last night that the Capitalvanians who run the airlines were making Airline Hostesses work FOR NOTHING until they were actually on board the airplane. All of their work and duties outside the plane before takeoff was done for free (slave labor). When the Hostesses threatened to form a Union the Capitalvanians offered them 1/2 pay. It was tokenism and throwing them an old bone and an insult to all American workers.

    The gangster criminals at Home Depot work people part time to avoid paying any benefits or overtime wages. At the equivalent in the Socialist Country of France a similar type business pays their workers “triple time” on Sunday and they get full time work. The pay rate in France for triple time at that business is $33.00 an hour.

    Just a few examples proving that Capitalvania has become THE SHIT HOLE of the industrialized world for the working man. Remember when Trump used that word to describe African countries and it was found out that some African Countries now have better and more affordable health care and lower infant mortality than the U.S. does!!!! West Virginia infant mortality is actually higher than some African Countries.

    • You should move to France.

      Ohhh, that’s right. They wouldn’t let you. Seems socialists nations have tighter immigration rules than good ol’ Murica.

      You national socialists aren’t welcome in socialist europe.

      • to Jethro

        quote————–Ohhh, that’s right. They wouldn’t let you.——-quogte

        Falsehood. You just make stuff up as you go along.

        • dacian, the Dunderhead. You have said that you can’t migrate to Europe because of immigration regulations. Did you forget that? I remember.

    • “The pay rate in France for triple time at that business is $33.00 an hour.”

      So, that makes their regular pay rate equal to 10.45 EUR or 11 USD at today’s exchange rate, which is a few pennies less than their minimum wage and less than my local Lowe’s pays. That seems low by your socialist Euroweenie standards, and you hold them up as a progressive standard?

      • quote————Euroweenie standards, and you hold them up as a progressive standard?———quote

        How big a Moron can you be Nero you missed the entire point of my post and that is that you will never make triple time at Lowe’s and they get socialistic benefits. They get 2 hours for lunch, they get paid hospitalization , they get 4 weeks vacation the first day on the job and 4 weeks of holidays and they get 3 months vacation after sonority. And they get free tutoring for their children and free college. They also get rent and petrol subsidies. Now you ignorant Hill Jack tell me how superior you have it in Capitalvania, the shit hole of the Industrialized world.

    • “to avoid paying any benefits or overtime wages”

      There are a lot of idiots in this world who think having their employers control them through “benefits” is actually a benefit. The dumber lot actually believes politically mandated overtime wages helps workers in any way.

    • dacian the Dunderhead, What a ration of crapola! Where do you come up with this nonsense about “workers”? It seems that these airline stewardesses have a union. If the conditions existed that they did not get paid until all the passengers were boarded, that is on the union fox agreeing to such and the workers for approving a contract that called for that.

      Unions don’t work for the workers. The union bosses work for themselves and their own pockets.

  3. I really hope that the corporations in this country get out of politics. As cited in this article, cultural initiatives have no place in national business as the various boards have a responsibility to all of their shareholders. Discriminatory practices are illegal when applied to the individual. If this is true, then a corporate entity should be held to this same standard both on the giving and receiving end.

    • This is the fallout of the Citizen’s United Supreme Court decision concluding that corporations are “persons” and therefore have First Amendment rights, including the right to engage in politics and political contributions.

  4. The tyrannical Left has very adroitly used conservative’s arguments for “free markets” against them, just as they turned Trump’s complaints about “fake news” and “misinformation” against conservatives to justify Big Tech and media censorship. Every complaint about woke corporations is answered with: What, you’re not for free markets?

    The big government Left has found a work around to evading Constitutional guarantees by having private sector corporations, corporations which because of their market penetration control almost all the essential services people rely on to live, force people to adopt social policies the Left can’t get passed legislatively. One of the biggest canards is that the Republicans are the party of “Big Business” when the reality is, it’s the Democrats. It’s a symbiotic relationship. Big Business relies on legislation with certain exemptions that benefit them and Democrats rely on Big Business to effect their social transformation policies. In operation the system is akin to classical fascism – State control of private business – very similar to Germany in the 1930’s and 40’s.

