Sunday, April 9, 2017

City of Portland Oregon Divests Itself of All Corporations

A whiff of Onion in the air.

From The Oregonian:

Portland to stop corporate investing despite Mayor Ted Wheeler's opposition
Portland is getting out of corporate investing altogether. The Portland City Council voted unanimously on Wednesday to end the practice following pressure from activists to withdraw from companies that are problematic for the environment, human rights or government.

The city has $539 million invested in corporations this year, City Treasurer Jennifer Cooperman said.
Activists for months have urged the Portland City Council to divest from controversial companies.

They pleaded with them in December to withdraw from Wells Fargo due to its investments in the Dakota Access Pipeline and from Caterpillar, a company that makes trucks and bulldozers, some of which they say are used to harm Palestinians in the Israel Palestine conflict.

Instead, commissioners decided not to invest it in any corporations period, in part to avoid the trouble of having to perpetually decide which corporations the city considers bad actors....MORE
HT: Quartz