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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)

SHOESHINEBOY
Posted on February 15, 2013 at 2:32pm
The Communist Socialist State of NewYorkisstan is a boiling sess-pool of hollow and souless Marxists, Mao Loving waste…

As 9-11 showed..the “terroists” see NewYorrkisstan as an easy and big target, that is just getting easier each day, with the passing of each regulation…

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needanotherReagan
Posted on February 15, 2013 at 2:27pm
There is no need to support these companies, whose products can destroy lives and shatter communities in the blink of an eye,” Liu said. I wonder if their portfolio includes companies that are in any way related to companies that manufacture cigarettes. Their products destroy lives on a much grander scale than guns do. I would really like to know what companies they do feel the need to support.

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- Flag-Man
  Posted on February 15, 2013 at 2:40pm
  Don’t cars & trucks destroy lives?
  
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Flag-Man
Posted on February 15, 2013 at 2:20pm
They are going to leave the few companies that are making them money

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RaydocX
Posted on February 15, 2013 at 2:18pm
one hopes they hold no GE stock, considering they deal with Iran.
Or any cocacola or pepsico stock, as they contribute to death by obesity.

what a moronic arguement, that they were ever supporters of the companies…
CONSUMERS support the companies. They were PROFITING from the companies.
And considering the sales rates, glad they won’t enjoy that largesse.

Fools

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ares338
Posted on February 15, 2013 at 2:13pm
Just when I thought teachers couldn’t get more stupid they go and prove me wrong. Maybe when the next pants dragging, ebonics speaking, murdering, raping thug pays them a visit they can hold hands and think happy thoughts.

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whatsallthisthen
Posted on February 15, 2013 at 2:13pm
Wonder what the capital gains are on the sale. I’m sure they’ll invest it in an honorable company that meets the high standards of moral outrage necessary to make them always feel good about themselves. After all, a good leftist must feel good about himself first then if the pension plan loses money the taxpayers can make it up.

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Bodacious_Boedi
Posted on February 15, 2013 at 2:10pm
I hope all these anti gun miscreants are victims of violent crimes….I hope they have to wait for the cops to find one working, antiquated .38 revolver in their precinct because no guns save lives!!

I’m truly awe struck that grown people can be this stupid…….just fence post, to the bone, inbred stupid!!!

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AmericaMustBeFree
Posted on February 15, 2013 at 2:10pm
They say a fool is born every minute.. sounds like there are several of them in New York! I am thinking any of our enemies can come through NY without any problem at all.. just mow the idiots down and then head west. Its like a giant gate open to the evil that will come.

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BlasberryStrat
Posted on February 15, 2013 at 2:09pm
American citizens have already lost their guns, they just don’t understand it yet. When any issue becomes the “cool in thing”, it is spread over the Country like the hip hop culture. And when the most powerful Union in the U.S. is demonizing guns, you know it’s over. Thing is, why don’t ALL of these people just come right out and speak on a TV broadcast saying that the Liberal Progressive has been locked in place, and we will expect everyone to comply.

I’m getting VERY tired of fighting and fighting to keep freedom and limited Government, only to find every time that the Liberal agenda has advanced – again. Progressive agenda folks is in place and ready to burst our Country apart. Oby has been put in charge to make certain this has happened, and he’s won. I just hope I’m still alive to see how these people react when Russia and China come in and take them over while saying, “Stupid American Liberals, why you were trusting us and watching Glee while we planned to take your Country”.

Yep, it’s a “Rainbow World” out there…so ‘fair’ and ‘level’ to all who embrace the Progressive ideals…until they get rounded up and exterminated by China (or simply get their SUV taken away). I’m not gonna be here to save your butt. I’m saving my family and you get what you asked for.

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Maggie in Indiana
Posted on February 15, 2013 at 2:09pm
LMAO. The loses will surely have their Governor asking for a bailout. Just goes to show New York should have a big wall surrounding it to keep all the garbage in

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showmerancher
Posted on February 15, 2013 at 2:02pm
I’m pretty sure that the feeling is mutual with the gun companies themselves. They don’t want the unions holding the stock and voting their shares at shareholder meetings for things like the Board of Directors. They don’t want the unions have ANY control.

