I agree with the idea of forcing a cut in executive salaries, but divesting ownership of corps. is not the way to do it. It is very true that pension funds own an enourmous amount of stock. However, divesting certain corps. does not "cut them off from access to capital." The only time the corp. actually gains access to capital is during the initial offerring, and it is unlikely that pension funds purchase much stock at that point. Once the stock is "in the market," buying an selling only affects otherstock owners. The real power that the pension funds have is in their *voting power* from stock ownership. A better proposal to TIAA-CREF would require them to vote their ownership stake against any salaries over $3,000,000. This would be a much more direct method to implement the change. It should be noted however, that BY LAW, pension funds can only vote on decisions that would increase the FINANCIAL return to its members. Thus, a fund cannot use its power to force a firm to increase worker safety, even if it allows workers to survive to get their pensions, it that change reduces the profitability of the firm!! The laws are written to insure that "labor's capital" is used against them just as surely as any other capital. Doug Orr [EMAIL PROTECTED]
