Beginning of February, California teachers decided to take a stand for the environment.
Here’s what they did via The Daily Caller:
Members of a California state pension fund voted Wednesday to purge all of its holdings in U.S. coal companies following a law passed last year compelling the group to divest.
Thermal coal companies make up only a handful of the California State Teachers’ Retirement System’s (CalSTRS) funds — about $1.5 million of the pension’s $186 billion portfolio.
The amount is very small, but it’s supposed to be a political stand against the enviromental evils of coal. One of the companies they targeted is Peabody Coal, located out of Indiana.
I knew nothing of the story above until this week. I found out about CalSTRS while catching up on some oil and energy investment research I was doing for myself. On March 7th I saw this blurb from Vectren Corporation out of Evansville, IN:
California State Teachers Retirement System boosted its stake in shares of Vectren Corp by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 158,026 shares of the company’s stock valued at $6,703,000 after buying an additional 2,499 shares during the period.
When I saw CalSTRS name, I was confused because I remember their leadership being vocal years back about environmental causes. The irony is Vectren uses coal plants to provide electricity. They buy coal from Peabody Coal Company.
CalSTRS wasn’t done cheating on their “Global Warming” beliefs. They did a financial Ménage à trois with another energy sector and invested more money into “Big Oil”. This was reported on March 9th:
California State Teachers Retirement System boosted its stake in shares of Apache by 1.6% in the fourth quarter. California State Teachers Retirement System now owns 721,024 shares of the energy company’s stock valued at $32,064,000 after buying an additional 11,331 shares in the last quarter.
CalSTRS and their supposed financial move away from coal companies is a fraud. On the flipside, Hoosiers will gladly welcome their investment money in the state.