After asking Bank of America and other financial institutions to quit doing business with gun makers opposed to gun control, Chicago Mayor Rahm Emanuel is now pressuring mutual funds to divest from gun companies that are lobbying against Obama’s gun control plans.
In other words, gun companies that oppose bans on the weapons they make are being financially blacklisted for doing so.
Emanuel said cutting financial ties with such gun companies was the “moral” thing to do because banning “assault weapons” is “morally right.” He subsequently sent letters to Allianz, Blackrock, Dimensional Fund Advisors, Vanguard, James Investment Research, and Capital World Investments.
No word yet on what action these mutual funds plan to take, if any. But it’s certain that many of their clients purposefully invest in funds that hold shares in Ruger or Smith & Wesson or some other gun company. Apparently, Emanuel has decided that is immoral.