Hypocrites

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eastbayexpressAlthough SEIU 1021 claims to oppose fracking, its pension funds are invested in oil and gas industry companies, East Bay Express reports:

By far the biggest conduit directing workers’ savings into the fossil fuel industry is the California Public Employees Retirement System. CalPERS controls the retirement savings of members of progressive Bay Area unions that have expressed opposition to fracking, such as SEIU Local 1021 and AFSCME Council 57. But CalPERS refuses to divest from the fossil fuel sector as a means of addressing environmental damage associated with fracking and climate change, and holds billions of dollars of stock in fossil fuel giants such as Exxon Mobil, Shell Oil, and the coal company Peabody Energy. CalPERS is also a major investor in private equity partnerships responsible for financing oil and gas exploration companies. For example, in 2012 CalPERS committed $400 million to the Riverstone Global Energy and Power Fund V, a limited partnership managed by Riverstone Holdings, LLC, a private equity firm specializing in energy finance. Over the past three years, Riverstone has used CalPERS money to provide growth capital to thirty oil and gas companies…

SEIU 1021 members, whose retirement plans are run by CalPERS, visited fracking sites in the Central Valley last year. A blogpost on the union’s website states that its members and staff were “horrified,” witnessing “fracking wells near agricultural fields, community gardens and elementary schools, poisoning the air and water of working class and immigrant communities, causing an epidemic of asthma and cancer.”

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