CalSTRS dumps firearm investments

candleFollowing a year that witnessed some of the worst gun massacres in U.S. history, The California State Teachers’ Retirement System (CalSTRS) Investment Committee has voted to pull its investments from firearm companies that manufacture weapons that are illegal in California. The public pension plan released the following statement on its Web site yesterday:

“I think we’ve taken appropriate action, given the unspeakable and tragic loss of life that occurred in Connecticut last month-the latest in an ongoing line of similar incidents involving assault weapons and mass casualties,” said Investment Committee Chair Harry Keiley. “This latest incident, which occurred at a school and involved fellow educators and the children we cherish, is a tipping point for CalSTRS and speaks to the correctness of our actions. This is not only the right thing to do but positions us to deal with the financial pressures we anticipate this sector of the industry will face.”

The decision followed a call by CalSTRS board member and California State Treasurer, Bill Lockyer, to divest from companies that manufacture firearms that are illegal for sale or possession in the state of California.