[New York Sun] Michael Barone - Iran is the leading state sponsor of terrorism. The mullah regime is providing weapons to kill our soldiers in Iraq. It is working furiously to develop nuclear weapons. We certainly do not want to go to war against Iran. But we have other weapons that are being deployed now - not by the military, the federal government, or officials in Washington, but by state government officials and legislatures in state capitals, who are working to divest their pension funds of stocks in companies that do business in Iran. Divestment bills have been passed or filed in Missouri, California, Florida, Louisiana, Pennsylvania, Georgia, Ohio, New Jersey, Michigan, New York, Massachusetts, Maryland, and Texas. Many of these bills have met with opposition. Pension fund administrators have opposed them. They argue that divesting would cost them money. But the fact is that American-based companies already are prohibited from doing business in Iran. Firms that do the most business in Iran are French - Alcatel, BNP Paribas, Total; Italian - ENI; Korean - Hyundai; Chinese - PetroChina; and Russian - Statoil. The potential losses to pension funds are almost certainly minimal; a fund can find plenty of international stocks for its portfolio without touching those who do business in Iran.
2007-08-28 01:00:00Full ArticleBACK Visit the Daily Alert Archive