Content adapted from this Zerohedge.com article : Sourc
The Florida Education Association, a Florida's teacher's union, is urging the state body that manages the pension funds to dump holding in firearm and ammuniction manufacturers.
Bloomberg found over $500,000 worth of shares in the Florida reacher's pension fund in American Outdoor Brands, formerly known as Smith & Wesson. This was a result of a search the media research firm did two days ago.
They also found holdings in Sturm & Ruger, Vista Outdoor, and Olin Corp.
“I am sure that most of Florida’s public school employees are as sickened as I am to learn that the state has invested some of our pension fund holdings in the maker of the AR-15,” said association president Joanne McCall. “Surely there are better places for the state to invest its public employee retirement money than in companies that make products that harm our children.”
The teacher's union is powerless to order the sale of any stock. In the Florida, the pension is managed by Governor Rick Scott and his cabinet. This means that divestment of these holdings by the teacher's union is impossible unless the Governor goes along with the idea.
It is possible that the Legislature could pass a bill calling for the divestment.
Now that one teacher's union has called for the selling of these stocks, it is a safe bet that others will shortly follow.
Given what happened in the state a week ago, we could well see other funds divest their holdings in areas of this type.
AOBC most likely will not be the last stock dropped from the pension rolls in Florida.
Non-adapted content found at zerohedge.com: Source
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