New Jersey- State's Pension Fund Owns Almost 32 Million Shares of Stock in Toll Road Companies Somervell County Salon-Glen Rose, Rainbow, Nemo, Glass....Texas


 

New Jersey- State's Pension Fund Owns Almost 32 Million Shares of Stock in Toll Road Companies
 


22 May 2007 at 7:26:43 AM
salon

I've been reading up on Private-Public Partnerships and pension funds for awhile and I knew that there are a lot of corporations who, unbeknownst to the people who work there, are investing PENSION FUND monies. But what happens if you have a potential conflict of interest because you own stock in a company like Cintra or Macquarie AND your state is pushing toll roads? Do you sell off the stock? Do you decide that it would hurt the PENSION FUNDS if you don't put in toll roads?

New Jersey officials confirmed yesterday that the state's pension fund owns nearly 32 million shares of stock, worth $190 million, in two foreign firms that operate the Indiana Toll Road and would be likely bidders if Gov. Jon Corzine decides to lease the New Jersey Turnpike or other state highways.

Tom Vincz, spokesman for the state Treasury Department, said the state owns 25.6 million shares, valued at $82 million, in Macquarie Infrastructure Co., an Australian firm, and 6.2 million shares, worth $108 million, in Cintra Conces siones de Infraestructuras de Transporte, a Spanish company...

The two firms would be possible bidders if Corzine decides to lease state toll roads to private operators. Vincz refused to speculate on whether the state would sell its stock in the two firms if that happens to avoid the appearance of a conflict of interest. On the other hand, if the state rejects private operation, it could hurt the value of the stocks.

I also wonder if Texas has the same type of arrangement. Does Perry, for example, own Cintra or Zachary stock? How about other Texas legislators? Has any pension fund money gone into supporting these foreign companies?


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