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News of Otsego County

fossil-fuel divestment

TRUSTEES CAST OUT OIL STOCKS

TRUSTEES CAST

OUT OIL STOCKS

Village Trustee Lou Allstadt, left, and Village Treasurer Derek Bloomfield offered differing view on using taxpayers money for
Village Trustee Lou Allstadt, left, and Village Treasurer Derek Bloomfield offered differing view on using taxpayers money for “social investment.” (Jim Kevlin/AllOTSEGO.com)

S&P 500 Stocks Shifted To S&P 475

By JIM KEVLIN • for www.AllOTSEGO.com

COOPERSTOWN – Rejecting the advice of the village treasurer, the Village Board this evening voted unanimously to shift its investments in S&P 500 stocks over the next year into an S&P 475 scrubbed free of fossil-fuel companies.

Trustees acted despite Treasurer Derek Bloomfield, citing guidelines for CFAs (chartered financial analysts), advising them that a fully diversified portfolio, including fossil-fuel stocks, is the most stable. “Social investment should be done with one’s own money,” he said.

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