Surprise: Obama Has Stock Holdings In Gun Company
Obama is typically referred to as the Gun Salesman Of The Year, and I often wonder in posts whether he has a financial stake in gun companies. Well, it turns out he does
(Reuters) Barack Obama might seem an unlikely investor in the firearms industry. But the U.S. president, a fierce advocate for gun regulation, has money in a pension fund that holds stock in gun and ammunition companies.
Although Obama’s stake is minuscule, worth no more than $30, it reflects a much larger surge of investment.
The president is among millions of Americans buying into gun companies – often unwittingly – as mutual funds have increased such holdings to record levels, according to a Reuters analysis of institutional investment in firearms companies.
OK, let’s be clear and honest: Obama didn’t voluntarily go out and purchase stock in a gun company, and, it does represent a tiny holding. He could, though, easily give up his investment in the pension and invest in ones that do not have gun companies (BTW, why does any elected official have a pension? That’s always annoyed me). More importantly
Since Obama was elected in 2009, mutual funds have raised their stakes to about $510 million from $30 million in the nation’s two largest gun manufacturers with publicly traded shares, Smith & Wesson Corp and Sturm, Ruger & Co . That means such stocks are now common in retirement and college savings plans.
The influx has helped to boost both companies’ shares by more than 750 percent during the Obama presidency; each now has a market value of about $1 billion.
Amazing. Obama and Democrats have railed against guns, and made them and the gun companies more valuable, and more and more funds, pensions, etc., are including gun and ammo companies in their portfolios.
What’s more, many anti-gun Congressional Democrats and anti-gun advocates also have holdings in different funds types that include gun and ammunition companies, many for which they could easily divest and choose other funds. But, they don’t, because these funds have too great a rate of return.