Reply #21: What a tangled web we weave! [View All]

[theHandpuppet]

Y'know, it occurred to me that this vote for sanctions -- strongly supported by Dems -- may have been an attempt to slap Halliburton for not only its continued and hypocritical business interests with countries Herr Bush himself has targeted as terrorist training camps, but the obscene amounts of money they are making in Iraq by the awarding of no-bid contracts.

With that thought in mind, I did a google search for Halliburton-Syrian connnections. The more I read, the more shocked I became when I discovered just how many state retirement systems are tied up with companies like Halliburton who are still doing business with "terrorist-sponsoring" nations, not to mention just how much of NYC's own pension funds are invested with said companies.

Is this why Halliburton is being awarded all these no-bid contracts? How many Americans -- including NYC police and firefighters -- are actually aware that their pension funds are tied up with investments linked to businesses operating in Iran and Syria? How would sanctions against Syria affect those retirement fund investments, and why are Dems pushing this?

I have to admit that the more I read about all of this, the more confused I've become. Anyone out there who can straighten out this tangled web we weave?

Anyway, here are excerpts from two articles published earlier this year:

http://www.conflictsecurities.com/id46.htm (Conflict Securities Advisory Group)

Investing in Terrorism: State retirement systems hold shares worth $1.1B in firms tied to suspect nations

By Jennifer Ryan
March 16, 2003

Chandler Fire Battalion Chief Dick McBlane stood before the 10-story mountain of destruction left by the Sept. 11, 2001, terrorist attacks, speechless.

A year and a half later, the shattered glass, the groan of a crane and the acidic vapors that burned his nose are lodged in his brain, he said, especially as he considers the possibility that his retirement income is being invested in companies doing business in terrorist-sponsoring countries.

(snipping)

The Tribune has reviewed the stock and bond holdings of seven public retirement systems in Arizona, as well as the State Compensation Fund, and found that combined, the eight systems have at least $1.1 billion invested in companies doing business in countries identified by the U.S. State Department.... (Chart follows -- see it!)

More...


http://money.cnn.com/2003/02/10/news/companies/terror_firms/

Business terror links probed

NYC asks Halliburton, G.E. & CononoPhillips to review dealings in Iran and Syria.
February 10, 2003: 3:17 PM EST


NEW YORK (CNN/Money) - New York City's comptroller is asking three American corporations to examine subsidiary business with terrorism-related states.

Comptroller William Thompson, whose office oversees the city's pension funds, has submitted shareholder resolutions to three companies -- Halliburton, General Electric and ConocoPhillips -- asking for a review of the companies' dealings in Iran and Syria. The resolutions were filed on behalf of the city's fire and police department pensions.

"We believe their use of offshore and United Kingdom subsidiaries to establish operations with countries that sponsor terrorism violates the spirit, if not the letter of the law," Thompson said in a written statement. "These actions also expose the companies to the prospect of negative publicity, public protests, and a loss of consumer confidence, all of which can have a negative impact on shareholder value."

New York City's pension funds have $951 million invested in General Electric, $124 million in ConocoPhillips and $23 million in Halliburton.

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