Villaraigosa seeks to end city investment in weapons makers

[bemildred]

Source: LAT

Los Angeles Mayor Antonio Villaraigosa said that he has asked the city's three pension funds to review all investments and work to end those in companies that manufacture assault weapons.

Invoking the Sandy Hook Elementary School shooting that left 27 dead in Newtown, Conn., last month, Villaraigosa on Wednesday said it was inappropriate for the city to make money off of weapons manufacturers.

"It's a moral and financial imperative to end our relationship with these companies," said the mayor, who added that it was unclear how much pension money was invested in weapons makers.

"I don't want to make a quarter, not a penny, not a dime off of companies that make those weapons of war," he later added.

Read more: http://www.latimes.com/news/local/la-me-0121-mayor-guns-20130121,0,1093295.story

[LanternWaste]

1. Chicago did this last week. A start, a drip, a dribble, a flow, a torrent.

Chicago did this last week. A start, a drip, a dribble, a flow, a torrent. This is rather heartening news.

[bemildred]

2. It's political theater, but the sort of political theater I like. nt

[LanternWaste]

7. Yes... it's undoubtedly theater

Yes... it's undoubtedly theater, but it wouldn't be as such if the popularity were not in place to allow it. Although the law may be benign in and of itself on a wholly practical level, that it is happening at all tells me that there may be a shift in the collective will of the people to see this through, and bring the discussion to the fore.

[bemildred]

8. Oh it is a good sign.

And all politics is theater, more or less, all about convincing Other People to do stuff, as opposed to just doing it yourself.

I have not been that impressed with the Mayor's leadership, so I suppose that leaks into my prose. (Not that LA is an easy city to lead.)

[ProgressiveProfessor]

3. As long as they comply with the fiduciary duty requirement, this should be fine.

It won't bother the companies unless there is a new offering of some sort.

[Socal31]

4. Will he stop taking all of the federal money for "terrorism"?

All that money is going to is military weapons manufacturers. The militarization of the police force in the name of terrorism and drugs is getting out of hand.

Watch any police "reality" show, and they will move in on a house in full SWAT gear, with military rifles, flash-bang grenades, camo, all on an armored personnel carrier. Sometimes all they get is a gram of cocaine at best.

It is better to make a penny off of them than to be part of the reason those funds are performing, which is the continued demand for upgraded weapons, that used to be reserved for a very small portion of law enforcement.

I am not against his effort, but I believe it is just another "feel good" measure that most won't see through.

[flamingdem]

5. Go Antonio!

he's been good lately, gossip is he's dating Eva Langoria

[SCVDem]

6. He's my mayor!

I support this seperation of investment. Think. An investment in arms costs us in the illegal use of these arms.

That is not a good investment.

I wonder if Mayor V gets a cabinet post.

[catchnrelease]

9. Ok

I can't stand this guy, but I will give him credit for trying to get this done. As a City of LA retiree, I would love to think none of my pension money is invested with weapon making companies.

[madville]

10. Here's the top 100 holdings

Lots of treasuries and the standard diverse holdings up would expect: oil companies, some tobacco, Microsoft/Apple/Google, some big banks and investment firms. Didn't see any gun manufacturers pop out but many are privately held.

http://www.lacers.org/investments/reports/Top%20100%20Holdings%20as%20of%2006.30.12.pdf

[catchnrelease]

11. Thanks!

That was really nice of you to find and post that! I'll look through it......

[Iwillnevergiveup]

12. Good move, Mr. Mayor

Follow the money and stay on it.

[Fire Walk With Me]

13. Villaraigosa is a howling sack of shit. Here he is calling the use of children's sidewalk chalk

"criminal behavior"...then again, only when Occupy uses it. Mind you, fully and easily water-soluble children's sidewalk chalk:

This video after he had LAPD shoot up artwalk with tasers and rubber bullets after arresting multiple artwalkers for using said chalk. Note that the business lobby in LA, the CCA, brags on their web page regarding their influence in city hall. Villaraigosa is their tool. CCA's plans for the future of downtown includes the end of "intelligence-based graffiti", which means anything, even disappearing children's chalk, for political messages. I've posted about this before.

Consider that. Children's chalk, "criminal behavior". What's it like in your city?