New Cali Law Requires Pensions To Sell Companies Building Trump's "Wall Of Shame"

Tyler Durden's picture

A new piece of legislation recently introduced in California, Assembly Bill (AB) 946 or the "Resist the Wall Act," would require the California Public Employee Retirement System (CalPERS) and the California State Teachers Retirement System (CalSTRS) – the nation’s first and second largest pension funds - to liquidate within 12 months any investments in companies involved in the construction of President Trump's "Wall of Shame".  The bill also requires the two pension funds to report to the Legislature and the Governor by January 1, 2019 with a list of companies from which they have liquidated investments or plan to do so.

Not surprisingly, the legislation was penned by a trio of Cali democrats including Assemblymembers Phil Ting (D-San Francisco), Lorena Gonzalez Fletcher (D-San Diego), and Eduardo Garcia (D-Coachella).

 

In a press release posted to his website, Ting said that "Californians build bridges not walls" and declared for all of California that they want no part of Trump's "Wall of Shame."

“Californians build bridges not walls.  This is a wall of shame and we don’t want any part of it.  Immigrant stories are the history of America and this is a nightmare,” said Ting.  “Asian Americans know the pains of being blocked from immigrating to the United States.  We endured that indignity under an act of Congress for decades.  We must stand together and fight this wall because it symbolizes weakness and hate to the world.”

 

“The state’s contracting and investment practices should reflect the values of our state,” said Gonzalez Fletcher.  “It’s clear the people of California don’t want to invest in the hateful values that the Trump wall represents.”

 

“It is counterproductive to invest in projects that will not serve the best interest of all Californians.  It is the responsibility of the legislature to safeguard our values and create opportunities for economic growth, rather than to bar them,” stated Garcia.  “We cannot build up our dreams if our resources are being used to build a wall.”

As ABC News points out, some 600 companies have expressed interest in bidding on Trump's proposed border wall and many of them are publicly traded.

More than 600 companies from around the country have expressed interest in taking part in wall construction, having responded to a solicitation from the federal government, according to multiple news reports.

 

Among them are KBR, U.S. Concrete, Fluor and Martin Marietta, all publicly traded.

And while we're on the topic of taxpayer-funded projects that are "counterproductive," we suspect this latest legislation will not help Jerry Brown secure the federal funding he so desperately needs to build his useless bullet train.

 

Full text of AB 946 below:

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Bill of Rights's picture

Hollywood these days resembles 1943 Nazi Germany...Bunch of fucken Brain washed Minions...We can only hope and pray eventually the big Quake happens and it all goes away...

FrozenGoodz's picture

Brilliant ... ditch healthcare and the wall ... if he gets tax reform done, it'll be a miracle and his term a success

knukles's picture

Now that's my kind of fiduciary duty.
Breach of ERISA.
Period.
Against the law & the interests of the pensioners.

At this juncture, my guess is that none of the mega builders give a rats ass about CA pensions. 

Syrin's picture

Absolutely.  One thing you would WANT to invest in is the company rewarded with this deal. 

Joe Davola's picture

Hopefully Phil has a daughter named Poon.

PrayingMantis's picture

 

What's the difference between Calibtards and Yogurt?  ... Yogurt has an active living culture.  ;)

 

MagicHandPuppet's picture

Brilliant!  These Calicommie-tards just gave a free pass for the US goobermint to NEVER bail out their time-bomb pensions.

Aw man, this just keeps getting better.  Every time they double down on stupid, it backfires.  Lovin' it!

tmosley's picture

This is interfering with interstate commerce. Feds will overturn , I suspect. 

Stuck on Zero's picture

California imprisons thousands of hispanics in its state prison system. Do those walls count?

Handful of Dust's picture

Award all the contracts to non-Kornifornian companies---Texas, Arizonia, NM. Those states will welcome the jobs and $$$$Billions$$$

PrayingMantis's picture

 

... Angelenos might remember this ...

... this is how Calibtard policy experts waste "good ideas" with taxpayers' money ...

