Finland’s Largest Pension Funds Dumps US Stocks Because “There Is No President In The US”

Monday, August 28, 2017
By Paul Martin

by Tyler Durden
ZeroHedge.com
Aug 28, 2017

As President Donald Trump prepares to meet with Finnish President Sauli Niinisto in the White House on Monday, a portfolio manager at the Baltic state’s largest pension fund has told Bloomberg that he will be trimming exposure to US stocks. The reason? “It seems as if there is no president in the US.”

Risto Murto, chief executive officer of Varma Mutual Pension Insurance complained that Trump’s response to the attack in Charlottesville Va. demonstrated that he is incapable of governing the world’s largest economy, and that it appears the US is more or less running on autopilot.

The reason for Murto’s concern: as the financial crisis showed us, when there is trouble in the US, it runs the risk of spreading to the rest of the world. Musto also cited Trump’s seeming inability to work with Congress as “particularly worrying,” given that it threatens to disrupt the implementation of the Trump economic agenda. Hoped-for tax cuts and infrastructure spending helped push US stocks to record highs in the wake of Trump’s inauguration.

“’It seems as if there is no president in the U.S.,’ Risto Murto, chief executive officer of Varma Mutual Pension Insurance Co., said in an interview in Helsinki on Wednesday. ‘If I look at what is the moral and practical power, there is no longer a traditional president.’

The unorthodox start to Donald Trump’s presidency – dominated by Twitter outbursts that have included nuclear saber rattling with North Korea and a defense of white nationalist protesters – has turned the U.S. into a source of global political risk. The legislative program that many investors had hoped would support economic growth looks to have stalled, and Murto says Trump’s apparent inability to work with Congress is particularly worrying, given the global ramifications of decisions made in Washington.

The Rest…HERE

One Response to “Finland’s Largest Pension Funds Dumps US Stocks Because “There Is No President In The US””

  1. Mo in Alabama

    Your 8 years late ya little commie cooter tool.

    #3329336

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