The specific investments in question are important. But this also shows something important about pension funds where regular people have a voice:
Harry Keiley, a high school teacher with the Santa Monica-Malibu Unified School District and chairman of the board's investment committee, said before Wednesday's vote that the pension board has the power to change its investments.So this'll be one more reason the corporate right hates teacher pensions. But for the rest of us, it's a reminder that when you have strength in numbers, you can gain new kinds of leverage in the economy.
After the shooting, Keiley said: "I sat there with all of my thoughts and feeling very powerless knowing that I don't sit on the Supreme Court, I don't cast a vote in the United States Congress, I don't sit in the state Legislature. I'm a school teacher and dad. And then it dawned on me ... that I and this board are not powerless."