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Topic: NYC teacher pension fund
sells stock in gun makers,
but keep the profits |
NYC teacher pension fund
sells stock in gun makers,
but keep the profits
Washington Examiner, by Michal Conger
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Original Article
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Posted By:KarenJ1, 2/15/2013 1:57:00 PM
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| The pension fund for New York City teachers made a bit of a political statement when it announced today that it had sold its stock in gun-makers. “This is the right thing to do,” said Michael Mulgrew, President of the United Federation of Teachers. “After the tragedy at Sandy Hook, we, as educators, had to make sure that guns were not part of our holdings.” But with those stocks having seen a huge run-up over the last two years, the fund is perfectly happy to keep profits that came due to record gun sales.
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Comments:
And here we have yet another example of the irrational, outrageous, illegal behavior by insane leftists. Politics should never enter into such important economic decisions since they are bound by a fiduciary duty to responsibly handle these funds. OTH, Democrats never care about the rule of law.
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Reply 1 - Posted by:
veritas, 2/15/2013 2:18:01 PM (No. 9178388)
The manager of the pension is violating his fiduciary duty.
That´s a very serious matter. Very.
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Reply 2 - Posted by:
Vaquero45, 2/15/2013 2:19:59 PM (No. 9178393)
Well, of course they kept the money!
They may be blinded by ideology and crazy as my Aunt Alice - but they´re not stupid.
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Reply 3 - Posted by:
Mr. Know-It-All, 2/15/2013 2:26:04 PM (No. 9178405)
Not very bright. The firearms industry is one of the few areas in which the economy is booming right now, pun unintended.
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Reply 4 - Posted by:
disasterman, 2/15/2013 2:27:41 PM (No. 9178408)
Wrong #2, these people are extremely stupid and stubbornly so.
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Reply 5 - Posted by:
Cor-vet, 2/15/2013 3:06:59 PM (No. 9178495)
They´ve raided the SS trust fund until it´s broke, and yet here is a $46.6 billion retirement fund that our political leaders haven´t stolen. Really tells you something!
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Reply 6 - Posted by:
mickturn, 2/15/2013 3:12:59 PM (No. 9178519)
Hypocrits!
They should have given 100% of the profits to Charities!
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Reply 7 - Posted by:
Whamdbambam, 2/15/2013 3:14:50 PM (No. 9178522)
New York, ground zero for so-called "securities litigators." How long do you think it´ll take before one of them scares up a client to sue the fund trustees for breach of fiduciary duty?
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Reply 8 - Posted by:
coldoc, 2/15/2013 3:29:44 PM (No. 9178567)
The fact that they were able to sell their stock means someone was willing and able to buy them. This means nothing except probable lower earnings for the pension funds. Hope they invested the money in solar panels. Good riddance.
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Reply 9 - Posted by:
sinic, 2/15/2013 3:51:16 PM (No. 9178619)
Now take that money and buy stock in electric cars...you´ll make a KILLING!
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Reply 10 - Posted by:
navybrat, 2/15/2013 7:33:25 PM (No. 9178893)
Many pension funds are also invested in oil company stocks.
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Reply 11 - Posted by:
NYbob, 2/15/2013 10:55:19 PM (No. 9179134)
´Right thing to do?´ I am beyond sick and tired of the liberal, leftist, sheeple, progressive, lumping LEGAL gun owners in with criminally insane murderers. Go to Hades Mulgrew. You want innocent, law abiding Americans to be defenseless, we refuse to be. We will fight you.
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