Phil Angelides is running ads for California governor against Arnold Schwarzenegger. His latest ad brags that he "ended state investments in tobacco companies" and that he is "a leader, not an actor".
I guess he means that state pension fund stopped buying Philip Morris stock. I don't see what is good about that. The state makes many millions of dollars from cigarette taxes. If it were immoral for the state to make money from cigarette smoking, then maybe the state should stop collecting all those taxes. As it is, the state is in the cigarette business as much as Philip Morris. Perhaps I should end my investments in the state of California.
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