As shocking as it is to learn that pension dollars of state workers have been underwriting some quite wretched activities around the globe, no less troubling is this fact: Those overseeing the investing seem oblivious to it.
The Trib's Tom Olson Sunday documented where about $100 million of the $30 billion pension kitty controlled by the Pennsylvania State Employees' Retirement System has been invested. Among his findings:
Seventy-eight million dollars is invested in Total Fina Elf. The French oil giant is developing an offshore oil field for Iran which, in turn, has used the proceeds to build long-range missiles capable of striking Europe.
Nearly $18 million is invested in Hutchison Whampoa, a company we've been telling you about for years on this editorial page. It now controls strategic ports on both sides of the Panama Canal and long has been alleged to have cozy ties with the China's military leadership.
The state pension fund has a total of about $1.7 million invested in PetroChina Co. and Sinopec Corp. The former, controlled by Beijing, operates oil rigs and a pipeline in Sudan, which uses the proceeds to enslave and kill Christians. The latter, which also (through a subsidiary) developed an oil field for the Sudanese government, now is developing an oil field for Iraq's Saddam Hussein.
Not one of the 11 board members who oversee the state pension fund - including state Treasurer Barbara Hafer - would discuss the aforementioned companies with the Trib before it broke the story. After the fact, Ms. Hafer and fellow board member Raphael Musto, a state senator from Luzerne County, told the Trib's Brad Bumsted that a closer look-see is in order. Hafer says she'll broach the matter today.
That's all fine and dandy. But why hasn't this matter been broached beforeâ¢
