In which I despair about Journalism

The Standard releases the news that the investment managers of various London council’s pension funds are investing in Tobacco company stocks while said councils are also running anti-smoking campaigns.

Is this news? Really? The fund managers are doing their job (maximising the return on their client’s investment) and the councils are keeping hands-off from the decisions (as they should, imagine the complaints if they’d tried directing the pension funds towards their own pet projects!). As the article points out most London councils have a massive pensions black hole that needs to be filled and tobacco stocks are good investments, especially in a recession. Now if smoking was illegal in the UK and every tobacco company had been chased out at gun point I could perhaps see the point, but at the moment smoking is still legal and I don’t think anyone is seriously proposing a total blanket ban.

There is no point to this story, no-0ne’s done anything wrong, and more importantly what the hell is Roy Castle doing there? Seriously WTF?


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