Mayor Rahm Emanuel on Monday ordered city pension funds to divest from any company that manufactures or sells assault weapons. Do you agree or disagree with Rahm?
Drue-AFCL
2013/01/29 19:12:54
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“We cannot support or invest in companies that profit from the proliferation of
assault weapons and the violence these guns bring to our communities,” Emanuel
said.
The mayor said city Comptroller Amer Ahmad will request a portfolio
analysis from all five city pension and retirement funds to determine if fund
managers have invested in gun manufacturers.
It's the first step, he said,
toward removing such companies from investment plans.
“If our fund
managers have invested in a company that manufactures or sells assault weapons,
I will ask them to remove these investments from our retirement funds,” he said.
The major funds include the Fireman’s Annuity & Benefit Fund of Chicago,
the Laborers’ & Retirement Board Employees’ Annuity and Benefit Fund of
Chicago, Municipal Employees’ Annuity & Benefit Fund of Chicago, Policeman’s
Annuity & Benefit Fund of Chicago and the City of Chicago Deferred
Compensation Plan.
Emanuel's office said the funds contain more than
$13.5 billion in assets.
A resolution will be introduced to the City Council
this week by the mayor and Ald. Will Burns (4th).
“Just as these weapons
have no place in our communities, these companies have no place in the
retirement planning for our employees,” Burns said. “The damage caused by these
weapons is far greater than any return on investment.”
I like to refer to him as CD ROM (CD is code for Cheese Dick)
New York banned a bunch of guns, but 7-round magazines are still allowed. I can still go buy a 1911, some ammo, and as many magazines as I need, if I live in New York.
I assure you - a Colt 1911 (originally made in the year 1911, barely updated since) would work JUST FINE to do a mass shooting!
All weapons that can assault people are assault weapons! All weapons that can assault people are ARMS!
Boycotting gun manufacturers is like boycotting media outlets of any kind for exercising their right to free speech!
Of course he didn't produce any data that supports his claim of what "these weapons" cost in damage. What might turn up are the BENEFITS that having a deterrent to criminal attack of your home or property, just as the real assault weapons provide a deterrent to our nation's enemies.
Of course the obvious alternative for a city employee would be to have that worker's pension funds rolled over into an IRA and move those assets in a fund where the objective is WEALTH ACCRUAL, instead of political pandering and self-aggrandizement on the part of a mayor that can direct how a worker's retirement funds are invested.
If someone has the ability to direct YOUR ASSETS a way that provides you with an objective that is different from YOUR objectives, you need to move your money out of the hands of that person. What he is proposing is nothing different from outright THEFT of your earnings. If a legal business provides you with a good return, a good dividend and reliable asset growth, why would you want to put your LONG TERM GOALS OF RETIREMENT in jeopardy to placate some TEMPORARY ELECTED OFFICE HOLDER?
It used to be that we hung thieves... I guess today we elect them to high public office.
Looks like any ammo or gun manufacturers should pull out of Chi Town....
Coercion (pron.: /koʊˈɜrʃən/) is the practice of forcing another party to act in an involuntary manner (whether through action or inaction) by use of threats or intimidation or some other form of pressure or force. In law, coercion is codified as the duress crime.
You are right though. Ultimately, the worker has the choice of either leaving their assets within the City's pension fund, or moving it over into an IRA and shifting those assets into a fund who's objective is closer to the objective of the worker who wants wealth accrual instead of political grandstanding.
Not only would my assets be shifted elsewhere, but my attorney would be examining the pension fund documents to see if what the mayor is demanding is in the best interest of the actual OWNERS of the money in those funds.