Wrong message

The New York City Employees Retirement System voted to divest itself of companies which sell firearms.  According to City Comptroller Scott Stringer:

“Today, the trustees of the New York City Employees’ Retirement System came together to divest our holdings of several gun retailers. We have seen too much violence from guns to continue to stand idly by and as fiduciaries we have a responsibility to protect our investments and the people of our City. This vote sends a strong signal across the country that government can take tangible steps to help reduce the number of guns on our streets and make progress toward ending the epidemic of gun violence.”

No, the signal it sends is that the trustees are more concerned with pushing their personal political agendas than in looking out for their pensioners best financial interests by seeking the maximum returns with minimal risks.  With gun sales way up the trustees are shirking their fiduciary responsibilities by selling profitable investments.

 

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