NJ Pension Fund Could Dump $44 Million Nike Stake Over Kaepernick Ads

Zero Hedge | 9/28/2018 | Staff
tictac399 (Posted by) Level 3
Click For Photo: https://www.zerohedge.com/sites/default/files/styles/max_650x650/public/2018-09/Kap.JPG?itok=g45od7ao

Even as Nike stock has outperformed its benchmarks so far this year, contributing to a badly needed 9% return last year for New Jersey's $78 billion public worker pension fund, the board supervising the fund is considering dumping its roughly $44 million stake at the behest of representatives of the state's retired police and firefighters, who have complained that the company's Colin Kaepernick ad campaign is deeply offensive.

New Jersey's pension fund is among the worst-funded in the country (you can catch up on our analysis of its ongoing troubles here). Its finances are in such dire straights that even though Democratic Gov. Phil Murphy allocated $3.2 billion to the fund as part of his budget for the 2018 fiscal year - the state's largest contribution in ages - that amount is only 60% of the full amount called for by the actuaries.

NJcom - Marty - Barrett - Representative - Police

Still, NJ.com reported that Marty Barrett, a representative of retired police officers and firefighters, asked the State Investment Council to consider divesting from its Nike holdings because of the ad - a request that was readily honored, with the board voting unanimously to review its holdings, which include 311,500 equity shares valued...
(Excerpt) Read more at: Zero Hedge
Wake Up To Breaking News!
Sign In or Register to comment.

Welcome to Long Room!

Where The World Finds Its News!