Tell State Controller John Chiang: CalPERS must act to save the Los Angeles Times

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Tell State Controller John Chiang: CalPERS must act to save the Los Angeles Times

State Controller John Chiang has the power to help stop the Koch Brothers from buying and destroying the Los Angeles Times.

Two large investment companies, Oaktree Capital Management (based in L.A.) and JP Morgan Chase control the Tribune Company, the parent of the LA Times and other newspapers. The Koch Brothers, notorious climate change deniers, foes of organized labor and bankrollers of anti-democracy efforts across the nation, seek to acquire Tribune and its largest paper, the LA Times. If they succeed, the fourth largest newspaper in the country will, overnight, cease to provide independent journalism and instead become the next FOX News.

Controller Chiang sits on the board of directors of California Public Employee Pension plan (CalPERS), the largest pension plan in the United States. He and his colleagues have invested billions of dollars in Oaktree and with JP Morgan. We call on Controller Chiang to issue notice to both firms that CalPERS will remove all funds that it can and never invest again with these firms if they sell to the Kochs.

Why? Such a sale will destroy the futures of the very people Controller Chiang and other CalPERS board members are legally obliged to protect. The Kochs bankrolled Prop. 32, that would have ended union member participation in politics. They bankrolled Prop. 23 in 2010 that would have ended California’s environmental protections. Both of these alone are toxic to CalPERS beneficiaries.

Tell Controller Chiang: No sale to the Kochs.