Reuters, 05/02 16:29 CET
By Tim McLaughlin and Peter Eisler
WASHINGTON (Reuters) – Barack
Obama might seem an unlikely investor in the firearms industry. But the
U.S. president, a fierce advocate for gun regulation, has money in a
pension fund that holds stock in gun and ammunition companies.
Although Obama’s stake is minuscule, worth no more than $30, it reflects a much larger surge of investment.
The president is among millions of Americans buying into
gun companies – often unwittingly – as mutual funds have increased such
holdings to record levels, according to a Reuters analysis of
institutional investment in firearms companies.
Since Obama was elected in 2009, mutual funds have raised
their stakes to about $510 million from $30 million in the nation’s two
largest gun manufacturers with publicly traded shares, Smith &
Wesson Corp <SWHC.O> and Sturm, Ruger & Co <RGR.N>. That means such stocks are now common in retirement and college savings plans.
The influx has helped to boost both companies’ shares by
more than 750 percent during the Obama presidency; each now has a
market value of about $1 billion.
Beyond mutual funds, such investments also are held in
the portfolios of hedge funds and public pension plans, which are harder
to track.
The White House declined to comment on Obama’s holdings
in the Illinois General Assembly’s pension plan, which he earned while
serving in that state’s senate. The president has disclosed between
$50,000 and $100,000 in the plan.
Other indirect investors in firearms companies include
advocates for gun regulation in the U.S. Congress and several parents of
children who attended Sandy Hook Elementary School in Connecticut –
site of the 2012 massacre of 20 students and six staff members.
Click here for the full article.
Source: Euronews
No comments:
Post a Comment