Using Surpluses to Socialize the Economy (RE: RIP, JohnMaynard Keynes

[jf noonan]

On Fri, 28 Jan 2000, Doug Henwood wrote:
> 
> Yeah, and Calpers has been pushing the lean & mean policy 
> characteristic of the shareholder revolution. I interviewed their 
> chief investment officer a few years ago and asked him to comment on 
> the oddity of a public worker pension fund pushing an antiworker 
> agenda. He said all they cared about was results.

I've read more than once that, as fiduciaries, they are legally
bound to the bottom line as the only proper goal and could be
sued for malfeasance for pursuing any other goal.  Does anybody
know if this is true, or just the excuse for slavishly following
Capital's wishes?

--

Joseph Noonan
jfn1 at msc.com