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NY's Public Pensions Still Invest in Guns

Wednesday, December 11, 2013

Almost a year after the mass shooting at a school in Newtown, Connecticut, New York’s public pension funds still hold shares in gun manufacturers.

The New York State Common Retirement Fund, the nation's third largest, has sold its shares of the publicly-traded firearms makers Smith & Wesson and Sturm, Ruger. But about $50 million is still managed by Cerberus, a private equity firm that owns the company that made the bushmaster rifle used by gunman Adam Lanza.

As reported by the New York Times, Cerberus says it's been unable to find a buyer for the company, and it's still looking for a solution.

State Comptroller Thomas DiNapoli, who is the fund's sole trustee, said the decision to sell gunmaker stock was financially motivated. But in the last year, the share price of gunmakers has soared. Smith & Wesson is up almost 30 percent, and Sturm, Ruger, is up almost 45 percent

DiNapoli hasn't said what he'll do if Cerberus fails to sell off its stake in the gun manufacturer.

New York City's two largest public pension funds, the Employees’ Retirement System and the Teachers Retirement System, have completely sold their holdings in gun companies, according to Matt Sweeney, a spokesman for City Comptroller John Liu. Three other funds, covering police, firefighters, and the Board of Education, hold a combined $21 million in the stock of five arms manufacturers: Alliant Techsystems, Forjas Taurus, Olin Corp., Smith &Wesson, and Sturm, Ruger.

 

 

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Comments [4]

Rick from Utica, NY

With the passage of the NY Safe Act, it is rather foolish to have the pension fund divest itself of shares of Cerebus which owns Freedom Works and Remington Arms, in Ilion, NY. After the Newtown Massacre there was righteous indignation to rid oneself of all firearm factory stocks. However, since the Safe Act was enacted isn't it better to reward the State that passed such legislation by protecting its manufacturing, for instance, Remington Arms. It would be rather ironic that the passage of the Safe Act preserves the manufacturing of firearms in New York State. Such would reward this industry in New York based upon passage of the Safe Act. Jim Beam is an American brand of bourbon whiskey produced in Clermont, Kentucky. They haven't left Kentucky because this is a dry county where one cannot drink its product.

Feb. 18 2014 09:59 PM
C Marlow

For shame! Put your money where your mouth is and get out of supporting gun makers.

Dec. 13 2013 03:33 AM
dave from New Jersey

The fact remains these corporations are making lots of money from gun manufacturers like Bushmaster who have had a sales increase of 36% since last year.

Dec. 12 2013 08:29 AM
Rob DiStefano from NJ

Gun companies are not evil. Count me in as one of your gun-loving adversaries.

Dec. 12 2013 08:20 AM

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