  5. The Golden Rule: Whoever has the gold, rules. Same for corporate policies. Shareholders do not “own” a company; senior management owns the company, shareholders are mere subscribers (unless the shareholder has sufficient share of a company to rule the actual owners).

    Corporations seem to come to two conclusions: “wokeism” doesn’t alter the bottom line in any appreciable way; even people who hate “wokeism” will continue to buy the products and services of a “woke” corporation. (NOTE: Dick’s Sporting Goods did not “suffer” meaningfully for their decision to end firearm sales)

    • With a publicly traded company shareholders do own the company. That’s what a share is, a piece of ownership. Senior management’s job is to oversee the the company in the interest of shareholders. This is exactly how Musk took over Twitter against the wishes of the board. He put them in a position where they basically had to take his offer or face legal repercussions. Such is the essence of a hostile takeover.

      Also, wokeism does alter the bottom line. It brings in a flood of capital investment (see my post below) from various sources and, historically, with nearly no loss of sales. But even if there are losses in revenue, so long as the capital investment is more than the loss of sales due to customer’s leaving the board is living up to its fiduciary duty.

      The fact that this might not be sustainable over a longer period of time is irrelevant. Shareholders have no recourse to sue unless they can prove damages, which means they company has to founder before standing can be established. The fact that the outcome was obvious is, likewise, immaterial. The board and executives are “experts” and courts will defer to them unless there’s solid evidence that they know in advance that what they’re doing is going to harm the company. At that point, if you could produce emails between them saying “Yeah, it’s a bad idea but we’re doing it anyway for the golden parachute” you might be able to get a court to stop them before they caused “irreparable harm” but again, have fun in court.

      The only way shareholders can deal with the long-term implications is to change the membership of the board or buyout the ESG people. But nothing stops the ESG people from either saying no or just coming back for another bite at the apple.

      This is kinda the point of the whole thing with Twitter. Musk is rich enough to have “fuck your whole company money” which gives him the ability to take the ESG concept and flip the script.

      • Academically, shareholders “own” the company. However the persons making the decisions do so based on their interests, not individuals (think I noted earlier that huge pension funds and philanthropies can end up “owning” the company, and driving the executives.

        “Golden parachutes” insulate senior executives from the shareholders. This means those execs can be unconcerned with how a company fares in the economy/market. When Dick Cheney’s wife was being questioned by Larry King about how the Bush admin decisions might damage Halliburton, and thus the former CEO’s retirement income, Cheney’s wife explained that Cheney was insulated by an annuity that would pay Dick Cheney his princely retirement, even if Halliburton went out of business. This is what ownership of a company looks like: senior executives protected from the results of bad decisions.

        • The law requires that the board and executives act in ways that benefit the shareholders (owners) at large.

          Shareholders are most certainly the owners, and most certainly can take the reins if they choose to do so. Mostly they don’t, they just sell and go somewhere else rather than do…. well, anything in relation to shareholders’ meetings.

          But this does give them power if they choose to use it. Which is another method that ESG uses to get what *it* wants via shareholder votes. 10-20% may not be a controlling stake but it’s often enough to act as one if the other shareholders are not really paying attention.

          Golden Parachutes are one of those things that have a sorta interesting history. They’ve certainly been abused but the original intent of them wasn’t terrible. They were originally designed to encourage executives to make tough, unpopular but necessary decisions. If you, just as an example, decided to spin off part of a company that was unprofitable but was popular with shareholders for some reason, even if you lost your job because investors were dumb, you got paid for doing the right thing. Of course, the downside is that if you make the wrong decisions you still get paid too. P&G has seen both sides of this in the past 30 years.

          Aligning all the incentives for even one position in a company in a market economy is a PITA in the best of circumstances. It’s impossible when .gov has its finger on the scale and politics is injected into the market simply for power.

