Tuesday, September 12, 2006
$188 Billion in U.S. Pensions Tied to Terror
U.S. public pension funds can deal a serious blow to terror by divesting the $188 billion they have invested in companies that do business with terrorist-sponsoring regimes.
And the campaign to use America’s financial clout to fight terrorism has already begun.
Two years ago, the Center for Security Policy published an analysis showing that about 100 U.S. public pension funds had invested roughly $188 billion in firms doing business with terrorist-sponsoring countries such as Iran, Syria, Sudan and North Korea.
The report disclosed that on average, America's top 100 pension systems invest between 15 and 23 percent of their portfolio in companies that do business in terrorist-sponsoring states, and 39 of the 100 were found to be invested in more than 100 companies with corporate ties to those states.
But now the state treasurer of Missouri, Sarah Steelman, has set an example by making the Missouri Investment Trust "terror free” and divesting the stocks whose issuing companies are involved with rogue regimes.
The Center for Security Policy’s president, Frank J. Gaffney Jr., writes in the Washington Times: "Thanks to her courageous and visionary leadership, a model has been created that should be followed by every public pension fund in the country - starting with the many-billion-dollar Federal Thrift Savings Plan for which all executive branch, congressional and other federal government employees are eligible.”
The first terror-free mutual fund, Abacus Bull Moose Growth Fund, has been established to offer investors a place to put their retirement accounts and other savings "that will not enrich our enemies,” said Gaffney.
They can earn a handsome return in the process: the Abacus fund has an average annual return of some 14 1/2 percent.
Gaffney reports that one of the world's largest international investment banks, with trillions of dollars under management, has recently – and quietly – adopted a corporate policy to prevent its dealings from helping terrorist-sponsoring states.
The U.S. government has also begun to wield the financial weapon – American-led initiatives have been launched in the last year to constrict the flow of cash to nations like North Korea and Iran.
For example, the Banco Delta Asia in Macao was sanctioned for laundering North Korea’s high-quality counterfeit U.S. dollars and other abuses.
Gaffney concludes: "Amidst the mood of defeatism and highly publicized war reverses, primarily on the political front at home, it is heartening to see public and private sector efforts that wield anew what, arguably, continues to be this nation's most formidable weapon - our financial power.”
U.S. public pension funds can deal a serious blow to terror by divesting the $188 billion they have invested in companies that do business with terrorist-sponsoring regimes.
And the campaign to use America’s financial clout to fight terrorism has already begun.
Two years ago, the Center for Security Policy published an analysis showing that about 100 U.S. public pension funds had invested roughly $188 billion in firms doing business with terrorist-sponsoring countries such as Iran, Syria, Sudan and North Korea.
The report disclosed that on average, America's top 100 pension systems invest between 15 and 23 percent of their portfolio in companies that do business in terrorist-sponsoring states, and 39 of the 100 were found to be invested in more than 100 companies with corporate ties to those states.
But now the state treasurer of Missouri, Sarah Steelman, has set an example by making the Missouri Investment Trust "terror free” and divesting the stocks whose issuing companies are involved with rogue regimes.
The Center for Security Policy’s president, Frank J. Gaffney Jr., writes in the Washington Times: "Thanks to her courageous and visionary leadership, a model has been created that should be followed by every public pension fund in the country - starting with the many-billion-dollar Federal Thrift Savings Plan for which all executive branch, congressional and other federal government employees are eligible.”
The first terror-free mutual fund, Abacus Bull Moose Growth Fund, has been established to offer investors a place to put their retirement accounts and other savings "that will not enrich our enemies,” said Gaffney.
They can earn a handsome return in the process: the Abacus fund has an average annual return of some 14 1/2 percent.
Gaffney reports that one of the world's largest international investment banks, with trillions of dollars under management, has recently – and quietly – adopted a corporate policy to prevent its dealings from helping terrorist-sponsoring states.
The U.S. government has also begun to wield the financial weapon – American-led initiatives have been launched in the last year to constrict the flow of cash to nations like North Korea and Iran.
For example, the Banco Delta Asia in Macao was sanctioned for laundering North Korea’s high-quality counterfeit U.S. dollars and other abuses.
Gaffney concludes: "Amidst the mood of defeatism and highly publicized war reverses, primarily on the political front at home, it is heartening to see public and private sector efforts that wield anew what, arguably, continues to be this nation's most formidable weapon - our financial power.”
