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NYC teacher pension fund pulls money from gun makers: CFO
Source: Reuters
NYC teacher pension fund pulls money from gun makers: CFO
NEW YORK | Fri Feb 15, 2013 11:28am EST
(Reuters) - New York City's teacher pension fund has pulled its money out of publicly traded firearms manufacturers, becoming the largest U.S. public pension fund to do so in response to the school shootings in Connecticut, the city's top financial officer said.
The $46.6 billion fund divested all its holdings in five companies, for investments valued at $13.5 million as of January 26, a spokesman for New York City Comptroller John Liu said on Friday.
Some investors, including the nation's biggest public pension funds, began reviewing their firearms holdings after 20 children and six adults were shot dead at an elementary school in Newtown, Connecticut in December.
"There is no need to support these companies, whose products can destroy lives and shatter communities in the blink of an eye," Liu said in a statement. "Our investment portfolio gains nothing by doing business with these firms."
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NEW YORK | Fri Feb 15, 2013 11:28am EST
(Reuters) - New York City's teacher pension fund has pulled its money out of publicly traded firearms manufacturers, becoming the largest U.S. public pension fund to do so in response to the school shootings in Connecticut, the city's top financial officer said.
The $46.6 billion fund divested all its holdings in five companies, for investments valued at $13.5 million as of January 26, a spokesman for New York City Comptroller John Liu said on Friday.
Some investors, including the nation's biggest public pension funds, began reviewing their firearms holdings after 20 children and six adults were shot dead at an elementary school in Newtown, Connecticut in December.
"There is no need to support these companies, whose products can destroy lives and shatter communities in the blink of an eye," Liu said in a statement. "Our investment portfolio gains nothing by doing business with these firms."
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Read more: http://www.reuters.com/article/2013/02/15/us-usa-guns-nyc-pension-idUSBRE91E0QV20130215
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