Friday, October 19, 2007

Tail wagging the dog: Your STRS Board rubber-stamps AGAIN

From Dennis Leone, October 18, 2007
The Board voted 7-3 today (Leone, Lazares, Hayden voting no) to give Damon what he wanted – a voluntary divestment plan. We have no clue whether STRS will drop 1% or 100% of the firms on the naughty list. It really didn’t matter what John L and I said today. The Board majority was determined to give Damon what he wanted. I read an email I received yesterday from State Senator John Carey, the chair of the Senate Committee that would get HB 151 if (note that I said IF) it ever passed the House. He said in his email that the matter was not scheduled for discussion whatsoever in the Senate. In other words, the STRS Board today voted because they THINK they know what WOULD happen in the House and Senate. John L and I tried and tried to get the Board to wait. It simply was not in the cards.
Dennis Leone

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