November 29, 2001

State Treasurer Philip Angelides Reaffirms Support For Armenian-American Issues

San Francisco, November 14 - California State Treasurer Philip Angelides pledged his continued support for the effort to achieve Genocide recognition and for the strengthening of economic ties between California and Armenia, in a recent reception supporting his upcoming campaign.  Bay Area Armenian National Committee members Roxanne Makasdjian and Jirayr Sarkissian, attended the reception and spoke to the Treasurer about issues of importance to the Armenian-American community in California.

Treasurer Angelides has been a strong supporter of Armenian-Americans issues during his years in public service.  In October 2000 he wrote a strongly-worded letter to then-president Bill Clinton, urging the president to "appropriately recognize the Armenian Genocide."   Also, when a consultant for an investment company associated with the State made comments diminishing the Armenian Genocide, Angelides publicly refused to deal with the company until this person was removed from his position.

During the reception, the Treasurer expressed his dismay that the government of Turkey was now benefiting economically and politically from America's war against Afghanistan, despite its own deplorable human rights record.

Treasurer Angelides, 48, is widely seen as a future candidate for state governor.  A graduate of Harvard University, he served for eight years in California government, gaining a reputation as a leader in affordable housing, urban planning, and public finance fields.  He entered the private sector in 1984 and, in 1986, formed his own investment and management business.  Among his business ventures, the new town of Laguna West was featured prominently in the national media, and sparked a national dialogue on how our society can plan and build more livable communities.  Angelides also served as Chairman of the California Democratic Party through 1992.

The California State Treasurer has broad responsibilities and authority in the areas of investment and finance.  The Treasurer is elected statewide every four years.  In addition to being the State’s lead asset manager, banker and financier, the Treasurer serves as chairperson or a member of numerous State authorities, boards and commissions.

Angelides' goals as Treasurer are to protect taxpayer funds, to cost-effectively finance schools and other infrastructure, and to invest more in California communities.  The Treasurer’s Smart Investments initiative has directed over $7 billion in state infrastructure and community development funding to support environmentally responsible growth patterns.  Angelides' May, 2000 initiative, The Double Bottom Line: Investing in California's Emerging Markets, calls for the direction of more than $8 billion in state investment capital, in partnership with the private sector, to broaden economic opportunity in the California communities left in the wake of the State's economic boom last year.

Despite the economic recession, Angelides said he was still an optimist, and that California should follow the path of smart investors in the business world.  "In every recession, they look for new opportunities and deploy their capital wisely to fund the ventures which will grow as the economy rebounds."  Pointing out California has a $300 billion pension and investment portfolio and today's low interest rates, he said, "Now is the time to focus this capital on California, to invest in badly needed infrastructure and economic development projects which will stimulate growth.

In discussing California's energy crisis, Angelides said it was not an anomaly. "It is one of the consequences that we have suffered as a result of our inclination in recent years to under-invest in our infrastructure and our tendency to over-consume our natural resources."  He proposes a plan for public power, conservation and building the states energy independence.  Earlier this year, his plan for a State Power Authority was signed into law.  The Power Authority is charged with building a State energy reserve of 15 percent to supply reliable and reasonably priced energy for California’s future.