State Investments in Swiss Banks

Re “Fong Tells of Halt in Investments at Swiss Banks,” Oct. 16: I am puzzled as to why billions of dollars of California taxpayer money are being invested in Switzerland at all. Does the treasurer’s office believe that revitalization of the Swiss economy will boost exports from California? Do officials consider California’s economy to be so decrepit that investment within the state is a bad risk? Or more likely, are they so busy comparing interest rates that they never paused to think about how the money is actually used? This is the same kind of income fixation that drove Orange County into bankruptcy.

Money invested locally not only returns interest, but also boosts the economy and increases tax revenue. Investments within the state could also promote specific social goals, such as revitalizing inner cities. Couldn’t Rebuild L.A .have used an extra $2 billion?

ROBERT CLOSE

Manhattan Beach

* I’m very interested in the issue of conscience of Swiss banks holding Jewish Holocaust victims’ deposits, and the fact that the California government is taking the noble stand of halting investments.

But surely I am missing something. How is it that California has billions to invest in Swiss banks anyhow? We don’t even have the money to put air conditioners in schools.

MAUREEN TOBIN

Culver City