NY freezes pension investments in gun makers
Posted at: 01/16/2013 2:30 AM
| Updated at: 01/16/2013 6:25 AM
By: Associated Press | WHEC.com
New York state Comptroller Thomas DiNapoli is freezing investment by the public workers' pension fund in firearms companies following recent shooting tragedies.
DiNapoli says he has directed that the massive pension fund not buy any new stock in firearms manufacturers following the massacre at Sandy Hook Elementary School in Newtown, Conn.
The Democrat says the tragedy makes it clear that firearms makers face legal hurdles and damage to their reputations that could hurt the state's investment. New York passed tough new gun control laws Tuesday.
The pension fund has about $2 million invested in Sturm, Ruger and Company. An outside manager sold the pension fund's share of Smith and Wesson in December.
DiNapoli says the freeze will be in place indefinitely.