Doing Business With The Enemy.

iVillage Member
Registered: 03-18-2000
Doing Business With The Enemy.
10
Mon, 01-26-2004 - 8:28am

Business as usual. France & Germany were blasted for doing business with Iraq, yet, the US has business dealing in Iran, Syria & Libya. I would like to understand how they justify this.


>"Did it ever occur to you that when President Bush says, "Money is the lifeblood of terrorist operations," he's talking about your money -- and every other American's money?

Just about everyone with a 401(k) pension plan or mutual fund has money invested in companies that are doing business in so-called rogue states.

In other words, there are U.S. companies that are helping drive the economies of countries like Iran, Syria and Libya that have sponsored terrorists.


"The revenue that is generated from the work that these companies are doing, we believe, helps to underwrite and support terrorism,” says William Thompson, the New York City comptroller who oversees the $80 billion in pension funds for all city workers.

He says he wants everyone with a retirement or investment portfolio to know what these companies are up to: “We're going to increase the public visibility on this issue until these companies change their practices.”


He’s actually identified specific companies that have invested in these rogue countries, including Halliburton, Conoco-Phillips and General Electric. And he points out that New York's pension funds own nearly a billion dollars worth of stock in these three Fortune 500 companies, which have operations in Iran and Syria."<


>"Thompson says he decided to open the investigation in the first place at the request of New York City's police and firemen, who were outraged when they learned where their retirement money was going.

“The members of the Fire Department and the Police Department, after September 11th, given the fact that hundreds of them died in the World Trade Center as a result of a terrorist attack, had greater sensitivity than almost anybody,” says Thompson. “And they were the ones who kind of took the lead on this.”

But why do moral issues come into play when talking about pension funds?
“The way we've approached it isn't as on a moral basis, it is as investors,” says Thompson. “And what is in the best long-term interests of our pension funds because we hold stock in these companies.”

What these companies are doing, he says, isn't just a question of ethics - it's financially unsound, and bad for business."<


>"Robinson has identified nearly 400 companies that are in most pension portfolios that are doing business in terrorist-sponsoring states. Well over 200, he says, are actually doing business in Iran; of that, more than 60 are doing business in Libya.

He says the companies are funneling tens of billions of dollars worth of capital, technology and know-how to the state-owned oil and gas sectors of these two countries."<



>"Taken together, state-run pension investments amount to something like $7-trillion dollars.

“Connecticut is working on it,” adds Peterson. “I know Pennsylvania, their legislature passed unanimously that we need to screen, with the approval of their pension system, for these risks.”"<


>"As for General Electric and Conoco-Phillips, they say they are breaking no laws, and like Halliburton, make no apologies for their business dealings with states that sponsor terrorism."<


Interesting piece worth reading in it's entirety. Quotes from.........


http://www.cbsnews.com/stories/2004/01/22/60minutes/main595214.shtml

cl-Libraone





 


Photobucket&nbs

iVillage Member
Registered: 04-16-2003
Mon, 01-26-2004 - 10:28am
Saw this on 60 minutes last night. What I found most interesting was the states whose retirement (pension) plans invest in these companies, including Arizona who wouldn't release their portfolio to the states attorney but released it quickly to CBS. Also noted that the states not the SEC are pursuing this. Ever wonder what the SEC does to protect the American investor?
iVillage Member
Registered: 03-26-2003
Tue, 01-27-2004 - 10:18am
I checked into this, and it really is not up to the SEC to "protect" the american investor in the way I believe you mean it.

Their job is to police the industry and to punish those that break the rules and regulations. It appears that there are so many regulations that are bent on a regular basis that the punishment sometimes is worth the bending of the rules.....another problem with this country. We have rules and laws, but sometimes choose not to enforce them.....why bother?

iVillage Member
Registered: 03-18-2000
Tue, 01-27-2004 - 11:30am

One would think that extra attention would be paid to Halliburton considering the question of whether

 


Photobucket&nbs

iVillage Member
Registered: 03-23-2003
Tue, 01-27-2004 - 11:59am

I'm disgusted & disillusioned with the unethical behaviour of businesses.


Avatar for goofyfoot
iVillage Member
Registered: 03-26-2003
Tue, 01-27-2004 - 2:53pm
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Halliburton is getting MORE scrutiny than the Dept. of Education for crying out loud. Why do you think this was reported in the first place? Just remember: "Big Business" has Sarbanes Oxley, our government has NOTHING to monitor their actions. Considering our goverment TAKES our money, I believe the priorities on who conducts unethical behavior is twisted.

iVillage Member
Registered: 03-26-2003
Tue, 01-27-2004 - 4:28pm
Well Halliburton did put their Band-Aid on the problem by "firing" those that accepted the kickbacks.

There are laws for business that the Federal Gov't set up, but it is time that someone start enforcing those laws.

iVillage Member
Registered: 03-26-2003
Tue, 01-27-2004 - 4:29pm
Well in a way, Mr. Gecko was right..... greed is what drives out society to become more advanced, for better or worse.

Uncontrolled greed is however, not good...... for anyone.

iVillage Member
Registered: 03-26-2003
Tue, 01-27-2004 - 4:30pm
Speaking of the DoE....whatever happened to the billions that were unaccounted for from the previous administration?

It was a story until 9/11 and then just disappeared......

iVillage Member
Registered: 04-16-2003
Wed, 01-28-2004 - 10:40am
<>

But this is only part of the problem. Business will often walk the legality line often stepping over it if they the rish is not too great--calculated risk.

iVillage Member
Registered: 03-26-2003
Wed, 01-28-2004 - 1:59pm
If the benefit outweighs the punishment, you are 100% correct.