Lisa Chow is the economics reporter at WNYC. She tries to explore in her stories surprising aspects of New York’s many economies—in plain view or hidden, in neighborhoods or sectors.
New York, NY –
One of the largest institutional investors in the US, the New York State pension fund, says it's pulling $86 million out of companies doing business in Iran and Sudan. State Comptroller Thomas DiNapoli manages the pension fund, which represents the retirement savings of more than a million state and municipal workers.
DINAPOLI: they don't want us investing their future in excessively risky markets. and they shouldn't have their pension fund dollars jeopardize by regimes that support genocide and terrorism.
REPORTER: The move marks the first time the state's pension fund has divested from companies for "moral" reasons. The pension fund is pulling out of nine companies, including state-run Russian oil company Gazprom and Chinese state-owned oil company Sinopec.