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Home Front: Politix
O'Bama: Stop investing in Iranian energy industry
2007-05-19
US Democratic Sen. Barack Obama and Republican Sen. Sam Brownback are pressuring US companies to stop investing in Iran's oil and gas industries. The two presidential candidates have introduced a measure encouraging divestment from companies that do business with Iran.

The bill would authorize state and local governments to divest their assets from such companies and give legal protection to people who divest. It would also require the federal government to publish a list of companies investing at least $20 million (€14.84 million) in Iran's oil and gas industries. "The Iranian regime is the world's biggest state sponsor of terror, proudly flaunts an illegal nuclear program and continues to violate the basic human rights of the Iranian people," Brownback said Friday.
Posted by:Fred

#4  G, one of the problems is what you cite. I could invest in a mutual fund that contains European stocks. These European stocks might contain, say energy investments somewhere else.
Posted by: JohnQC   2007-05-19 12:38  

#3  I don't believe US companies, energy or otherwise, are currently allowed to invest in Iran. Presumably what Obama is requesting is that US companies, individuals or funds no longer invest in foreign companies who conduct business with the Iranians, specifically with their energy industry. While it is hard to disagree in principle, it would mean no US investment in pretty much any foreign companies. And it would not make much difference anyway - foreign capital would just get shuffled around a little to compensate.

It does point out the real problem in accomplishing anything regarding Iran - virtually nobody but the US is willing to take ANY action, not even precisely specified sales suspensions. I guess they figure that way the croc will eat them last.
Posted by: Glenmore   2007-05-19 11:51  

#2  All that said about endangered pension funds, I thought the oil and gas industry was moribund in Iran.
Posted by: JohnQC   2007-05-19 08:58  

#1  A May 11th Columbus Dispatch story stated:

Several companies with strong Ohio ties would be affected by a legislative proposal to pull state pension investments from international companies doing business in Iran, according to one pension system's research.
Honda Manufacturing of America, Nestle and Siemens AG were among those included on a list of companies with financial ties to Iran compiled for the State Teachers Retirement System, one of five state pension funds.

All told, 140 companies that employ 51,740 Ohioans could be stripped from investments, according to the research for the teachers pension fund by Institutional Shareholders Services of Rockville, Md.

Pension fund leaders announced their opposition to the bill Wednesday.

Some lawmakers worried that the plan would make Ohio seem unfriendly to large international businesses.
Posted by: JohnQC   2007-05-19 08:54  

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