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NYC Teachers’ Pension Fund Sells Off All of Its Gun Stock: ‘There Is No Need to Support These Companies’

Feb. 15, 2013 1:16pm Jonathon M. Seidl

New York City Teachers Pension Fund Divests Itself of Gun Stock

Several of Smith & Wesson new product pistols are displayed at the 35th annual SHOT Show, Tuesday, Jan. 15, 2013, in Las Vegas. Credit: AP

NEW YORK (AP) — The $46.6 billion pension fund for New York City schoolteachers has sold its stock in companies that make guns and ammunition, city officials announced Friday.

City Comptroller John Liu said the Dec. 14 school shooting at Sandy Hook Elementary School in Newtown, Conn., prompted the fund’s board of trustees to review the system’s investments in the gun industry.

He said the board concluded that divestment would be consistent with the fund’s fiduciary standards and overall investment process.

“There is no need to support these companies, whose products can destroy lives and shatter communities in the blink of an eye,” Liu said. “Our investment portfolio gains nothing by doing business with these firms, and this is a sound decision that sends an important message about our commitment to addressing the plague of gun violence in every possible way.”

Michael Mulgrew, president of the United Federation of Teachers, added, “This is the right thing to do. After the tragedy at Sandy Hook, we as educators had to make sure that guns were not part of our holdings.”

Pension funds for teachers and public workers around the country began reconsidering their investments in gun makers after the fatal shootings of 20 first-graders and six educators in Newtown.

The New York City Teachers’ Retirement System is the largest pension fund to sell its gun industry holdings so far, Liu said. Its programs affect more than 183,000 members, retirees and others, according to figures from its 2011 annual report.

The fund had a total of $13.5 million invested in five gun makers including Smith & Wesson Holding Corp. and Sturm, Ruger & Co.

In CONTROL, Glenn Beck presents a passionate, fact-based case for guns that reveals why gun control isn’t really about controlling guns at all; it’s about controlling us. Find out more HERE.

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Comments (136)

Owt_Raged
Posted on February 15, 2013 at 1:39pm
As it is, 5 firearm manufacturers have already informed the state of NY that they will no longer supply any government agency or employee in the state with any firearms, ammo or parts.

I too think every firearms, ammo or firearm accessory company should move out of NY immediately. It’s time our citizens, companies and organizations started sticking up for our country and stop drooling over the idiot leaders who wish to do nothing except control us.

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- angeleyes63
  Posted on February 15, 2013 at 1:53pm
  Hopefully with God Speed.
  
  Report this comment
- RJJinGadsden
  Posted on February 15, 2013 at 1:56pm
  OWT_RAGED, What you just said really made me laugh at what popped into my head. I can just picture in state police departments will have to send buyers out of state to get their best deals at those evil gun shows. LOL!
  
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- Cavallo
  Posted on February 15, 2013 at 1:59pm
  Bravo to the gun companies. I wish more would refuse to sell to the government.
  
  Report this comment
- Bodacious_Boedi
  Posted on February 15, 2013 at 2:05pm
  The Barrett Company did the same thing in CA when they got snarky with the makers of the now famous Barrett Light .50 Sniper Rifle. Not only did they move their company OUT of the state, denying them any and all revenues from taxes, et al, they also refuse to sell law enforcement any of their product…..leaving SWAT teams holding a broom stick and going “bang!!”
  
  Report this comment
- Capt_Gregg
  Posted on February 15, 2013 at 2:08pm
  I’m sure that many other states, such as Texas or Montana, would welcome those companies with open arms and huge tax breaks. When buying a new Colt, I would prefer a Texas-made Colt to one made in Connecticut.
  
  Report this comment
- Obama Snake Oil Co
  Posted on February 15, 2013 at 2:12pm
  And they did it at a time when gun companies are going full bore to keep up with demand. I read this today and I think they should have read it as well before they did what they did. This is not about 2nd amendment, this is about why the 2nd amendment was written, tyranny. http://www.infowars.com/guns-and-ammo-production-maxed-out-this-is-a-society-preparing-for-war-2/
  
  Report this comment
- Secret Squirrel
  Posted on February 15, 2013 at 2:28pm
  The gun grab won’t stop.
  Once the communists, er, progressives realized
  that the republicans have no spine, they went for the prize.
  This is just the beginning.
  Ask yourself, “Am I just going to sit here and take it?”
  
