Amid claims of “a historic breach of fiduciary duty,” by some of Wall Street’s top firms, state treasurers issued a letter last week to 20 of America’s largest asset managers, demanding an accounting of how they have voted the state employees’ corporate shares that they control.
In a May 15 Wall Street Journal op-ed, the letter’s authors, Utah Treasurer Marlo Oaks and Oklahoma Treasurer Todd Russ wrote that “many American workers don’t realize that their hard-earned money is being used against them.
“Firms whose job is to deliver investment returns are instead weaponizing retirement funds, public pensions, and other investments in pursuit of nakedly ideological goals,” they stated. “It is perhaps the most severe breach of the fiduciary standard in American history.”…