A few days ago we highlighted the reckless efforts of the San Francisco Board of Supervisors to force their city's pension managers to ignore their fiduciary duties and dump nearly $500 million worth of energy stocks. Of course, the pressure to sell had nothing to do with financial projections, trading multiples or discounted cash flow analyses but rather was a blatant and irresponsible attempt to push the board's political agenda irrespective of the ultimate financial consequences such actions might have to pensioners and tax payers (see: What Fiduciary Duty? San Fran Politicians Try To Force Pension To Dump $470MM Of "Fossil Fuel" Stocks).
But it's not just San Francisco politicians who are increasingly pressuring pension mangers to ditch their fiduciary duties in pursuit of a liberal political agenda. As columnist Ben Howe points out today in an op-ed published in the Washington Examiner, "Social Justice Warrior type pension fund trustees" are sacrificing returns for political agendas all across the country.
To make matters worse, some Social Justice Warrior type pension fund trustees are risking suboptimal returns by prioritizing political agendas over dollars and cents. If the economy falters even a little, that means your wallet will be raided if you live in a blue state where said Warriors are suiting up for battle.