  Report this comment
- FHengineer
  Posted on February 15, 2013 at 2:49pm
  @CAPT_GREGG, colt is in the process of moving from Ct, to Kissimmee, Florida.
  
  Report this comment
- Sparky101
  Posted on February 15, 2013 at 3:13pm
  With that much money invested in companies to make a profit, it makes you wonder what other “inappropriate” investments these fools might be involved in. Except that they are hypocrites wanting to make a pointless point, they would go over each and every investment, and determine whether they agree with what that company does to make a profit, and they would publicise the results of their efforts and the reason for their decisions. But this will never happen because this is not the reason they publicised their current decision. They are simply the type of low-life crudballs one would expect to make a politically motivated grandstand instead of offering legitimate debate. Do you really believe they didn’t search hard for a way to make public hay out of this to “look good”? Do you seriously believe they are men of such conviction? If so, then they have already looked into every single investment. But that’s no more true than what they want you to believe about them. Are these honest men of integrity? I think not.
  
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- JRook
  Posted on February 15, 2013 at 4:51pm
  Well clearly they should provide unnecessary and undeserved tax credits to these companies so that the tax base in the local communities continues to fall and the quality of education, law enforcement, fire response, emergency response, healthcare, etc. continue to be eroded. Similar to the changes that the state of Michigan has done the state pension funds should only invest in NY based companies and companies that are truly good citizens.
  
  Report this comment
- Grey Eagle
  Posted on February 15, 2013 at 6:50pm
  You are right.
  
  Report this comment
- GroundZero is Nuclear Demolition x3
  Posted on February 15, 2013 at 9:17pm
  Take notice they don’t mention US offense contractors. Lockheed Martin, manufactures bullets in China for the N. Korean Gov. And don’t even get me started on what GE is screwing us for.
  
  Report this comment
- poorrichard09
  Posted on February 16, 2013 at 9:36am
  Should drop their stock price(s) a little-a good time to BUY for the rest of us!
  
  Report this comment
- turkey13
  Posted on February 16, 2013 at 3:37pm
  These teachers need to get their money out and invest it them selves. Gun and Ammo manufactures are the only companies in the US that are profitable. A friend quit a pretty good job in 2011 and went to work at the ammunination plant in McAlester Oklahoma. Last year he made over $90,000 bucks. They work 24/7 and you get all the overtime you want. I read an article in a magazine a while back where Remington made record profits last year.
  
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- turkey13
  Posted on February 16, 2013 at 3:46pm
  Hopefully everyone reading this will put NY & NYC on their no fly list.I refuse to spend any money there and that includes venders on Amazon & E-Bay. I check before I click – Buy. I have all those crazy cities and states that are off the wall like Conn, N.J. Virgina, RI., Chicago, Detroit & California on my no fly list.
  
  Report this comment
joeslick
Posted on February 15, 2013 at 1:39pm
I hope they invest it wisely, something real trendy and democrat friendly….like Solyndra….hee hee hee!!!!!

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- Southerner01
  Posted on February 15, 2013 at 1:46pm
  I like the way you think!
  
  Report this comment
- The_Cabrito_Goat
  Posted on February 15, 2013 at 1:54pm
  If you sell your stocks in guns NOW….
  
  ….You won’t reap the real benefit when the prices peak. So long as the nation keeps charging towards outlawing firearms, however.
  
  In this way, the teacher’s pension fund is shooting themselves in the foot, pardon the pun.
  
  It’s never been a better time to have, sell, or trade guns. Or gun stocks.
  
  Or GOLD don’t forget!
  
  Report this comment
justangry
Posted on February 15, 2013 at 1:38pm
If gun sales are BOOMING, and the teachers union dumped those stocks for political reasons; the unions care nothing of the teachers’ well being. It’s that simple. It’s a shame the folks TEACHING OUR CHILDREN are too stupid to realize this.

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- Fubared
  Posted on February 15, 2013 at 1:44pm
  We agree. Not an economist or math guru in the bunch.
  
  Report this comment
- oicu814me2
  Posted on February 15, 2013 at 1:45pm
  spot on. They will lose money on that deal. Fire arms stock value is on the rise
  
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- Gonzo
  Posted on February 15, 2013 at 2:06pm
  I hope they invested big in solar panels instead!
  