  6. There’s a lot of money behind this burgeoning ESG scheme so I doubt we’ve even begun to see the nonsense we’re in for. They’re already scamming their way out of fiduciary responsibility by claiming chasing the ESG score is a greater responsibility than their investors.

    • The ESG score brings in investors.

      That’s the point. Companies that see this pile of capital and take some end up legally between a rock and a hard place.

  7. The nation is roughly divided in half by political opinions. Taking political stands may cost you half your business. That’s a Stupid way to run a business. “We’re Apolitical” is less likely to cause any losses other than those from a few extremists.

    • They’re trying to make it so that it’s in a company’s financial interest to take a political stand. See the above comment.

  8. Levis, Coke, Disney, Black Rock, Citigroup and B of A have seen the last of $$$. Held positions in all and divested them. Ruger and S&W now hold those places in the portfolio.

  9. The problem with this that, mostly, this isn’t the personal politics of “woke” CEOs. Instead it’s a rat’s nest of shareholder opinions and fiduciary responsibility.

    It’s called “ESG” investing, short for “Environmental, Social and Governance” investing.

    It works like this; a bank, hedge fund, mutual fund or ETF rolls out a product that only invests in those companies which are “conscious” on the ESG fronts which the fund assigns priority to.

    Often this is done via an “ESG score” assigned to the company which is really just a pile of nonsense since there are no hard metrics or serious matrixes for how to calculate such a score. Ignoring the late 2000’s for a moment, the ESG scores are being sold as if they’re basically a bond rating but for publicly traded companies “consciousness rating”. They’re not such a rating (or what that rating should be) but they’re hyped that way.

    Now, a fund gets a bunch of woksters to put money into the fund and now you have a big pool of money, sometimes billions to be invested but ONLY in companies with the proper ESG score because, supposedly, such companies are “sustainable” over the long term because they don’t much up the place. The extreme version of this argument is that Exxon is destroying the planet through climate change and therefore isn’t a good investment because it will kill all the shareholders eventually.

    Now with billions in various pools, available for investment companies have to jockey to be “woke” enough to get the money.

    The effect is to flip fiduciary responsibility on its head. A company can run a cheap ad campaign or make some minor donations to the right causes and get a ton of ESG cash. Well, that boosts stock prices, so that’s arguably part of their fiduciary duty. At the very least, it’s not counter to it. At least in the short to medium term.

    Of course, then these people end up running the company into the rocks. But can you actually hold them accountable? Maybe, maybe not. They have a rational argument that by following the ESG *rules* they were in fact living up to their fiduciary responsibility in terms of a rational time frame.

    IOW, that duty is a sword that now cuts both ways, legally speaking. It’s not something anyone really wants to hash out in a court as to which fiduciary responsibility trumps the other. That’s a can of worms no one really wants to open.

    It is for this reason that ESG amounts to a hostile takeover by a fund which can then direct a company to, essentially, self destruct and it’s all nice and legal. This is why you have major oil companies diverting money from profitable business and putting it into things like solar farms that cannot possibly do anything but lose money on a 10+ year timeline. The entire point is to destroy the oil company and thanks to shareholder votes and the law the board and CEO’s hands are basically tied unless they want to try to argue to a judge that one duty is somehow better than the other and then try to prove it.

    The same thing is true of Coca-Cola. They recognized two things, ESG brought in a ton of investment capital and going woke didn’t actually chase off a large percentage of customers. So long as the influx of capital is bigger than the losses in sales Coke’s gonna be woke because that’s where the cash is from their point of view and that’s what keeps them clean on the fiduciary duty side of things.

      • ESG is just another liberal regime scam for control. It really boils down to politics. How many points does a company receive for pushing right wing ideology? Okay, how about left wing ideology? I think we’re going to have to make political affiliation a protected class.

        • As noted, there’s no actual set of metrics to measure anything in relation to an ESG score.

          In fact, companies need not even have one. They just need to “act right”. You could see this with the Mars Halloween ad for Twix that made news. A cross dressing child being protected by a witch who harms other children that laugh at the protagonist. Dafuq does that have to do with Twix bars?

