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Informed by ABC News that She Owns Mutual Fund With Sudan Holdings, Palin Says She Will Divest
October 10, 2008 12:51 PM
Informed by ABC News that she holds an investment in a mutual fund that owns shares in companies that human rights organizations say help the government of Sudan, Alaska Gov. Sarah Palin on Friday said through a spokesman that she will divest from that mutual fund.
According to financial disclosure forms Palin released last week (read them HERE), Palin owns up to $15,000 in Legg Mason International Equities, which the McCain-Palin campaign specified is the Legg Mason International Equity Fund (LGIEX).*
That Fund owns shares in two companies the Genocide Intervention Network labels "highest offenders" because, in that organization's judgment, they empower the government of Sudan at the expense of the country's marginalized populations.
With citizens of the world absorbed with dire economic news, it may seem secondary to consider what companies someone has invested in, rather than their current worth. But human rights activists monitoring the genocide in the Sudan insist there is nothing frivolous about trying to convince individuals from investing in companies that help the government of Sudan. In July, the International Criminal Court's Chief Prosecutor, Luis Moreno-Ocampo, asked the tribunal for an arrest warrant for Sudanese President Omar Hassan al-Bashir on charges of genocide and war crimes in Darfur.
The McCain-Palin campaign said that Palin did not know of the holdings.
"It was recently brought to Gov. Palin’s attention that, despite what the Sudan divestment online database indicated, one of Gov. Palin’s mutual funds held less than 1% in companies doing business with Sudan," said McCain-Palin campaign spokesman Brian Rogers. "Gov. Palin will divest from this fund immediately, and is committed to doing everything she can to stop the genocide and atrocities in Darfur.
The Genocide Intervention Network issues a quarterly report, "the Sudan Company Report," which analyzes companies with Sudan-linked operations, and also has a mutual fund screening tool which determines whether mutual funds hold interests in any of those companies.
There is no information about the Legg Mason International Equity Fund in that database. But the information is available, and a further review of Legg Mason International Equity Fund's holdings through Bloomberg LP indicate that the Fund owns holdings in companies considered to be among the “highest offenders": ABB and Wartsila Oyj.
ABB, a Swiss company, is involved in Sudan's Merowe Dam project, a hydroelectric dam the construction of which has displaced thousands of families while largely providing power to government strongholds. Last year, because of related human rights abuses, the United Nations called on companies to cease operations on the dam.
Finnish company Wartsila Oyj has sold, maintained, and serviced power plants for use in oil projects in Sudan, which empower the government. As much as 90% of Sudan's export income is derived from oil, which benefits its military operations.
You can see the Legg Mason International Equity Fund's holdings in ABB Ltd HERE and in Wartsila Oyj HERE.
ABC News told the McCain-Palin campaign Wednesday that her mutual fund had investments in ABB and Wartsila Oyj. On Friday, the campaign told ABC News that Palin intended to divest.
A Democratic operative said today, "Less than four weeks before Election Day, we're still learning about Gov. Palin -- and apparently, she's still learning disturbing things about her own finances. The question before us now is: What more will we learn about Gov. Palin as the public and watchdogs continue taking a fine tooth comb through her record and past?"
But the Genocide Intervention Network applauded Palin's decision.
“The fight against the Darfur genocide must begin at home," said executive director Mark Hanis. "The Genocide Intervention Network and its partners have called on all presidential candidates to ensure that they do not have holdings in companies identified as 'highest offenders' in Sudan. We are pleased that Gov. Palin, and all of the major parties’ presidential candidates, have followed the lead of 27 states, 61 universities, and 20 cities in ensuring that U.S. investments do not support genocide in Sudan.”
Sens. John McCain, R-Ariz., Barack Obama, D-Ill., and Joe Biden, D-Del., hold no such investments, according to the Genocide Intervention Network.
In May, after being questioned by the Associated Press, Cindy McCain sold off more than $2 million in mutual funds whose holdings include companies that do business in Sudan.
The Obamas did the same in 2007, selling about $180,000 in retirement savings because it was linked to an oil services company that does business in Sudan, the Wall Street Journal reported at the time.
Palin, during the vice presidential debate, claimed that she had led the charge to divest Alaska's investments from the Sudan.
"When I and others in the legislature found out that we had some millions of dollars [of Permanent Fund investments] in Sudan, we called for divestment through legislation of those dollars," she said.
A further investigation by ABC News, however, indicated that while Palin later came to support the bill, her administration initially opposed the bill, and stated its opposition in a public hearing on the measure.
"The legislation is well-intended, and the desire to make a difference is noble, but mixing moral and political agendas at the expense of our citizens' financial security is not a good combination," testified Brian Andrews, Palin's deputy revenue commissioner, before a hearing on the divestment bill in February.
