Posted on 03/19/2006 2:02:16 PM PST by La Enchiladita
Los Angeles -- The University of California Regents, citing the continuing genocide in the Darfur region of Sudan, voted unanimously Thursday to divest UC of tens of millions of dollars of securities from nine foreign companies doing business in that troubled African nation.
The regents' decision represents a significant step beyond divestment actions taken by other colleges, UC officials said, because the university plans to shed both its direct and indirect holdings in the nine publicly traded firms.
...University officials refused Thursday to indicate the approximate dollar amount of the investments to be shed or what percentage of the university's $4 billion foreign investment portfolio would be divested, saying that premature disclosure could affect the market for its shares.
UC spokesman Trey Davis said the university plans to rid itself of roughly two-thirds of its shares in the nine companies. Its remaining shares, Davis said, are in portfolios that are not directly controlled by the university. However, the university plans to write letters to the managers of those "commingled accounts," urging them to consider the university's action.
... Sudan's latest atrocities began in February 2003 after rebels in the Darfur provinces stepped up attacks against military bases. The Arab-dominated Sudanese government and Arab militias responded with such indiscriminate violence against non-Arab civilians that the Bush administration in 2004 described the massacres as genocide.
(Excerpt) Read more at sfgate.com ...
The nine firms from which UC plans to divest are mainly based in China, Russia, India and Malaysia. One of the firms, Taftnet OAO of Russia, has a history of trading arms for Sudanese oil. Two other firms, the China Petroleum and Chemical Corp. and PetroChina Co. Ltd., are among the Chinese firms that are tapping into Sudan's vast oil reserves. Russia and China are Sudan's primary arms suppliers.
The Coalition for International Justice concluded in a February 2006 report that China's arms sales to Sudan are used to protect its oil fields, pipelines and related facilities. The Washington-based humanitarian organization previously was retained by the State Department to assess the situation in Sudan in anticipation of the department's 2004 declaration of genocide.
Good question. Divestment worked in South Africa, but only after private investors followed suit. As Saddam showed, it's not likely to work in a country with large oil reserves. At the very least, it's a public recognition of the fact that a problem exists. My feeling is that Islamofascism has proved so virulent in other countries that it can probably only be checked by open war.
The genocide will continue as long as china is there. ---http://www.sudantribune.com/article.php3?id_article=9383
it probably won't end it, but it's a very real thing for the school.
That's a lot of money.
That's what happened in South Africa ~ that's what will happen here.
In the meantime, other economic sanctions will hurt the children, women and poor people ~ but that doesn't matter as long as there are fuzzy little animals to cuddle while we sing kumbahyah around a campfire.
Critics who claimed the war in Iraq was motivated by American lust for Mideast crude are strangely silent as China protects a murderous Sudanese regime to meet its own growing energy needs.
UC is a wealthy and powerful system, thanks to CA taxpayers.
It's good to know what they are and are not doing with taxpayer money.
If they are stupid enough to think that the state money will never shut off, they are completely retarded.
I don't think they are.
My guess is that they will find something else to put that money into. I don't know what the tuition rates are there, but I am sure it's a LOT of money.
Yes, I have. Usually after someone posted an article wondering why the un wouldn't do something.
Oh, hello, I just looked at your tagline! It's you! LOL
Despicably, the university uses "budget shortages" as their reason for non-teaching salary freezes, going on 4 years now.
The Islamofascists committing genocide are killing adults, women, children, poor, old, sick. They are equal-opportunity murderers. Giving them money only enables them to afford better weapons. (or are the murderous Islamofascists the 'good' guys in your eyes, and worthy of doing legitimate business with?)
LOL
I go to a small community college in Springfield, OH.
They can't get any teachers there, except on one or two year contracts. It isn't becuase of pay, it's because of availability.....
All that happens in these cases is that if we deprive the country of goods and services from outside, the folks at the bottom will suffer.
The only way to destroy the Nazis is to destroy the Nazis. Destroying the innocent will merely entertain the Nazis.
Sounds nice over there. Are you studying criminal justice? Just a guess.
Your homepage is nice, too.
criminal justice?
LOL
no way.
Computer Engineering :)
Coleman Young (the big gorilla who came down from the mountain to save Detroit as its first black mayor) died with a BUNCH of Krugerrands in his possession. He had a few other accomplishments, too, LOL.
so much for that.
and their followers ....
"Critics who claimed the war in Iraq was motivated by American lust for Mideast crude are strangely silent as China protects a murderous Sudanese regime to meet its own growing energy needs".
Just another example of how the left has invariably sunk into the abyss. It should be added to the list contained in this article which I posted some time ago:
http://www.quadrant.org.au/php/article_view.php?article_id=1177
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