Pension Fund Dumps Stocks Because ‘There Is No President In The U.S.’
A $53-billion public pension fund isn’t sure, so it’s dumping the American stocks in its portfolio.
Finland’s Varma Mutual Pension Insurance Company— the country’s largest pension fund— told Bloomberg it has reduced its exposure to stocks by five per cent, most of that reduction coming from U.S. stocks.
“It seems as if there is no president in the U.S.,” Varma CEO Risto Murto said. “If I look at what is the moral and practical power, there is no longer a traditional president.”
Trump’s relationship with the business community took a severe dive after the president’s response to the deadly white supremacist violence in Charlottesville. Numerous CEOs stepped away from Trump’s two economic advisory councils, before the White House shut them down altogether.
That was a “breaking point if you look at how business leaders reacted,” Murto said.
Murto’s comments come as investors grow increasingly uncertain about the U.S.’s future economic prospects.
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