Considering how profitable gun manufacturers are they will be doing a disservice to the state employee if they invest in something less profitable. Like, say, the media.
Following the Newtown shootings, state lawmakers and Governor Andrew Cuomo have been negotiating a package of stricter gun control laws. That could include a tightening of the assault weapons ban and comprehensive background checks for purchasing firearms.
But it turns out that New York State invests its public employee pensions in companies that manufacture guns. Some say that sends the wrong message.
“Certainly looking at divesting,” said Assemblyman Brian Kavanagh. “There are private equity firms that are looking into divesting some of these assets because it’s the right thing to do. And certainly, we should be looking at the pension funds and any public entities.”
New York State has a roughly $150 billion pension fund for its public employees. More than $1.1 billion of that is managed by Boston-based Acadian Asset Management. As of its latest quarterly filing, Acadian held roughly $22 million worth of stock in the gun manufacturer Smith and Wesson.
So the workers will lose out because these clowns want to preen for the cameras and feel good about themselves. The workers be damned.
Never one to avoid beclowning himself, Nanny Bloomberg chimed in.
“Well, I had to recuse myself from comment because my company done business with all the pension funds,” said Mayor Michael Bloomberg. “I can just tell you personally, I do not own, do not have any investments in companies that either manufacture and sell cigarettes or manufacture and sell guns.”
No word about those evil soda companies.