>From my memory, the City of Minneapolis does not invest in stocks. The City
invests cash on hand. How it can invest this money is strictly outlined by
the State. Playing the stock market is not on the approved list of
investments. And given the US's sizable trade with Burma, I can say with a
lot of certainty, that the City probably has never it its history spent any
appreciable amount of money on goods from Burma.
So the actual effect of this resolution is nil. And meanwhile, time that
could have been spent on real issues like the budget or improving the
criminal justice system or taxes, were spent on an issue which the City of
Minneapolis has no impact on whatsoever.
Carol Becker
Longfellow
----- Original Message -----
From: David Shove <[EMAIL PROTECTED]>
To: Multiple recipients of list <[EMAIL PROTECTED]>
Sent: Friday, October 13, 2000 7:19 PM
Subject: DIVESTMENT PASSES in MPLS (fwd)
> Congratulations to the Mpls City Council! Three cheers!
>
> See forward, below...
>
>
> ---------- Forwarded message ----------
> Date: Fri, 13 Oct 2000 12:43:38 -0500
> From: [EMAIL PROTECTED]
> Subject: DIVESTMENT PASSES in MPLS
>
> For Immediate Release
> Contact: Mick Schommer, 612-874-7899
>
> Minneapolis City Council Approves Human Rights Policy on Burma
> City to Sell-Off Stocks in Corporations Financing Burma's Military Regime,
> Adopt Ethical Standards on Burma-related Investments
>
> Minneapolis, MN (Friday, Oct. 13, 2000)-The City Council of Minneapolis
> voted 8-5 today on a human rights initiative that directs the city to sell
> off--or "divest"--its stocks and avoid future investments in companies
> that do business in Burma. Burma is controlled by brutal military regime
> with an abysmal human rights record, including forced labor of millions,
> rape, torture, mass killings, and opium/heroin trafficking. The
> divestment is authored by Council Member Jim Niland (Ward 6) and sponsored
> by the Free Burma Coalition. At today's meeting, Council members Herron,
> Mead, Campbell, and Council President Cherryhomes asked to be listed as
> co-authors.
>
> The Burma Divestment Resolution registers the city's outrage of the
> military dictatorship's abuses and the multi-national corporations that
> finance the regime to take advantaged of a slave-labor force and exploit
> the natural resources. "If we do nothing, we are sending a message that
> the city should profit from the atrocities in Burma," said Niland.
>
> The Council passed a similar "Selective Purchasing Resolution" a few
> months ago that would have prevented the city from buying products or
> accepting contract bids from companies involved in Burma. However, Mayor
> Sharon Sayles-Belton vetoed the measure in a move that surprised many
> Councilors and upset many community advocates.
>
> Council Member Ostrow, who had earlier voted against the purchasing
> resolution, changed his mind on the divestment issue. He said the new
> resolution satisfied his previous legal concerns and was building upon the
> city's history of adopting ethical parameters in its investment choices.
> Following this argument, the Mayor has also agreed to sign the Burma
> Divestment Resolution. . "This resolution is the final leg in a long
> journey to get the Minneapolis to take responsibility for how it uses
> public money and to stop the killing of my people," said Aung Koe, a
> Burmese activist.
>
> The success in Minneapolis bolsters the human rights movement for Burma
> after a Supreme Court decision this summer striking down a related measure
> in the State of Massachusetts, which cast a shadow over other Burma
> initiatives. Minneapolis now sends a strong message to local governments
> that they have the legal authority-and obligation-to exercise good
> judgment in dealing with corporate-sponsored abuses. "This is the least
> the city could do to keep its own hands clean from the bloodshed in
> Burma," remarked Patti Hurd, a county social worker and Free Burma
> Coalition volunteer.
> _____________________________________
> Mick Schommer
>
> FREE BURMA COALITION - Minnesota 2549 Harriet Avenue South #2 Minneapolis,
> MN 55405 phone: 612-874-7899 email: [EMAIL PROTECTED] web:
> www.FreeBurmaCoalition.org
>
> --
> fwd by David Shove
>
