FOGG Alert – December 20, 2012

CALSTRS INVESTS IN ASSAULT WEAPONS MAKER

FOGG has learned that the California State Teachers Retirement System (CalSTRS) has invested $751.4 million with Cerberus Capital Management by the end of March 2012, according to its website.  Cerberus owns Madison, North Carolina based Freedom Group, Inc., which includes Bushmaster, the manufacturer of the AR-15 rifle used by the shooter in the Newtown, Connecticut killings.

CalSTRS is financing the 8 Washington Street high-rise luxury condominium project that would be built on our existing community’s outdoor recreational center, the GGT&SC.

HAVE THEY NO SHAME!?

California Treasurer Bill Lockyer has asked the state’s two largest public pension funds to purge their portfolios of gun manufacturers that make firearms that are illegal in California.  Lockyer, a board member of both the public employees’ and teachers’ retirement systems, made a request Monday afternoon following revelations that CalSTRS has a stake in the company that makes rifles like the one used in last week’s Newton, Conn., school shooting.

CalSTRS now says they are reviewing all gun-related investments.  Their statement can be read at this link.  CalSTRS Statement

Better late than never.

CalSTRS has another investment that they should be reviewing.  FOGG would strongly suggest that CalSTRS also review their $41 million (so far) investment in eliminating our community’s outdoor recreational center, the GGT&SC, that offers 364 days a year of active recreation in a safe and family friendly environment.  Thousands of middle class families, youngsters, retirees and many guests have had the opportunity for physical exercise and social interaction for 45 years.  Our recreational center also has Kids Camp.   This one of a kind program is getting better every year.  FOGG, thanks to your donations, provides scholarships for low income families so that their children can attend Kids Camp.

The GGT&SC is an anchor in our community, providing help to those in need.  Another example is the Club’s recent “Hurricane Sandy Relief Round Robin Tennis Tournament”.  This tennis tournament raised $2,000 for the victims of that recent hurricane.  We commend the Club and its members for this effort.

FOGG invests in families, youngsters and retirees – not firearms.

We challenge CalSTRS to divest from the 8 Washington Street high-rise luxury condominium project and invest in preserving and upgrading the existing Club facilities!

CalSTRS should follow their own guidelines and test not only the financial potential of this investment, but their social, human and environmental impacts as well.

Please see these links to read more about CalSTRS and its gun manufacturer investments.

Wall Street Journal

Reuters

Bloomberg

MSNBC

We will keep you updated on any news from CalSTRS.

Comments are closed.