Sections

Gioia slams city pension fund for investing in Philip Morris

Share on TwitterTweet
Share on Facebook
Subscribe

Get our stories in your inbox, free.

Like TimesLedger on Facebook.

It is time for the city’s pension funds to quit the tobacco company Phillip Morris⁄Altria cold turkey, City Councilman Eric Gioia (D−Sunnyside) said Sunday. The city’s pension funds have 6 million shares invested in the tobacco company, even though the city froze new investments in tobacco companies in 1998, Gioia said.

“Big Tobacco’s product does one thing: kill people,” Gioia said. “To be investing tax dollars in Phillip Morris⁄Altria does not make sense and is counterproductive to our public health initiatives.”

Four of the city’s five pension boards have investments with Phillip Morris⁄Altria, Gioia said. The city is invested in an index fund that includes Phillip Morris⁄Altria.

— Jeremy Walsh

Today’s news:
Share on TwitterTweet
Share on Facebook
Subscribe

Get our stories in your inbox, free.

Like TimesLedger on Facebook.

Reader Feedback

Enter your comment below

By submitting this comment, you agree to the following terms:

You agree that you, and not TimesLedger.com or its affiliates, are fully responsible for the content that you post. You agree not to post any abusive, obscene, vulgar, slanderous, hateful, threatening or sexually-oriented material or any material that may violate applicable law; doing so may lead to the removal of your post and to your being permanently banned from posting to the site. You grant to TimesLedger.com the royalty-free, irrevocable, perpetual and fully sublicensable license to use, reproduce, modify, adapt, publish, translate, create derivative works from, distribute, perform and display such content in whole or in part world-wide and to incorporate it in other works in any form, media or technology now known or later developed.

This week’s featured advertisers

CNG: Community Newspaper Group