The California Endowment is reconsidering its $5.2-million in financial investments in companies based in Arizona because of that state’s strict new immigration law.
“There is no question that immigration reform is sorely needed, but the law passed recently by Arizona isn’t it, not by a long shot. We strongly believe that this law should be repealed,” said a letter sent to six Arizona companies by the Los Angeles foundation. It was signed by Robert K. Ross, the organization’s chief executive, and Ruth Wernig, chief investment officer.
An expanded version of the letter is available on Mr. Ross’s blog (http://www.calendow.org/Article.aspx?id=2416).
The new law says any person suspected of living in the United States illegally can be required to produce proof of citizenship or legal status. Many critics of the law say the statute encourages racial profiling.
In its letter to the companies, the foundation, which promotes affordable health care, said that “the very heart of the California Endowment’s mission requires that we work in the under-served communities in our state and that we do so with respect for the dignity of those communities and the people in them. Yet we now find we have investments in a state that’s just passed a law with significant potential for racial profiling, a law that, if enforced, runs counter to our core mission and values.”
The foundation says it is asking itself the question: “How can we work hard every day to help Californians eliminate the inequalities they face...using money we made from supporting inequality?”
The letter noted that institutions have withdrawn financial support from Arizona because of the new law. “While we review our investment portfolio,” it said, “we hope that the current wave of divestments sends a clear message that laws like these are damaging, rife with the potential for abuse, and ultimately un-American.”
The letter said that divestments by others is also of concern because the foundation has a “fiduciary responsibility to manage our assets in a way that ensure’s the endowment’s ability to fulfill its mission for decades to come.”
In an interview, Daniel Zingale, senior vice president of the California Endowment, said that “when there is a national movement underway to divest from the state of Arizona, it raises the question of the fiduciary wisdom of staying invested there in the long term.”
Mr. Zingale said the foundation’s options include withdrawing all investments in Arizona companies or not making future investments.
While none of the six companies—which include PetSmart, in Phoenix—have yet responded to the foundation’s letter, Mr. Zingale said his organization hopes they will take steps to publicly to show their concern about “the troubling aspects of this law.”
A spokeswoman for PetSmart said the company does not comment on legislative matters.
Mr. Zingale said that the foundation rarely attempts to exert influence in public policy through the “investment side” of its work. “We do regard what’s happening in Arizona as extraordinary,” he said.
Comments
1. hteb6208 - June 30, 2010 at 08:31 pm
Mr Ross misstates the Arizona law, and certainly does not recognize that California Penal Code Section 834b,c - a current California law, have almost identical requirements to identify those who come into contact with government officers - AND to notify the Federal officers IF they find someone they cannot identify as someone who is in the United States legally.
Our nation is built on laws, and equal justice before the law is KEY. Break the law - you have a penalty. Honor our laws - and we are honored to have you here as a neighbor .
2. ppcllc - June 30, 2010 at 11:10 pm
hteb 6208 is absolutely correct.
Mr. Ross and the legions of useful idiots that are so easily andcontinually conned and goaded by such inveterate liars as Barack Obama, Eric Holder, Nancy Pelosi and their despicable America-hating minions are showing themselves to be the brain-dead fools they are.
3. everyman - July 04, 2010 at 05:55 pm
Here, here! In my view, hteb6208 and ppcllc are absolutely correct!
Why would a charitable foundation with a mission of service and assistance to those in need punish the people of Arizona by withdrawing investments in the companies that employ them? That simply creates a whole new body of people in need!
The State of Arizona has simply taken the steps to protect its own people and its financial viability by implementing a law that mirrors existing federal law --- a federal statute that two branches of a moronic, federal-government bureaucracy have ignored and neglected for more than three decades.
This action by Mr. Ross and his organization is simply more of the idiotic, politically correct politicization of immigration enforcement that we have seen over recent weeks. They have joined the ranks of those who make themselves feel morally superior and holier-than-thou by making political statements in the face of our nation being invaded by illegal aliens who are violating our laws to get here and then, like burglars or home invaders, asking for everything to be made available to them as though they were citizens.
Enough is enough!