ND Legacy Fund: Who is in control? Part I

[TexasTowelie]

North Dakota’s Legacy Fund has been called the “people’s fund.” It’s filled with our tax dollars, over 8 billion dollars’ worth, but those tax dollars are flowing into investments out of North Dakota and out of our country.

It is governed by North Dakota’s State Investment Board, or SIB, and advised by consultant firm Callan which has no offices in North Dakota. Through monthly taxes on the state’s oil production and returns on investments, the Legacy Fund has been growing for more than eleven years.

And taxpayers are weighing in. In a statewide survey conducted by WPA Intelligence, a leading national research firm, taxpayers, by a 10 to 1 margin, want a greater portion of the legacy fund invested in North Dakota.

And by an 8 to 1 margin, they want North Dakota advisors to decide how to invest the money, not out-of-state or Wall Street consultants. ​

Read more: https://www.kxnet.com/news/nd-legacy-fund-who-is-in-control-part-i/

Part II of the series is available at https://www.kxnet.com/news/nd-legacy-fund-who-is-in-control-part-ii/ .

A look at their investments reveals that their largest investment is in Alibaba.

KX News filed a Freedom of Information Act request to the State Investment Board for this year’s fiscal year 2020/21 report, which shows that North Dakota’s Legacy Fund is invested in Alibaba even more at nearly $20 million dollars.

“Did you know that the Legacy Fund, North Dakota people’s fund was invested into accounts linked to the Chinese communist party and even linked to an account that facilitates the oppression of the Uhyger people in China?”