NYC Schools divest from gun company stocks

[Abbey Marie]

So I guess it was ok to invest before now.



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.
...
“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.”
...

Full story:http://www.washingtonpost.com/business/nyc-teachers-pension-fund-divests-from-gun-manufacturers-citing-conn-school-massacre/2013/02/15/cdf152a0-778d-11e2-b102-948929030e64_story.html

[jimnyc]

“Our investment portfolio gains nothing by doing business with these firms

'Cept for the portfolio getting bigger as a result of the gun industry skyrocketing?

[Abbey Marie]

'Cept for the portfolio getting bigger as a result of the gun industry skyrocketing?

:laugh2:

And they need more money to pay all the disciplined teachers who sit all day in adult detention doing nothing.

[jimnyc]

:laugh2:

And they need more money to pay all the disciplined teachers who sit all day in adult detention doing nothing.

Not sure if any of this applies to my area, but it would be humorous to an extent, as my sons school has now 2 armed guards hired at their school.

[Kathianne]

'Cept for the portfolio getting bigger as a result of the gun industry skyrocketing? I was going to say that this seems against the fiduciary responsibilities to the tax payers.

[logroller]

I was going to say that this seems against the fiduciary responsibilities to the tax payers.
Lol. Responsibility to taxpayers...that's what cracks me up. I wonder...what's their share in social security? Conspicuously exempt I'm guessing. But they're doing so much to help curb violence, I suppose it makes up for bailing on contributions to the social welfare. :rolleyes:

[taft2012]

I was going to say that this seems against the fiduciary responsibilities to the tax payers.

No, not really. That's their pension fund. Frankly I was a bit surprised to see their fund is so big.