Interesting item in the SF Chronicle over the weekend. It’s about a proposed measure that would require all San Francisco city and county employees to contribute 9% of their pay toward their pensions. It also would double the cost of family medical coverage.
One of the proposals big financial backers is Sequoia Capital’s Mike Moritz (and his wife), who have contributed $245k to the cause. Local labor leaders have responded by asking Nancy Pelosi to oppose any federal funding for Sequoia portfolio companies (including DoE grants). No word yet from Pelosi.
I don’t yet know enough to support or oppose Moritz’s position, although it’s very easy to oppose labor’s petty request.
That said… Several years ago, Sequoia was the first prominent VC firm to stop accepting money from public pensions – including the University of California – due to more transparent disclosure policies. Kind of, ummm, interesting that So Moritz wants to dictate policy to the same pensions he previously refused to generate investment returns for…