>>> The LA School System's $1.3 Billion iPad Fiasco  >>> http://gizmodo.com/the-la-school-systems-1-3-billion-ipad-fiasco-comes-to-1733569377

... "An iPad for every kid! It sounded like a good idea in 2013, but a $1.3 billion plan to supply Los Angeles schools with Apple tablets turned into a failure quagmire, with the school district asking for a refund.

The end of the saga: LA’s Unified School System will receive a $6.4 million settlement from education software company Pearson, in addition to $4.2 million from Apple. "....

wren's picture

They are insolvent pension funds anyway. If they don't want the profits to stay afloat, let their boat sink and don't bail out their retirees.

goober's picture

Yep they are already insolvent and this will only speed things up to their complete failure. Kawleefornya truly is the land of the mind fucked morons. These latino legislators have no idea they are fucking themselves as well as the people they supposedly represent, but it is politicially correct and they may get a few more votes for pretending to be smart or something like that ?  All these fake libtard special interest legislators suck donkey in public daily ! Not a one can solve any problem or go out and get an actual job where you actually have to perform for your pay. I will be glad to see it all collapse, finally ! And it will.

http://www.downtoearththinking.com/the-war-against-donald-trump-.html

City_Of_Champyinz's picture

The Queers - Goodbye California

https://www.youtube.com/watch?v=bZtMHsyNVkI

I'm gonna shake, I'm gonna shimmy too
I'm gonna shake, I'm gonna really move
I'm gonna ride my skateboard all the way
I really dig your beaches and the girls they're all peaches
Yeah, Black's beach is such a cool break too
I don't know why I'm living this way
Must have coppertone on my brain
It's really fun out in the sun
I fight the mob out in the smog
But you can keep old Californ-i-a
And when you fall into the sea
Don't you look for me, I'll be in Boston Hey Hey Hey

I guess I'm not hip to your kind of trip
Your tans don't mean shit to me

[Chorus]

So goodbye California
It's been really nice
Goodbye California, Goodbye California
Make up or die

[Mean Guitar solo]

I'm going back home to see the Ramones
Get your ass off the phone, let's go!!!

 

 

Deathrips's picture

Blacks Beach is a great break. I live 2 miles from it.

 

I also repremand statists at every chance offered up.....like daily.

 

FUCK the FED.

 

From deep in communist country.

 

RIPS

City_Of_Champyinz's picture

Fucking a RIPS you are way behind enemy lines for sure...I moved to San Diego in 1990 for 18 weird months when I was a freshman in high school.  The best way that I can describe Cali is that even the 'normal' people are batshit crazy...

HippieHaulers's picture

Don't count us rural Californians out. Remember, geographically most of the state is red. It's the bay area and the Los Angeles area that are cultural Marxist hotbeds.

City_Of_Champyinz's picture

I feel really bad for the good rural Californians like you.  Talk about living under a tyrannical government.  California needs broken up into a couple of smaller states, it should never have been admitted to the union so much larger than the rest of the states.

Stuck on Zero's picture

California has 16% of the U.S. population and 31% of the nation's welfare recipients. I think they are shooting for 50% of the nation's welfare recipients.

spastic_colon's picture

yep more stock for me and people with an actual brain; thanks calpers/calsters for creating a buyers market!

Ms. Erable's picture

Yep. It's not as if the CALPERS ponzi scheme has any funding issues anyway...

...even though the fund is run by complete incompetents, and the state is run by complete fucking morons.

PrayingMantis's picture

 

"Tim Allen: Being Conservative in Hollywood is Like Being a Jew in 1930s Germany | Mark Dice" >>> https://www.liveleak.com/view?i=2c7_1490036975 

 

Playtime's Over's picture

Would be a miracle if he took your advice. 

QuantumEasing's picture

The new law also requires these same Pension employees to repeatedly hit themselves in the genitals with a 16 oz. framing hammer.

Joe Sichs Pach's picture

Get Prodigal Musk and friends to put the HyperLoop on top of the wall.  They'll be all over paying for it then.  

