Watertown daily times _ much ado in cooperstown over vote to dump fossil fuel stocks

The trustees of Cooperstown hardly expected their village (population 1,834) to emerge as a flash point in a national debate over climate change and socially responsible investing.

But when they voted in October to divest the pension fund they oversee of all fossil fuel holdings, Cooperstown became the first community in the nation to do so — not just coal (like Stanford University), but also oil and gas.

Just as the divestiture movement has roiled college campuses across the country, pitting environmental activists against college endowment managers, the trustees’ decision caused a stir locally. 4 gas planets The town treasurer and tax collector publicly opposed the move, and a village resident took to the local newspaper to suggest the trustees were indulging their personal causes at the expense of prudent portfolio management.

The issue has upset the usually tranquil village on the shores of scenic Otsego Lake, which bills itself as “America’s hometown” and is home to the National Baseball Hall of Fame. Arkla gas phone number Talk of carbon neutrality and fiduciary duty has at least temporarily supplanted Donald Trump, who easily carried Otsego County.

Cooperstown “is abuzz,” said Jim Kevlin, a former Watertown Daily Times assistant managing editor who is now editor and publisher of the Cooperstown newspaper, The Freeman’s Journal (founded in 1808 by James Fenimore Cooper’s father) and its companion website, allotsego.com.

“I’ve gotten into arguments with a lot of my friends,” said Louis Allstadt, a retired Exxon Mobil executive and town trustee credited with spearheading the divestiture movement (or blamed for it, depending on whom you ask). Electricity deregulation in california “Even at my weekly lunch group.”

Allstadt is emerging as something of a small-town hero in the divestiture movement, in part because he has gone full circle on the issue, from managing all of Mobil Oil’s exploration efforts in the United States, Canada and Latin America and helping oversee Mobil’s merger with Exxon during a 31-year career in the industry, to an antifracking, anti-fossil-fuel activist.

Allstadt is becoming more than a local celebrity. Gas x and pregnancy He was featured Wednesday at a news conference in New York City hosted by the fossil fuel divestment advocacy group Divest-Invest Philanthropy.

“Cooperstown showed immense leadership in its decision to divest,” said Lindsay Meiman, a spokeswoman for 350.org, the environmental activist group and a supporter of Divest-Invest.

But the move sparked immediate opposition outside the environmental movement, starting with the town treasurer and tax collector, Derek Bloomfield, who argued at the trustees meeting in October that energy stocks provided valuable diversification.

“Social investment should be done with one’s own money,” he maintained, according to a report in The Freeman’s Journal, adding that in his view, “fossil fuels have done more to raise mankind out of poverty than any other development through the ages.”

Allstadt argued that the industry faces insurmountable obstacles in the future and fossil fuel stocks would suffer as a result. 8 gases “You don’t just keep driving your car when you see a cliff ahead,” he told The Freeman’s Journal.

The discussion “got a little contentious over the historic merit of fossil fuels,” the mayor, Jeff Katz, said. Electricity font generator He and his family were drawn to Cooperstown by its baseball legacy; he has written two books on the topic, including “Split Season,” about the strike-marred 1981 baseball season.

As a former options trader in Chicago, Katz is also financially sophisticated. Hair electricity song He and the trustees oversee a pension fund, with total assets of about $900,000, that benefits the town’s volunteer firefighters and emergency squad. Z gas el salvador numero de telefono Of that amount, about $140,000 was invested in an S&P 500 fund that included fossil fuel stocks. Electricity was invented in what year But last year, State Street started an exchange-traded fund that excludes fossil fuels from the S&P 500 (the fund’s symbol is SPYX), offering a cost-efficient way to purge fossil fuels from any portfolio.

“It’s something people believe in, and we thought it’s a positive way for the name of Cooperstown to be out there,” the mayor said. Electricity icon “It’s meaningful in that way. Electricity 2pm live It’s not so meaningful financially. Gas utility boston We’re not a $100 million pension fund. Gas density conversion No one will suffer if Exxon Mobil triples in the next year.”

But the trustees’ decision, and especially Allstadt’s comments about driving off a cliff, struck a nerve with a village resident, David Russell, who moved with his family to Cooperstown from Westchester County soon after the terrorist attacks of Sept. Gas and supply locations 11, 2001. Gas exchange in the lungs is facilitated by Russell is an asset manager who commutes to Manhattan, but he is also steeped in pension fund management as a former counsel to the New York state comptroller H. Gas weed Carl McCall, who oversaw the state’s vast public retirement plan.

So he drafted a lengthy op-ed for The Freeman’s Journal, arguing that the trustees had a duty to seek the “best risk-adjusted returns” for the fund and should be “free from any conflicts of interest or political beliefs/statements.”

He added that stock in the two leading firearms manufacturers — Smith & Wesson and Sturm, Ruger — which were sold off by many pension funds after the 2012 Sandy Hook elementary school tragedy, have risen 400 percent and 100 percent since then, easily outpacing broad market indexes.

In a Nov. Gas and electric nyc 25 letter, Allstadt proposed they “give readers a break,” and “try to convince one another over a cup of coffee,” an invitation Russell has so far declined.

Though he has not garnered the national attention Allstadt has, Russell has attracted his share of local supporters. Gas finder app He said he had gotten many calls and comments from people thanking him for speaking out and urging him to keep doing it. Electricity vs magnetism Some have suggested he run for trustee, although “my wife would divorce me,” he said.

The mayor, Katz, said he had no plans to revisit the decision despite Russell’s missives. Gas guzzler tax He praised the spirited and sophisticated civic debate, even if it has ruffled a few feathers.

“It’s too bad it’s gotten so personal,” he said. Electricity in homes “But it’s pretty unusual to read that level of discourse in the local weekly. Electricity games online free That level of conversation is a credit to the community.”