Read the Beforeitsnews.com story here. Advertise at Before It's News here.
Profile image
Story Views
Now:
Last hour:
Last 24 hours:
Total:

California teachers stage coordinated protests against gun investments (VIDEO)

% of readers think this story is Fact. Add your two cents.


A California teachers’ union staged protests in Sacramento and Los Angeles on Thursday to voice concerns over its retirement money being invested in a company that manufactures the rifle type used in the Sandy Hook school massacre.

The California Federation of Teachers is seeking to pressure the California State Teachers’ Retirement System to divest $500 million from Cerberus Asset Management, an investment firm that owns a stake in Remington Outdoor, manufacturer of the Bushmaster rifle used during the December 2012 Connecticut school shooting, the state teachers union announced.

“It is long past time for CalSTRS to finish what it started two years ago,” said Jeff Freitas, CFT secretary treasurer. 

CalSTRS in January 2013 voted to divest retirement funds “from companies that manufacture firearms that are illegal for sale or possession in the state of California.

The amount actually invested in Remington is closer to $375 million, CalSTRS spokesperson Michael Sicilia told Guns.com. The $500 million figure cited by the union is the maximum amount that can be put toward the private equity investment, Sicilia said.

The retirement board – responsible for managing an estimated $190.8 billion in retirement funds for 879,000 California educators and their families – made a similar decision in 2009 to divest from tobacco companies.

In a statement made Wednesday, CalSTRS said that following its 2013 decision to divest, the retirement board pulled $3 million in public equity stocks from Smith & Wesson and Sturm Ruger, with no similar investments made since.

At that time, Cerberus said it would sell its shares of Remington Outdoor, formerly Freedom Group, but has not yet done so.

As we continue to push them on this front, we have also worked to exercise patience and give them time to execute what is a complicated transaction,” Sicilia said.

Sicilia cited legal and contractual obligations which prohibit CalSTRS from severing ties with the investment firm – provisions it has sought to eliminate in future agreements. One provision would allow CalSTRS to opt out of any firearms-related investments.   

“More importantly, we cannot take unilateral action, in this case, to remove a specific company from an investment pool,” Sicilia said. “Nor can we expose the fund by prematurely or imprudently selling about $375 million worth of holdings at a loss without thoroughly exhausting all other options first.”    

During the protest, or teach-in, union protestors “gave a lesson” and screened “Gun-free Retirement,” a Brave New Films documentary that looks at the history of gun violence, the economics of divestment and the influence the gun industry has had on American government.

The post California teachers stage coordinated protests against gun investments (VIDEO) appeared first on Guns.com.



Source: http://www.guns.com/2015/04/02/california-teachers-stage-coordinated-protests-against-gun-investments-video/


Before It’s News® is a community of individuals who report on what’s going on around them, from all around the world.

Anyone can join.
Anyone can contribute.
Anyone can become informed about their world.

"United We Stand" Click Here To Create Your Personal Citizen Journalist Account Today, Be Sure To Invite Your Friends.

Please Help Support BeforeitsNews by trying our Natural Health Products below!


Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST

Order by Phone at 866-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST


Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!

HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation

Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.

MitoCopper - Bioavailable Copper destroys pathogens and gives you more energy. (See Blood Video)
Oxy Powder - Natural Colon Cleanser!  Cleans out toxic buildup with oxygen! 
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover -  Reduces Smart Meter radiation by 96%!  (See Video)

Report abuse

    Comments

    Your Comments
    Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

    MOST RECENT
    Load more ...

    SignUp

    Login

    Newsletter

    Email this story
    Email this story

    If you really want to ban this commenter, please write down the reason:

    If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.