Mr. Universe's picture

Had to downvote you, due to inaccuracy of your post. As part of the self-readjustment period, pension employees were issued a 5lb sledge in which to hammer your ills away. They only charged 33% of their pension. 

QuantumEasing's picture

And 1943 Nazi Germany had some pretty good looking women, so the comparison is not perfect.

svs9000's picture

 

“Californians build bridges not walls"

...more like we build barrios...

flaunt's picture

You got halfway there... It's actually almost identicial to pre-Nazi Germany aka Weimar Republic. Degeneracy reigned then as it does now.

 

T-Bear's picture

Automatic failure. Nazi-card used without any legit reason.

cuttlefish's picture

Political investments have done so well for PERS in the past....

cuttlefish's picture

Political investments have done so well for PERS in the past....

pound the vix's picture

Hopefully they also pass a law that stops Unions from working on the wall....at least then the wall will be built properly and under budget.

TAALR Swift's picture

Use emptied shipping containers from Long Beach, to build the wall.

Hire Americans: use Inmates to build Wall. Occupy it with Inmates. Run the sewer lines to face the border. Place Shawshank escape hatches also facing the border. 

More than one problem will solve itself. 

buzzsaw99's picture

no bailout for you! [/deplorable soup nazi]

wow thats crazy's picture

I guess they willhave to increase their investments into cigarette companies and the military industrial complex ! 

Hal n back's picture

they are nuts out there.

SAE6065's picture

Cali is known as "The Land of the Fruits and Nuts. All the whack jobs live out there.

OCnStiggs's picture

I hope they build the wall around California and include a bunch of turnstiles that only let people in and don't let anyone out once they go in.

Joe Sichs Pach's picture

Make a straight line right down that western edge of Nevada real clean-like.  Arizona won't miss that little chunk left behind.  

Don Sunset's picture

C3F is in SDGO along with PENDLETON/MIRAMAR.  TRAVIS and BEALE in the north.  CPF is in Hawaii along with PACOM and more.  The USA needs these assets.

The LIBTARDS (led by Feinstein and Boxer) closed down most of the bay area military.  Mather, McClellen, Castle, Mare Island, Hunter's Point, Treasure Island, Alameda, Fort Ord, SAC Army Depot, Concord, Stockton, Skaggs and I'll even throw in Hamilton (and lots of other smaller ones).

If a wall must be built, build it around the bay area and then let's reasses after a few years.

_SILENCER's picture

Good thing LA RAZA hasn't utterly infiltrated the CA Government, isn't it?

 

They really want a Spic War.

cowdiddly's picture

BWAAAHHHA Calpers is trying to pretend they have money to invest. Oh, thats a real knee slapper there. You idiots can't afford a brick. What are you going to do issue a municipal bond to raise the money for shares?

Kelley's picture

The secret is that every state, city and county in the US have second sets of books. They are called Comprehensive Annual Financial Reports (CAFR) and can be found at your local library.

The combined assets of those CAFRs make up 70% of the DOW. That's how big they are added together.

So while state, county and city governments cry poverty all the time, they are drowning in taxpayer money. They will tell you that by law they aren't allowed to touch that money. So ask yourself, "Who made those laws?"

Those books contain the rich pensions and slush funds for the governor's private jets, etc.

They also provide powers to the ones who control the funds. If a fund manager wants to be the broker for those funds, he had better use the suppliers recommended to him by the person authorized to assign who get to manage that money.

Picture a lunch between the broker and the comptroller. The comptroller invites his donors to the lunch. He introduces the donors to the broker. The next thing you know, the broker is ordering office equipment from those donors. Coincidientally, the broker gets to manage the funds. 

 

SilverRoofer's picture

No tax payer bail outs of the fucked up over promised pensions either I hope they all go bankrupt

buzzsaw99's picture

may i sugggest moar facebook, snap, tesla, amazon, starbucks, and target?

rejected's picture

You forgot Sears, JC Buck and Ganders....

rejected's picture

Probably the only companies making money