On this day, May 5, 1903, James Beard, US culinary expert, author (Delights & Prejudices), was born in Portland, Ore.
Also on this day, May 5, 1945, A Japanese balloon bomb exploded on Gearhart Mountain in Oregon, killing Mrs. Elsie Mitchell, the pregnant wife of a minister, and five children after they attempted to drag it out the woods in Lakeview, Oregon. The balloon was armed, and exploded soon after they began tampering with it. They became the 1st and only known American civilians to be killed in the continental US during World War II.
Also on this day, May 5, 1945, Bly minister Archie Mitchell, his pregnant wife Elsie, and five children from Mitchell's Sunday school class were on a Saturday morning picnic. Thirteen miles northeast of Bly, or about sixty miles northeast of Klamath Falls, Mitchell parked the car, and Elsie and the children headed to Leonard Creek. Mitchell later remembered: "As I got out of the car to bring the lunch, the others were not far away and called to me they had found something that looked like a balloon. I heard of Japanese balloons so I shouted a warning not to touch it. But just then there was a big explosion. I ran up there--and they were all dead." It was a Japanese balloon bomb. They were 70 feet tall with a 33-foot diameter paper canopy connected to the main device by shroud lines. Balloons inflated with hydrogen followed the jet stream at an altitude of 30,000 feet.
Some say that fiduciary decisions lack credibility
Oregon Treasurer Tobias Read released his
Pathway to Net Zero: Positioning the Oregon Public Employees Retirement Fund for a Net Zero Carbon Future, a plan to transition the OPERF by 2050.
A step in that direction is
HB 4083, which directs the State Treasurer to stop investing moneys in companies that deal in thermal coal. The bill is scheduled for a work session on February 13.
Treasurer Read is leading efforts to:
- Transition OPERF to a net-zero carbon emission portfolio by no later than 2050. The OPERF was worth $93.8 billion as of last month.
- Cut the portfolio's emissions by 60% by 2035.
- Triple climate-positive investments in Private Equity and Real Assets from the current $2 billion to $6 billion by 2035.
- Increase percentage of Public Equity holdings that are climate- or transition-aligned.
- Exclude new investments in private market funds that have a stated intention to invest primarily in fossil fuels.
- Increase the share of portfolio emissions covered by credible net-zero transition plans.
Treasurer Read claims, “We’re fiduciaries first. This means that we’re required to make decisions in the best financial interests and for the sole benefit of all current and future retirees.” If that were true, they wouldn’t need HB 4083. And if it were true, why not take a vote of PERS retirees and not take direction from environmentalist that have no vested interest?
A D V E R T I S E M E N T
A D V E R T I S E M E N T
Daren Baskt, Director of the Center for Energy and Environment at the Competitive Enterprise Institute, comments that Oregon is making a mistake. "Treasury should be serving the best interests of public employees and not the ideological agenda of climate extremists. But that’s exactly what it appears to be doing," Baskt told Tom Joyce of The Center Square. "[P]laying with public employees’ money and risking their retirements for some cause, whatever it might be, is irresponsible at best. Further, using the Retirement Fund to try and help eliminate fossil fuels and shift the country to unreliable and costly energy that isn’t capable of meeting basic needs isn’t some noble effort. It’s actually an arrogant plan that presumes government officials should push their climate agenda without regard for any of the costs and tradeoffs associated with their transition to energy poverty."
Read is a candidate for Secretary of State. Will he bring his agenda to that office, if elected? “Planning and acting now to address the investment risks – and opportunities of the climate crisis - is a critical next step in making sure the pension fund will produce strong returns for generations to come.”
Read’s claim of being fiduciary responsible was already on the hot seat for over investing 60% of OPERF funds in high risk “alternative” funds. This level of high-risk private investment is almost twice as high as most other state pension plans (34%%). Is it fiduciary responsible to triple private equity investments or is the OPERF headed towards a larger debt?
--Donna Bleiler| Post Date: 2024-02-24 09:51:45 | Last Update: 2024-02-24 02:06:12 |
