Public Advocate Bill de Blasio today published a list of New York City’s “Dirty Dozen”—the city’s twelve biggest corporate investors backing the gun industry. De Blasio called on the twelve hedge funds and investment firms, which together hold more than $1.65 billion in gun company stock, to immediately divest from gun manufacturers continuing to sell military-grade weapons and ammunition to civilians. In letters sent to each of the companies with offices in New York City, de Blasio urged investors to “wipe their hands” of the gun industry’s dangerous and irresponsible practices.
“The days of quietly condoning business as usual are over. These firms are fueling a vicious cycle, and doing it from our own backyard. But because this is New York City, we can bring pressure right to their doorsteps,” said Public Advocate Bill de Blasio. “We all have a choice to make. Do we profiteer off an industry that puts military-grade weapons on our streets, or will we be a force for change? We’ll make sure the public knows which choice these companies make.”
According to the most recent S.E.C. filings, each of the firms on the “Dirty Dozen” holds shares in publicly traded gun manufacturers like Smith & Wesson; Sturm, Ruger & Co; and Olin Corporation. Each of those manufactures has produced weapons or ammunition linked to recent mass shootings. The single largest corporate investor on the list, Cerberus Capital Management, has at least $706 million in gun company holdings. The smallest, Southpoint Capital Advisors LP, holds $32.9 million.
Through an online hub, de Blasio will help private investors learn more about these firms and find out if their investments are supporting gun manufacturers.
“With recent tragic events ingrained in our minds, and innocent lives continuing to be lost in our city it so important that we do everything in our power to stand up against gun violence,” said State Senator Adriano Espaillat. “In addition to new legislation to toughen up on guns in New York, we must call on these ‘Dirty Dozen’ companies whose collective billions in investments towards gun manufacturers enable these violent incidents to persist and demand they cease all financial ties to companies that perpetuate gun violence.”
“Where we spend our money says a lot about our values and priorities. In the midst of this gun violence epidemic, I do not believe we can in good conscience invest in companies which are furthering the killing of our city’s sons and daughters,” said Council Member Jumaane Williams. “I look forward to supporting this common-sense push, both as a co-chair of the Task Force to Combat Gun Violence and as a concerned New Yorker.”
THE DIRTY DOZEN:
12 Companies operating in NYC with more than $1.65 Billion in Gun Investments
#1 Cerberus Capital Management: $706-$957 million**
#2 BlackRock, Inc: $345.8 million
#3 State Street Corporation: $140 million
#4 Renaissance Technologies: $79.5 million
#5 Allianz Asset Management AG: $67.9 million
#6 Capital World Investors: $61.6 million
#7 Ameriprise Financial, Inc.: $58.2 million
#8 Northern Trust Corporation: $44.5 million
#9 Tiger Global Management, LLC: $39.5 million
#10 The Bank of New York Mellon Corporation: $38.3 million
#11 Gilder, Gagnon, Howe & Co.: $36.8 million
#12 Southpoint Capital Advisors LP: $32.9 million
(YWN Desk – NYC)