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Alaska divesting from Iran?In a move that risks putting Alaska’s money in the center of testy Middle East politics -- a proposed law would require that Alaska’s bulging bank accounts stay out of the hands of those who do business in Iran. If it becomes law, it will be the first time Alaska's accounts have been used as a tool for political protest. In 2008, Anchorage Democrat Rep. Les Gara proposed pulling Alaska's funds from the Darfur region of Sudan while a well-documented genocide was taking place. Former Gov. Sarah Palin didn't support the move, until she did, a vacillation that Gara said killed the bill. This bill, proposed by Sen. Bill Wielechowski, says that the Alaska Permanent Fund, and the state’s various benefits and retirement accounts, will not invest in companies that do more than $20 million of business in Iran. The bill passed through Senate State Affairs Committee yesterday, and is on the way to the Senate Finance Committee. It’s a move that is supported by Gov. Sean Parnell. "I understand some believe free markets, rather than government policy, should direct our investment choices, but this very real threat requires action," Parnell wrote in a letter to those who oversee Alaska's accounts. "No free markets exists when one nation builds a nuclear arsenal while it continually and steadfastly advocates for the eradication of an entire nation, with our own not so far behind," he wrote referring to historic statements from the Islamic Republic touting annihilation of Israel. Currently, Alaska’s funds have about $79 million invested in companies that are invested in Iran, according to a Legislative Research Services memo. Such companies include China Petroleum and Chemical, South Africa-based Sasol Ltd. And the Russia energy company Gazprom. A law is necessary to shield the Permanent Fund from claims that it would be violating the “Prudent Investors Rule,” which states that investments should be chosen to provide a maximum return without regard to social or moral consideration. "Iran's ruling regime is known to assists terrorists with their war against Americans and other innocent people worldwide," Wielechowski. "We don't want that blood on our hands,” he said. Contact Amanda Coyne at Amanda(at)alaskadispatch.com The US should get out of the Middle East and stay out. There are issues which will remain unresolved long after the USA has ceased to exist. All we're doing is wasting money and resources on ethnic groups which have quarreled since the beginning of recorded history. Point made Point taken. You are absolutely correct to a degree. But, it does seem that we are going to have to deal with them as THEY are the ones that want to keep on hurting us here in the USA. Who cares about Alaska? Iran certainly doesn't care about Alaska. So, it can shoot itself in the foot if it wants. Nobody cares. You don't seem to know anything at all about Alaska.? So, WHY NOT? Alaska has many things that help this Country as a whole. Mighty white of them. This bill, proposed by Sen. Bill Wielechowski, says that the Alaska Permanent Fund, and the state’s various benefits and retirement accounts, will not invest in companies that do more than $20 million of business in Iran. |
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