  Report this comment
- booger71
  Posted on February 15, 2013 at 3:09pm
  They are so smart they should invest in Detroit Muni Bonds
  
  Report this comment
- DSTSS2010
  Posted on February 15, 2013 at 4:04pm
  They should put ALL their money in wind and solar power ASAP. It’s what King O would want them to do.
  
  Report this comment
- JRook
  Posted on February 15, 2013 at 4:47pm
  Of course the smart investor sells at the top and doesn’t follow conventional wisdom, or as is usually the case on this site conventional ignorance.
  
  Report this comment
John.Galt
Posted on February 15, 2013 at 1:38pm
What they didn’t tell you is that they sold the stock, and transferred the proceeds to their personal bank accounts.

No worries, the tax payers will pick up all losses for the underfunded and insanely generous pensions… you know the ones where the teachers put in $5 per paycheck and collect $3000 per month FOR LIFE when they retire… at age 50… then they cry when they have to put in $6 per paycheck, HOW UNFAIR!! Boy, wait until they find out the pensions are not indexed to inflation.. and when the dollar collapses that $3000 per month won’t buy a loaf of bread…

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- MCON29
  Posted on February 15, 2013 at 2:09pm
  I contribute to the Illinois Teachers pension. I contribute the bare minimum. $150 a pay. Not sure how NY is funded.
  
  Report this comment
DTOM47
Posted on February 15, 2013 at 1:37pm
If the gun and ammo manufactures cut all firearm and ammo sales to government agencies in New York I bet the tune changes instantly! I would love to see how the state will servive with ZERO ammo and no parts to repair there beat down firearms. New York needs to stop bitting the hand that feeds them.

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term limits for congress
Posted on February 15, 2013 at 1:37pm
That’s a tiny percentage of the pension fund. Lucky them – that stock is probably worth a lot more than the purchase price. Buy low, sell high. And, they can claim moral superiority while doing it.

They will re-invest this money in solar technology… not.

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Warphead
Posted on February 15, 2013 at 1:36pm
Talk about shooting yourself in the foot. Guns aren’t just sold to the general public you know. There is the military, National guard, private security services, FBI, all state bureaus of investigation, and the list goes on and on. Then consider all the associated products sold by the same companies to the same government entities. So to make a political point they will no longer invest money in these companies because these companies sell to law abiding citizens. What a bunch of idiots. If members of the NYC teachers union had any since at all they would put their retirement money in someone else’ s hands. They might also consider to stop wasting their money supporting the teachers union. Looks to me like their dues are only getting them ripped off. Well, you know how some are. They’ll ride that gravy train till the wheels fly off.

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PA_Iraq_Vet
Posted on February 15, 2013 at 1:36pm
All firearms manufacturers ans ammunition manufacturers should stop, immediately, selling to States, and any entities within those States, that are anti-2A. Some already have and I will support them.

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ginger100
Posted on February 15, 2013 at 1:34pm
Do they still support govt funded abortion?

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- momrules
  Posted on February 15, 2013 at 1:49pm
  Well they still support Obama so I would think the answer is yes.
  
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minnfinn
Posted on February 15, 2013 at 1:34pm
“NYC Teachers’ Pension Fund Sells Off All of Its Gun Stock: ‘There Is No Need to Support These Companies’”
Where do this pinhead think law-enforcement and military procurement get their sidearms and small-arms? S&W, Glock, Colt, Ruger, Springfield Arms, Remington and so many other firearms companies sell to both civilian, enforcement and military. Without the civilian market, far fewer new improvements would be available.

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CWPrequired
Posted on February 15, 2013 at 1:32pm
They are selling the stock because law makers are working behind closed doors to make gun companies liable for gun violence regardless of how it occurs. The will regulate gun and ammo companies out of business just like coal companies. Stock up NOW !

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moreteaplease
Posted on February 15, 2013 at 1:27pm
Liu sounds like another liberal Tinker Bell.

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T-2
Posted on February 15, 2013 at 1:27pm
Liu must me one of those 2% Asian. He probably suck at math and tennis too.

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- Bodacious_Boedi
  Posted on February 15, 2013 at 2:07pm
  ….and a menace behind the wheel…….
  
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Stoic one
Posted on February 15, 2013 at 1:26pm
Invested in the companies or the stocks?

Stocks…..nobody cares…no do they , except to take some profit and some holier than thou publicity.

