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State Pension Freezes Assets In Gun Manufacturers
Posted By Joseph Spector On January 15, 2013 @ 6:09 pm In Other | Comments Disabled
As New York today passed tougher gun-control measures, Comptroller Thomas DiNapoli said he would freeze the state’s investments in publicly-traded commercial firearm manufacturers.
The $150 billion fund has holdings in an index fund of 45,325 shares of Sturm, Ruger and Company, valued at nearly $2.2 million. An outside manager with the fund sold $1.3 million of shares in Smith and Wesson last month, the comptroller’s office said.
DiNapoli said the freeze will be in place indefinitely.
“The New York State Common Retirement Fund will not buy stock in companies whose primary business is manufacturing firearms for commercial sale,” DiNapoli said in a statement.
“After the terrible events in Newtown, it is clear that the national movement toward greater regulation of firearms manufacturers will impose significant reputational, regulatory and statutory hurdles that may affect shareholder value.”
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