Bloomberg Opposes Teacher’s Pension Move to Sell Gun Stock – Says Not to Mix Politics and Finance
Vehemently anti gun mayor Michael Bloomberg advised the manager’s of New York’s $46.6 billion teacher’s pension fund to vote to keep stock in gun companies in the pension portfolio.
The pension managers voted to sell their stake in give gun companies anyway.
The fund had a total of $13.5 million invested in five gun makers. Those included Smith & Wesson Holding Corp. and Sturm, Ruger & Co.
Gun stocks are generally up, with some being up almost 30% in the last 3 months.
One of the appointees who was voting told the New York Daily News that the mayor doesn’t believe in mixing politics and finance.
Bloomberg is the founder of Mayors Against Illegal Guns, campaigns on a national level for new gun control laws, and uses funds from his political action committee to try and defeat pro gun political candidates across the country.