U.S. President Barack Obama with a meager $30 stake is among the millions of Americans who own stock in gun companies, often without knowing it, as mutual funds increase gun holdings to record levels. Diane Hodges reports.
It was a riveting moment, when an emotional President Barack Obama announced he would use his executive authority to impose new restrictions on gun purchases in the U.S..
“Our inalienable right to life, and liberty and the pursuit of happiness, those rights were stripped from college kids in Blacksburg and Santa Barbara, and from high-schoolers in Columbine, and from first graders in Newtown. First graders. And from every family who never imagined that their loved one would be taken from our lives by a bullet from a gun. Every time I think about those kids, it gets me mad.
Now, it’s been revealed the U.S. president has money in a fund that holds stock in gun and ammunition companies.
Millions of other Americans do as well, some without knowing it.
Because guns are profitable.
“The more pressure that’s put on to do something, the more people are going out and buying the guns and pushing the stock prices higher.”
DANIEL KASH, OF LAX FIRING RANGE,
“Over the last eight years, seven years, Obama has been the best salesman for the gun industry ever, by far.”
In fact, since Obama was elected, mutual funds have increased their investments in the nation’s two largest gun manufacturers, from $30 million dollars to more than $500 million.
With so many funds investing in guns, opponents who want to put their money where their mouth is need to read the fine print very carefully before putting down their cash.