Jim Kimmel to Speaker Husted: Give it up!
From Jim Kimmel, August 23, 2007
Subject: Divestment
Subject: Divestment
August 22, 2007
Mr. Husted:
"Give It Up!" That was the title of an article in the Columbus Dispatch today. Good advice! What you are trying to do is a case of "Let's you and him fight": you are using private money (teachers, police, firefighters, etc.) to conduct US foreign policy. And by the way -- states cannot conduct foreign policy for the US -- only the Feds. The state retirement systems' total assets are made up of money taken from paychecks of teachers and firemen and others in public service. Just because we were are paid out of public funds has nothing to do with it. Once we do the work and are paid we are free to do what we want with our money. But it is still our money -- even that which is contributed to the retirement system. And that includes the school boards' contribution to STRS because it is part of our pay as well -- for retirement. Remember 3307.15 of the ORC? The money is for our retirement -- not foreign diplomacy. You know it is illegal Why else would you try to make STRS Board members immune from liability for any losses caused by this scheme?
"Give It Up!" That was the title of an article in the Columbus Dispatch today. Good advice! What you are trying to do is a case of "Let's you and him fight": you are using private money (teachers, police, firefighters, etc.) to conduct US foreign policy. And by the way -- states cannot conduct foreign policy for the US -- only the Feds. The state retirement systems' total assets are made up of money taken from paychecks of teachers and firemen and others in public service. Just because we were are paid out of public funds has nothing to do with it. Once we do the work and are paid we are free to do what we want with our money. But it is still our money -- even that which is contributed to the retirement system. And that includes the school boards' contribution to STRS because it is part of our pay as well -- for retirement. Remember 3307.15 of the ORC? The money is for our retirement -- not foreign diplomacy. You know it is illegal Why else would you try to make STRS Board members immune from liability for any losses caused by this scheme?
Also, such divestiture would do no good anyway. You know that, I am sure. You and your friends just want bragging rights to help you move up to a higher office. Besides, if it is such a good idea, why not require everyone -- brokers, bankers, private individuals and corporations -- to divest instead of just public servants? What do you have against us? Ironically, the very stocks STRS must divest I could (if I could afford it) buy those stocks as an individual. If these stocks were divested en masse they would temporarily fall in price and those in the know could make a lot of money as stocks like Toyota, Rolls Royce, Coca Cola, etc., would inevitably return to normal value. And you can be sure the pension funds would not gain from that. I had thought that this all had been placed on the back burner-- if not, shut it off now!
Mr. Husted, I was not born yesterday but you are acting as if you were, when you proceed in this manner. You are very young and need more experience in life before you make life changing decisions for your elders. Divestment -- "Give it up"
Respectfully,
James O. Kimmel STRS Retiree
30 year veteran teacher
Ohio Air National Guard 1963-1969
Life long Ohio Resident
30 year veteran teacher
Ohio Air National Guard 1963-1969
Life long Ohio Resident
Labels: Divestiture, Jim Kimmel
posted by Kathie Bracy at 6:21 PM
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