As Russia defeats Ukraine, UC Regents, CalPERS and CalSTRS have invested over $1.5 billion in Russian entities, many of which are owned or controlled by Russian oligarchs and/or the Russian government.
State Legislative Representatives from Santa Cruz County — Sen. John Laird and Assemblymen Mark Stone and Robert Rivas — are expected to rally their colleagues and Governor Newsom to demand immediate divestment, regardless of some financial losses. It’s dirty money. Union representatives and public agency retirees from UC, Cal State and California are expected to support this demand.
Although the private Stanford University (endowment of $38.7 billion) issued a statement in support of Ukraine, it also maintains investments in Russian entities that are expected to end as quickly as its portfolio managers. investment can do it.
These divestments represent only a small percentage of the financial power of these Californian economic giants. CalPERS alone holds $469 billion in assets.
—Mark Stephens, Felton
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