He replaced the pension fund with an annuity from Executive Life Insurance Co., later placed into receivership by the California Insurance Commissioner. When these funds proved inadequate, he turned to the forest, and stepped up the logging rate. We should be concerned when our own pension money is being used to support these kinds of actions. And at its recent convention, the CFT called on both state systems to use their leverage to help save Headwaters. But the idea is being resisted in much the same way as the early anti-apartheid proposals.
Fund managers say their first responsibility is to consider the safety of their investments.
City College teachers have heard it all before. In fact, their effort is part of a much larger movement as many union members seek a voice in how pension and welfare funds are invested. Maxxam may not be a very sound investment from a financial point of view. Teachers say that if Hurwitz refuses this deal, they want the retirement funds to sell their Maxxam stock. All Rights Reserved.