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
©2009 Community News Group
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