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Colin Maynerdson III
Posted on February 15, 2013 at 2:01pm
Now they can use that money to invest in Planned Parenthood “health spas” and “womb fitness centers”.

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red_white_blue2
Posted on February 15, 2013 at 2:00pm
Good Riddance—Now watch the stock go up so you can kick yourselves in the ASS!

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jackact
Posted on February 15, 2013 at 1:59pm
First of all the totally corrupt NYC dept of education would not have sold a single gun stock…….if they hadn’t been caught holding them. Secondly, guns stocks have increased by over 200% in value during the past 4 years proving that FREE MARKETS, despite total economic devastation caused by centrally controlled government totalitarianism, always prevail.
Can’t say the same for the department of education which, being the highest tax that we pay, is totally incapable of preparing our children for productive and prosperous futures.

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bikerdogred1
Posted on February 15, 2013 at 1:56pm
Then they put all their money in company’s that are gay owned,this way they can show the students that they are all fruit cakes.

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paperpushermj
Posted on February 15, 2013 at 1:54pm
Hey it’s a free country they are selling their holdings when those Stocks are a high. Don’t know if they can replace those holdings with others that are producing the same high returns, but that’s their problem.

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- 338lapua
  Posted on February 15, 2013 at 2:04pm
  They should invest in companies that share their “progressive” goals. Surveillance companies,windmill companies, vegan bakeries………OK I am blowing coffee out my nose, cannot continue.
  
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- paperpushermj
  Posted on February 15, 2013 at 2:19pm
  @338
  Been means to tell you for a long time now how much I like your screen name.
  
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GhostOfJefferson
Posted on February 15, 2013 at 1:53pm
Fascists divest themselves of all connections to freedom. Nation shocked, shocked I tell you. Film at 11.

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The_Cabrito_Goat
Posted on February 15, 2013 at 1:51pm
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.

It’s never been a better time to have, sell, or trade guns.

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heidihoneighbor
Posted on February 15, 2013 at 1:51pm
WWow that is dumb.

I thought teachers were supposed to be smart.
Either way, i bet those stocks were snatched up as fast as they were sold.
maybe teachets union should stick to what they know ..
. Like Solyndra

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- angeleyes63
  Posted on February 15, 2013 at 2:01pm
  Smart? Have you spoken to a teacher lately or been to a teachers meeting? Smart really isn’t what I would call it.
  
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thegreatcarnac
Posted on February 15, 2013 at 1:46pm
The gun companies should all move to the South where people appreciate their importance and where people know how to handle guns. The NE of the US is a wasteland of libs who have small brains.

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dustbunnieskill
Posted on February 15, 2013 at 1:45pm
Good sound reasoning,they also need to get rid of stocks in the auto industry,pharmaceutical, liquor, tobacco, and health care.We can never be safe enough!

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ProudCapitalist
Posted on February 15, 2013 at 1:43pm
Buying publicly traded stock does not “help” the gun and ammo manufacturers because the public will by the stock of successfully run companies. Pension fund managers should only care about the return on their investments. The only one this hurts are the pensioners. Hopefully, the funds will dump the teachers’ stock at a loss and someone will buy it and make a profit as the demand for defensive weapons increases over the next four years. Then the fund managers can take whatever is left and invest in politically correct companies, like Solendra.

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MrObamablows
Posted on February 15, 2013 at 1:41pm
We are glad your idiots pulled your money so that when you loose it in the stock market we are all going to laugh at your dumbazzs!

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neillwd
Posted on February 15, 2013 at 1:41pm
For the sake of the taxpayers that will be stuck bailing out their unfunded pensions, I hope all their green jobs stocks and investments do well.

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dont_drive_slow_in_the_left_lane_obliviot
Posted on February 15, 2013 at 1:40pm
they just dropped some very profitable companies. Pity the few good teachers who don’t worship Barry will be hurt by this as their pensions just lost value.

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