April 30, 2005

Guess who owns part of Liberman Broadcasting?

If you're a public school teacher in California, you just might have a financial stake in the company that owns KRCA, the source of the billboard that places Los Angeles in Mexico. And, anyone else who lives in California might have a stake in that company too.

If I'm reading this PDF file from the California State Teachers’ Retirement System correctly, then CALSTRS invested $5 million in Liberman:

Attachments 3 and 4 provide executive summaries of action taken under delegation of authority for a $5 million co-investment in Liberman Broadcasting...

I don't know the exact legal status of CALSTRS, but:

The State Teachers’ Retirement Board has exclusive control over the investment and administration of the Teachers’ Retirement Fund. The Board makes rules, sets policies, and has the power and authority to hear and determine all facts pertaining to application for benefits under the retirement system. The twelve-member Board consists of four ex-officio members, including the Superintendent of Public Instruction, the State Treasurer, the State Controller, and the Director of Finance. The Governor appoints five members, including three public members, one school board member or community college trustee and one retiree. Three members are elected by CalSTRS members...

So, they're at least a quasi-governmental agency. You can read their chock-full-o-loopholes "Statement of Investment Responsibility" for more.

Posted to Immigration2005a at April 30, 2005 04:56 PM

Comments

CalSTRS allows posting at the Statement of Investment Responsibility website. I just sent them a note stating the information is getting out about investing in Lieberman and that they should prepare for a tsunami!

Posted by: pamela5313 at May 4, 2005 04:45 PM