NYC Pension Funds May Sell $18M In Gun-Related Stocks
The blowback from last Friday’s massacre in Newtown, Connecticut is extending to investment in gun companies. New York City's pension funds are considering divesting themselves of $18 million worth of stock in four gun companies. Olin Corp would lose $14 million worth of shares, Smith & Wesson $1.7 million, Sturm Ruger & Co. $2.4 million and Forjas Taurus SA. $17,866.
Matthew Sweeney, a spokesman for New York City Comptroller John Liu, said New York City is "aggressively exploring all options, including divestment." Shares in gun companies have dropped in the market since Friday.
Although the total being considered is just a fraction of the pension funds’ assets, the symbolic gesture would be consistent with New York City Mayor Michael Bloomberg’s public approval of gun control. The city may be considering the move because it is concerned about politicians moving for more severe gun control, which would impinge on gun sales.