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mtsnj
Posted on February 15, 2013 at 1:26pm
How about that, the greedy teachers unions are taking the money while they can out of the increasing Gun Mfg’s stocks. They should put their money in the credit default swaps (Like Tx teachers union did) that killed our economy. That’ll fix these hypocrits. Last I looked it was not the gun industry that caused any of this.

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2GodBeTheGlory
Posted on February 15, 2013 at 1:26pm
Good, I’m glad that they are standing up for there rights. Just wish they would stand up for mine and teach the bill of rights, however, common sense does not appear to be a trait within their ranks.

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- redfish52
  Posted on February 15, 2013 at 1:28pm
  That is why we live in the USA…they have the right to do what they want with their money.
  
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- Cavallo
  Posted on February 15, 2013 at 1:48pm
  @Red, Except buy drugs, or fund political campaigns without State inquiry and oversight, or open a business without approval, or put an addition on to you house, or in NYC remodel your apartment or building without approval or in some cases even repaint, even investing itself has a huge oversight organization called the SEC. Freedom doesn’t really come into it anywhere.
  
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- Clownzilla
  Posted on February 15, 2013 at 1:52pm
  @Redfish
  
  Your 100% wrong. Teachers can’t do what they want as long as I have to provide their paycheck. If they sold a money making stock for stupid reasons like this then it means more pressure on me to make up the difference as a taxpayer.
  
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T-2
Posted on February 15, 2013 at 1:25pm
I’ll pick those up, thank you.

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ferggie
Posted on February 15, 2013 at 1:24pm
All gun and ammo manufactures should pack up and move out of the state. Tell the controllers to FO and you are divesting the state of your tax revenue and give them the finger on the way out!

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- Cavallo
  Posted on February 15, 2013 at 1:50pm
  Just imagine the profits in the demand if you opened a munitions factory, just producing .22 cal ammunition.
  
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huey6367
Posted on February 15, 2013 at 1:24pm
“NYC Teachers’ Pension Fund Sells Off All of Its Gun Stock”

In a related story, guns sales have soared because of this sale sending stock prices through the roof.

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ZAP
Posted on February 15, 2013 at 1:22pm
Nothing like selling a stock at it’s zenith

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sparkyrules
Posted on February 15, 2013 at 1:22pm
Good.The rest of us been waitin’ to buy some of that stock.They were hogging to much of it anyway.

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PA_Iraq_Vet
Posted on February 15, 2013 at 1:22pm
Good riddance. They will do just fine without your pension fund.

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progressiveslayer
Posted on February 15, 2013 at 1:21pm
There’s no need for a teachers union either but we’re stuck with you parasitical pustules feeding off of us like the worthless vermin you are.

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- momrules
  Posted on February 15, 2013 at 1:35pm
  I do enjoy your posts Slayer. You tell the truth so eloquently. What you bet this same union will be begging for more public money soon? Poor pustules will throw away money to make a self righteous statement while they rob the citizens blind.
  
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- progressiveslayer
  Posted on February 15, 2013 at 1:53pm
  They will indeed,they’ll want more money and give us this ‘it’s for the kids’ BS. I can’t stomach any of them they’re what you find at the bottom of a cesspool.
  
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Cavallo
Posted on February 15, 2013 at 1:19pm
Good. Someone else who isn’t a fascist troglodyte propagandist, like the NYC teachers, should be part owner of those companies and reap the benefits of the massive profits they are raking in.

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- naughtycal
  Posted on February 15, 2013 at 1:24pm
  Talk about cutting off your nose to spite your face…..
  
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- Ragnars Repos
  Posted on February 15, 2013 at 1:27pm
  @CAVALLO
  
  Exactly.
  
  Report this comment
- EVANROOD
  Posted on February 15, 2013 at 1:28pm
  I’m sure there will be no mention of the profits made by selling this evil stock!
  
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- Capt_Gregg
  Posted on February 15, 2013 at 1:32pm
  “He said the board concluded that divestment would be consistent with the fund’s fiduciary standards and overall investment process.”
  
  They are divesting themselves of stock in a VERY profitable industry in order to feel good. I hope they invest that money in the next Solyndra.
  
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00100111
Posted on February 15, 2013 at 1:18pm
Yawn…

I’m sure these gun companies are so hurt by your decision, oh how will they sleep at night?

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- Cavallo
  Posted on February 15, 2013 at 1:35pm
  I’m thinking that the gun companies are sleeping quite well, on piles and piles and piles of revenue and cash.
  
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