Reply #24: According to today's NY Times [View All]

[Coastie for Truth]

Here's the excerpt:

In an effort to appear even-handed in the Israeli-Palestinian conflict, the church committee also included Citigroup on its list of targets, alleging it had a connection to a bank accused of having a role in funneling money from Islamic charities to the families of Palestinian suicide bombers. The church said it included Citigroup because it was mentioned in an article in The Wall Street Journal.

http://www.nytimes.com/2005/08/06/national/06church.html?
Threat to Divest Is Church Tool in Israeli Fight (Para 3)

Does that really ring true, "The church said it included Citigroup because it was mentioned in an article in The Wall Street Journal." a lot of good evidence - an article from the Journal to make a major decision that "could" subject the investment committee to liability.

Then, " alleging it had a connection to a bank accused of having a role in funneling money from Islamic charities to the families of Palestinian suicide bombers."

Then, if you follow the "Issues" investments sheets and advisories ("Issues" investing is investing in GLBT and environmental and female and racial/religious minority friendly companies, and don't invest in polluters, defense issues, companies that are unfriendly to the GLBT, and female, and racial/religious minorities, and handicapper/elderly communities) you get the "Tilt" lights blinking.

According to the buzz from the "Issues Investing" advisories and funds - Citi is investing in Palestinian infrastructure and Palestinian entrepreneurs. And, unless you are willing to take down Palestinian aspirations as a reasonable price to pay for taking down Israel, you have to agree that investing in Palestinian infrastructure and Palestinian entrepreneurs is probably good.

And, " alleging it had a connection to a bank accused of having a role in funneling money from Islamic charities to the families of Palestinian suicide bombers" indicates a level of ignorance or naivete about "correspondent banking" in the Islamic culture and context that I find unbelievable.

From what I have heard "on the street" (Sand Hill Road) and heard from "isues investment advisories" (and I am an issues investor) - something just doesn't add up. Citi has done more for Palestinian infrastructure and Palestinian entrepreneurs then any other "money market" bank.

The Citi divestiture smells like day old sushi.

And, I am no friend of Citi. I long ago canceled my business and personal accounts and closed my Citiplastic.