according to its latest annual report, owns about 28 million shares of
ExxonMobile; about 9 million shares (after a stock split) of Chevron; and some
5.6 million shares (also after a split) of ConocoPhillips.
The value of Calpers' holdings in those three companies has increased - since they closed the books at the end of their last fiscal year - by one billion dollars.
Meanwhile Barbara Boxer leads the charge in calling for an "investigation" into oil company profits. There's more disingenuous hostility towards oil companies than anyone can keep track of, but that just stands out as really top shelf hypocrisy.
1 comment:
And all their profit margins are less susceptible to short term fluctuations of the extreme variety that oil companies face. They have legitimate claim that "we need to make profits now to provide sufficient capital when prices drop."
No matter the governments efforts, the price of a Big Mac isn't going to drop by 25% in 3 months (actually, GovCare will drive it up).
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