NY's Public Pensions Still Invest in Guns
Wednesday, December 11, 2013
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A rifle similar in style to the Bushmaster AR-15 rifle that was used during a massacre in Newtown, Connecticut. (Joe Raedle/Getty)
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.
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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Ilya Marritz
Ilya Marritz covers business for WNYC.
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