          As for being a scam, you could see it that way. It’s legal, it’s not fraud either so… I’d call it a tactic.

          The Left weaponizes everything. Historically speaking, Conservatives are slow to notice this. When they do notice they’re slow to respond and when they do respond it’s a disorganized shitshow.

          Organizing Conservatives to fight back against this kind of thing is like herding cats.

  10. The Leftists have to try to make up ways to divide us. This “woke” crapola is just one of their tools.

  11. 𝐈 𝐦𝐚𝐤𝐞 𝐦𝐨𝐫𝐞 𝐭𝐡𝐞𝐧 $𝟏𝟐,𝟎𝟎𝟎 𝐚 𝐦𝐨𝐧𝐭𝐡 𝐨𝐧𝐥𝐢𝐧𝐞. 𝐈𝐭’𝐬 𝐞𝐧𝐨𝐮𝐠𝐡 𝐭𝐨 𝐜𝐨𝐦𝐟𝐨𝐫𝐭𝐚𝐛𝐥𝐲 𝐫𝐞𝐩𝐥𝐚𝐜𝐞 𝐦𝐲 𝐨𝐥𝐝 𝐣𝐨𝐛𝐬 𝐢𝐧𝐜𝐨𝐦𝐞, 𝐞𝐬𝐩𝐞𝐜𝐢𝐚𝐥𝐥𝐲 𝐜𝐨𝐧𝐬𝐢𝐝𝐞𝐫𝐢𝐧𝐠 𝐈 𝐨𝐧𝐥𝐲 𝐰𝐨𝐫𝐤 𝐚𝐛𝐨𝐮𝐭 𝟏𝟏 𝐭𝐨 𝟏𝟐 𝐡𝐨𝐮𝐫𝐬 𝐚 𝐰𝐞𝐞𝐤 𝐟𝐫𝐨𝐦 𝐡𝐨𝐦𝐞. 𝐈 𝐰𝐚𝐬 𝐚𝐦𝐚𝐳𝐞𝐝 𝐡𝐨𝐰 𝐞𝐚𝐬𝐲 𝐢𝐭 𝐰𝐚𝐬 𝐚𝐟𝐭𝐞𝐫 𝐈 𝐭𝐫𝐢𝐞𝐝 𝐢𝐭…𝐆𝐎𝐎𝐃 𝐋𝐔𝐂𝐊….
    =====))> 𝐰𝐰𝐰.𝐰𝐨𝐫𝐤𝐬𝐜𝐥𝐢𝐜𝐤.𝐜𝐨𝐦

  12. “There’s also the Interfaith Center on Corporate Responsibility (ICCR) that purchased nominal shares in Smith & Wesson and Sturm Ruger & Co. They used their shares to attempt to force Smith & Wesson to adopt a statement on human rights and to make a public accounting of the cost of criminal misuse of firearms. Their last attempt in 2020 was rejected by shareholders.”

    No, 2020 wasn’t their last attempt. They’re still at it! Yesterday (4/28/2022), I received (as a Ruger shareholder myself) a notice of the same “shareholder proposal” by the group to force Ruger to adopt the same statement on “human rights.” Except now the group is calling themselves by a different name — instead of “the Interfaith Center on Corporate Responsibility (ICCR),” now they’re calling themselves Catholic. So first they called themselves Interfaith, this year they’re calling themselves Catholic, maybe next year they’ll call themselves Muslim, but not matter what they call themselves, a POS turd by any other name stinks just as bad.

  13. Calpers doesn’t have to be fiscally responsible. There is a requirement that the taxpayers make up the difference if the calpers system doesn’t make a return of a certain amount.

    They can virtue signal to their hearts content as long as the taxpayers (those few that are left) are there to backfill the trough.

    • That’s what happens when a State votes themselves as “Too Big to Fail”…the taxpayers get to pick up the slack from bad decisions. The instigators do not have any fear from the voters so they operate with impunity.

  14. Didn’t even finish the article: I’m just here to be surprised that there were apparently no McNuggets before 1991

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