| | Advanced Search

 

Ric Santurri: Solomon – Do As I Say, Not As I Do—As the Democratic primary for Mayor of Providence…

LISTEN: 72% of 2014 Gubernatorial Campaign Expenditures Spent Out of State—While each candidate for Governor talks about creating…

Gary Sasse: Are Gubernational Candidates Being Realistic and Focused?—As Rhode Island enters the homestretch of the…

Chef Walter’s Flavors + Knowledge: Blueberry Crisp—Blueberry crisp is a popular comfort-dessert, relatively simple…

Brewed Awakenings in Warwick To Open in September—Brewed Awakenings' fifth and largest coffee house will…

Tufts Health Plan and Radio Disney Brought Magic of Healthy Living to Pawtucket—Tufts Health Plan and Radio Disney AM 1260…

RI Groups Urge Police to Support Public’s Right to Record Police Activity—Nine local organizations have asked police departments across…

Fun, Fun, Fun - Beach Boys Play Newport—A spirited crowd filled the Newport Yachting Center…

Organize + Energize: 10 Ways to Make Your Mornings Easier—How many of you rush around in the…

Dear John: Does He Have a Secret Life?—She found lipstick in his car...

 
 

NEW: Raimondo Reviews Pension Portfolio for Gun Holdings

Wednesday, December 19, 2012

 

General Treasurer Gina M. Raimondo today announced that she directed Cliffwater, one of the state's investment consultants, to review the pension fund's alternative investment holdings for firearm and ammunition manufacturers and distributors. Raimondo shared the findings at Wednesday's monthly meeting of the State Investment Commission.

"As the mother of two public elementary school students, my heart aches for the families of Newtown, Connecticut and what they are enduring. We must all be doing what we can to make sure this never happens again," said Raimondo, the chair of the State Investment Commission. "We owe it to one another to keep our neighborhoods and schools safe for all our children and their families."

Cliffwater's preliminary search identified that the state invests with one private equity firm, Wellspring, which has an equity stake in United Sporting Companies, a distributor of firearms, shooting accessories and hunting supplies. According to Wellspring, United Sporting Companies notified them that they will be ending their distribution of semi-automatic rifles as of January 1, 2013.

In the coming months, the State Investment Commission will be exploring these issues further as it develops its corporate governance policy. In developing this policy, the commission will need to balance its fiduciary responsibility to maximize investment returns with the need to hold corporate citizens accountable.

Raimondo photo credit: Gammino Photography

 

Enjoy this post? Share it with others.

Comments:

What a shameless politician!!!!!!!!!!!!!!!!!!

Comment #1 by tom brady on 2012 12 19

GT Raimondo Make sure we are not making any money off cigarettes, alcohol, automobiles, airplanes (911 you know), swimming pools, knives, baseball bats, rope, boats and all the other things people may die from.

Comment #2 by Wuggly Ump on 2012 12 19

You think a unionized state house door keeper would care? If a company does well, it helps HIS pension.

Comment #3 by David Beagle on 2012 12 20




Commenting is not available in this channel entry.