CA Treasurer Chiang operating way out of his job description

EditorialBy George Miller


Why is the Treasurer releasing a constant stream of press releases promoting himself and causes that sometimes have little to do with his job responsibilities?

His press release (below) from the CA State Treasurer is so wrong on multiple levels:ChiangJohn

  1. The Treasurer isn’t focusing totally on his job. He should be warning the public that a state which had the highest tax increase in history not that long ago is now running a multi-billion dollar cash deficit and take actions to stem it.  He should be informing us about numerous unwise and unproductive expenditures, along with the chronic unfunded liabilities of the very funds he is attempting to micromanage.
  2. This Treasurer is babbling about things he doesn’t even understand- for instance calling a semi-automatic rifle an “Assault Weapon,” when it isn’t.
  3. Why is he blaming guns for the actions of an obviously deranged human being who was unsupervised and untreated, who killed his own mother to steal that rifle?
  4. Chiang wants Freedom Group penalized for the actions of others. They are well within the law and all ethical considerations. In fact such companies are helping the nation, the community and individuals to defend themselves and even help allow Mr. Chiang to operate in freedom (and abuse it).
  5. Why is Chiang inaccurately and cynically suggesting that Freedom Group is a bad investment? His words: “We rightly determined that there is significant risk in investing in the Freedom Group, a business that manufactures weapons that are susceptible to sanctions, regulations, and actions that could be detrimental to the fund.” Really? Aren’t there other industries which have far higher business risks? Haven’t legislatures and courts (CA excepted)  actually been rolling back unconstitutional statutes?
  6. Could it be that Chiang’s real agenda is the illegal undermining of Second Amendment rights?
  7. Is Chiang inferring that a vote of CalStrs beneficiaries was taken to justify this action? But, it seems to have emanated from a tiny elite.
  8. The Treasurer’s  pressure on Cerberus, the fund manager, to sell would actually cause a significant investment loss if it was to be done right now, in violation of the manager’s own fiduciary responsibility, by the way. So, politics would override the security of beneficiaries’ investments. It IS theirs, not the state’s, by the way.

In summary, Mr. Chiang should stick to doing his job in a completely nonpartisan and competent manner. He has compromised both, and sacrificed public trust in the process.



Another article on this subject


George Miller is Publisher of and a “retired” operations management consultant, active in civic affairs, living in Oxnard.

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