DOJ Urged to Criminally Investigate Gavin Newsom Over $3 Billion Loss
California State Representative Carl DeMaio has formally requested that the Department of Justice (DOJ) initiate a criminal investigation into Governor Gavin Newsom following the reported loss of $3 billion in taxpayer-funded retirement investments. The funds were allegedly invested in a Green New Deal initiative championed by Newsom and supported by California Democrats.
DeMaio has raised concerns regarding the management of these public funds, asserting that they were funneled into a politically motivated investment scheme that resulted in significant financial losses. He criticized the lack of transparency surrounding the investment decisions and the absence of accountability for those involved. “They lost their ass,” DeMaio stated, emphasizing the need for clarity and responsibility in the handling of taxpayer money.
The representative characterized the situation as a blatant violation of fiduciary duty, arguing that those responsible for the mismanagement of the funds should face criminal charges. DeMaio's call for an investigation comes amid growing scrutiny of the state’s financial practices and the implications of politically driven investment strategies.
As the situation develops, it remains to be seen how the DOJ will respond to DeMaio's request and whether further investigations will be conducted into the financial decisions made under Newsom's administration. The outcome could have significant ramifications for California's political landscape and the future of public investment strategies in the state.
This incident highlights ongoing concerns regarding the intersection of politics and financial management, particularly in the context of large-scale public investments aimed at addressing climate change and promoting sustainable practices. Stakeholders across the political spectrum are likely to monitor the situation closely as it unfolds.
