Friday, July 28, 2006

DeWine must think "[T]here's something wrong" with Ohio's Public Employee Pension Plan benefitting from oil company profits

A recent post at NewsBusters ('Today' Asks for 'Action' on Big Oil Windfall Profits Tax) highligted Senator DeWine's reaction to recent announcements of oil company profits:
NBC chief financial correspondent Anne Thompson, who narrated the segment, informed us "There's a new round of outrage in Washington." Republican Sen. Mike DeWine of Ohio was shown complaining that "there's something wrong when we're paying record prices at the pump while oil companies are making record profits." He didn't tell us just what was wrong, but I guess the message for folks back in Ohio was clear: "I care."
Putting aside that DeWine has voted against drilling in ANWAR for a moment, Mr. DeWine's statement must also infer that there's something wrong in Ohio's Public Employees benefitting from the oil company profits of Exxon and the like.

As noted in a previous post, Ohio PERS (Public Employee Retirement System) invests in Exxon through its 'conservative' Large Cap Fund:
The Large Cap Fund invests in stocks of larger, well established (more than $5 billion in capitalization) companies such as Citigroup, GM, Pfizer, and Exxon.
It's reasonable to infer that any prescription Mr. DeWine would offer to the "record profits", er, 'problem' would eventually result in lower investment returns for Ohio's public employees investing in companies like Exxon.



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