4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs

Teachers' fund to dump firearm investments

CalSTRS becomes first public pension fund to to divest gun maker stocks

The investment committee of the $154.3 billion California State Teachers' Retirement System (CalSTRS) voted unanimously today (Jan. 9) to sell any investments in companies making firearms that the state bars private citizens from owning, as well as makers of high-capacity ammunition clips. Right after the Dec. 14 mass murders in Newtown, Connecticut, California Treasurer Bill Lockyer told Cerberus Capital Management, which owns the largest U.S. gun maker, that he would recommend that the state's two biggest pension funds divest investments in gun makers. Shortly, Cerberus said it would seek to sell Freedom Group, Inc., the gun maker that produces the Bushmaster semi-automatic rifle used in the Newtown mass murders, and other firearms. Cerberus then hired a financial adviser and put Freedom Group on the block.

Here's something you might be interested in.
Submit a free classified
or view all

Previous article

Jerry Schad hiker extols Ryan Brothers

O.B.'s homeless not Newbreak Coffee's fault
Next Article

With the Rolling Stones 500 miles north of El Cajon

Editor's picks of stories Roger Anderson wrote for the Reader:

The investment committee of the $154.3 billion California State Teachers' Retirement System (CalSTRS) voted unanimously today (Jan. 9) to sell any investments in companies making firearms that the state bars private citizens from owning, as well as makers of high-capacity ammunition clips. Right after the Dec. 14 mass murders in Newtown, Connecticut, California Treasurer Bill Lockyer told Cerberus Capital Management, which owns the largest U.S. gun maker, that he would recommend that the state's two biggest pension funds divest investments in gun makers. Shortly, Cerberus said it would seek to sell Freedom Group, Inc., the gun maker that produces the Bushmaster semi-automatic rifle used in the Newtown mass murders, and other firearms. Cerberus then hired a financial adviser and put Freedom Group on the block.

Sponsored
Here's something you might be interested in.
Submit a free classified
or view all
Comments
4

This desire could be difficult to implement. Just exactly, if anything, the State of California "bars private citizens from owning" is not clear and never has been. Federal law governing the possession of fully automatic weapons and such things as sawed-off shotguns has generally been the determinant of which firearms are forbidden. There is only one publicly traded firearms manufacturer in the US that is a clear-cut "pure" firearms company, and that is Sturm-Ruger (RGR). They produce beautifully-crafted firearms, none of which ever (to my knowledge) was considered an assault weapon. Then there is Smith & Wesson Holdings (SWHC), but again it produces fully-legal products that are well respected and not accused of being assault weapons. The other operations that handle and sell such things as high-capacity ammo magazines usually import them or have them fabricated by small-scale operations here at home. There is little chance of public ownership of such operations.

Looking up Remington, Mossberg, Colt, Marlin, Savage, Glock and a number of other makes of guns sold today reveals nothing as far as public ownership. Some are undoubtedly parts of foreign companies or domestic conglomerates, and with some digging one might find the connection. But for the most part such companies are not held by STRS now, so there is little to eliminate from the portfolio.

This step is more symbolic than anything else in my opinion. If anyone is really comforted by such symbols, this will go down well. STRS really has better things to do than make symbolic investment changes. It has huge unfunded pension liabilities, and really needs to address those shortfalls.

Jan. 9, 2013

Visduh: If a gun company is part of a publicly-traded conglomerate, I can't see what's wrong with dumping the stock of the conglomerate. Best, Don Bauder

Jan. 10, 2013

Right. But as you paraphrased this story, it was intended for companies that make a limited class of guns or gun accessories. What I saw there would not affect the aforementioned Sturm Ruger or Smith & Wesson, because they don't make (as far as I can determine) those things. It isn't that it is just any "gun company" that they are trying to identify, This isn't a simple thing to implement due to definitional matters and identities.

Jan. 11, 2013

Visduh: As I read it, they want to dump holdings in companies making guns that are illegal in California. Perhaps that is the only legal way they could have done it. Best, Don Bauder

Jan. 11, 2013

Sign in to comment

Sign in

Ask a Hipster — Advice you didn't know you needed Big Screen — Movie commentary Blurt — Music's inside track Booze News — San Diego spirits Classical Music — Immortal beauty Classifieds — Free and easy Cover Stories — Front-page features Drinks All Around — Bartenders' drink recipes Excerpts — Literary and spiritual excerpts Feast! — Food & drink reviews Feature Stories — Local news & stories Fishing Report — What’s getting hooked from ship and shore From the Archives — Spotlight on the past Golden Dreams — Talk of the town The Gonzo Report — Making the musical scene, or at least reporting from it Letters — Our inbox [email protected] — Local movie buffs share favorites Movie Reviews — Our critics' picks and pans Musician Interviews — Up close with local artists Neighborhood News from Stringers — Hyperlocal news News Ticker — News & politics Obermeyer — San Diego politics illustrated Outdoors — Weekly changes in flora and fauna Overheard in San Diego — Eavesdropping illustrated Poetry — The old and the new Reader Travel — Travel section built by travelers Reading — The hunt for intellectuals Roam-O-Rama — SoCal's best hiking/biking trails San Diego Beer — Inside San Diego suds SD on the QT — Almost factual news Sheep and Goats — Places of worship Special Issues — The best of Street Style — San Diego streets have style Surf Diego — Real stories from those braving the waves Theater — On stage in San Diego this week Tin Fork — Silver spoon alternative Under the Radar — Matt Potter's undercover work Unforgettable — Long-ago San Diego Unreal Estate — San Diego's priciest pads Your Week — Daily event picks
4S Ranch Allied Gardens Alpine Baja Balboa Park Bankers Hill Barrio Logan Bay Ho Bay Park Black Mountain Ranch Blossom Valley Bonita Bonsall Borrego Springs Boulevard Campo Cardiff-by-the-Sea Carlsbad Carmel Mountain Carmel Valley Chollas View Chula Vista City College City Heights Clairemont College Area Coronado CSU San Marcos Cuyamaca College Del Cerro Del Mar Descanso Downtown San Diego Eastlake East Village El Cajon Emerald Hills Encanto Encinitas Escondido Fallbrook Fletcher Hills Golden Hill Grant Hill Grantville Grossmont College Guatay Harbor Island Hillcrest Imperial Beach Imperial Valley Jacumba Jamacha-Lomita Jamul Julian Kearny Mesa Kensington La Jolla Lakeside La Mesa Lemon Grove Leucadia Liberty Station Lincoln Acres Lincoln Park Linda Vista Little Italy Logan Heights Mesa College Midway District MiraCosta College Miramar Miramar College Mira Mesa Mission Beach Mission Hills Mission Valley Mountain View Mount Hope Mount Laguna National City Nestor Normal Heights North Park Oak Park Ocean Beach Oceanside Old Town Otay Mesa Pacific Beach Pala Palomar College Palomar Mountain Paradise Hills Pauma Valley Pine Valley Point Loma Point Loma Nazarene Potrero Poway Rainbow Ramona Rancho Bernardo Rancho Penasquitos Rancho San Diego Rancho Santa Fe Rolando San Carlos San Marcos San Onofre Santa Ysabel Santee San Ysidro Scripps Ranch SDSU Serra Mesa Shelltown Shelter Island Sherman Heights Skyline Solana Beach Sorrento Valley Southcrest South Park Southwestern College Spring Valley Stockton Talmadge Temecula Tierrasanta Tijuana UCSD University City University Heights USD Valencia Park Valley Center Vista Warner Springs
Close