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Thu December 20, 2012
Macomb County rejects ban on gun investments
Macomb County's $170 million retiree health trust fund will not be barred from investing in gun manufacturers.
The Commission voted down an amendment Wednesday that came in response to last week's school shooting in Connecticut.
Commissioner Roland Fraschetti says investors should not have to follow a litmus test or examine the morality of their choices.
"Before you know it, we're going to say you should not invest in McDonald's or Burger King or Lorillard or R.J. Reynolds Tobacco. It will never come to an end," Fraschetti says.
Fraschetti says cars could be seen as a health hazard, too.
Commissioner Fred Miller proposed the amendment.
He told The Macomb Daily newspaper that investments are also a statement of values.
Earlier this week, the private equity firm Cerberus said it was withdrawing all its investments in the company that makes the type of weapon used in the Connecticut attack.