EDITORIAL INVESTING SOUNDLY GETTING TAXPAYERS THE HIGHEST POSSIBLE RETURN.PHIL Angelides Philip Nicholas "Phil" Angelides (IPA: æn.dʒε.'lid.ɪs) (born June 11, 1953 in Sacramento, California), is a California politician who was California State Treasurer and the unsuccessful Democratic nominee for Governor of California in the 2006 elections. , the would-be next governor of California The Governor of California is the highest executive authority in the state government, whose responsibilities include making yearly "State of the State" addresses to the California State Legislature, submitting the budget, and ensuring that state laws are enforced. , is banking that his innovations as state treasurer Noun 1. state treasurer - the treasurer for a state government financial officer, treasurer - an officer charged with receiving and disbursing funds will be enough to propel him into the state's top office. To that end, he was in town last week promoting his Double Bottom Line Initiative, which invests state employee pension equity into urban real-estate developments through public-private partnerships Public-private partnership (PPP) describes a government service or private business venture which is funded and operated through a partnership of government and one or more private sector companies. These schemes are sometimes referred to as PPP or P3. . ``We are on our way in providing a model for the rest of the nation,'' Angelides boasted. Perhaps, but the first goal of investing public pensions must be the strongest possible return - not social or political goals. To be sure, real estate has been a good investment these past five years. But pension funds are backed by the taxpaying public. When investments don't yield the highest possible return, taxpayers eat the bill. By all means, if Angelides can help the state to do good while doing well, he should. But his fiduciary responsibility to the public must come first. |
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