CALPERS Funds Dakota Access Pipeline (11/16/2016)
California Public Employers Fund(CALPERS) currently holds over 1 million shares in Energy Transfer Partners stock.
La Cartita --- According to SEC (Securities Exchange Commission) filings, California Public Employers Fund(CALPERS) currently holds over 1 million shares in Energy Transfer Partners stock. The after hours value of Energy Transfer Partner stock is valued at 39.37 dollars per share. Therefore, the State of California's employees have a little under 40 million dollars directly tied to Energy Transfer Partners. The billionaire CEO of ETP, Kelcy Warren, has already gone on record to insult Native water protectors, calling them 'naive' and insisting that the pipeline would be built. However, public opinion has turned against the Dakota Access Pipeline construction because of the risks posed to the environment. ETP's plans also infringe on native land rights.
The US Army Corp of Engineers has deferred construction of the pipeline pending an additional review. However, mass surveillance and harrasment towards the encampment of water protectors remains.What is CALPERS?
California operates a pension fund for its current government employees. CALPERS pools assets worth over 300 billion dollars into various investments in the hopes that exposure to the financial market will yield higher dividends than if the money simply accrued interest in a bank. What is troubling is that the cultural and social values of the money managers are often too agnostic to the sensibilities of the workers. The trend, however, is shifting towards, at least, partial divesture from ETP; the CALPERS fund has reduced its position in ETP by 64 thousand shares since September 2016.