A Republican legislator recently heralded Palin as a supporter of the legislation, despite that earlier opposition.
- jpt
* LGIEX ticker added later for clarification.
October 10, 2008 | Permalink | Share | User Comments (138)
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As the McCain Campaign argues that Obama should have known, I guess by conducting a background check on all the people that lives in his community, he sits on boards with, associates with etc., certainly Palin even as a Mayor and Govenor, should know more background before she invest thousands of dollars.....if I follow their logic!!
Posted by: wethepeople | Oct 10, 2008 6:22:28 PM
I am hardly a fan of this imbecile, but I do agree with some in saying this is a non-issue-the kind of stuff we would expect from her campaign (and what's his name). As temting as it is, I cannot fault someone for not knowing where all of their mutual funds are directed. I just don't think it is fair or relevant for either side. At this point, it is like kicking a puppy. We should concentrate on getting her on the big stuff she has messed up-you know, like maybe naming one supreme court decision or not answering any questions without her debate team cue cards.
Posted by: cbot2255 | Oct 10, 2008 6:00:06 PM
Hurts when the shoe is on the other foot. Palin needs to get some contacts, and head back to Alaska. WASP Women Against Sarah Palin unite.... Get this trailer park trash and her beer drinking dude outta here...
Posted by: Obamaall theway | Oct 10, 2008 5:48:40 PM
Well in thinking about this ACORN stuff I have come to the Conclusion that since the Republican ticket McCain/Palin took a 180 degree turn from the McCain in 2004 you know the upstanding Respected man and war HERO to the Republican Mouth Piece he is today in 2008. This dirty underhanded smear, to the non-straight talker Republican machine I would not be surprised that the Voter Fraud accros the country was caused by Republicans filling in Applications as Democrats in order to cause doubt and throw out legit apps and try to link Obama. I mean come on people look what happened in 2000 and how the Republican machine in Florida aka Kathrine Harris stole the election. Wonder where we would have been today if our courts worked for the people and not for the Republican machine
Posted by: USCITIZEN_04 | Oct 10, 2008 5:37:28 PM
Are Democrates really this dumb? You have got to be kiding me. If you don't like Palin fine, don't vote for her. But please, for the love of God, Stop with all the BS comment you KNOW are not true. I would never vote for Obama, but I am not going to make up lie's just because I don''t like the guy.
Posted by: Tim | Oct 10, 2008 5:34:16 PM
jake tapper/ abc news where is your investigation story on Obama and his ties to terrorists? Obama ties to ACORN? Obama ties to the people who got us in this economic mess? journalism is DEAD here and MSNBC the Obama stations!
Posted by: Paula | Oct 10, 2008 5:30:44 PM
Well, it's a dang good thing that she's got ABC News to help her with her Mutal funds. I'm sure she's thankful that someone took the time to dig all this up for her. By-the-way, how many Americans have looked so deep and are aware of who their Mutal Funds are investing in? This is pathetic.
Posted by: Jack | Oct 10, 2008 5:28:50 PM
Give her a break. I'm definitely not much of a Sarah Palin fan but I doubt she even knew what those companies did. And she's making it right so move on.
Posted by: Tulsa | Oct 10, 2008 5:28:31 PM
It's absolutely amazing isn't it? The media is so bent on electing the MOST corrupt politician EVER to the White House, that they spend all of their time looking to damage Sarah Palin. A majority of Americans do NOT know what their mutual funds or 401K's hold as per company, they are usually handled by investment firms. My husband gets a monthly statement, with very little detail. It's just too incredulous. I keep telling myself that the media will do it's JOB to protect Americans from this very dangerous man, but I have little hope that they will remember their ethics and code of honesty. ACORN, Rezko, Ayers, Monsour, Khalid, Farrahkan, LIE LIE LIE and LIE. Constant lies from Obama. However, I have faith in the American people. I don't believe they will go in that booth and push a button for Obama. We just have to pray that he doesn't steal the election sans Chicago politics.
Posted by: Brenda | Oct 10, 2008 5:28:28 PM
Ivy: "Give her a break---she didnt even know what the heck a 'Sudan' was until last week..." OMG!! LMAO!!
Posted by: Val | Oct 10, 2008 5:25:33 PM
Palin is a joke. . . . merely the product of a PR firm. Her big crowds aren't all supporters. Remember. . .train wrecks draw big crowds too. I had little respect for her but when she failed to reprimand her audience for yelling "kill him," I lost ALL respect. She is dangerous and unstable like McCain.
Posted by: MJ Donaldson | Oct 10, 2008 5:24:45 PM
I think that is right, give her a break. She really does not know anything beyond what she can see from her house.
Posted by: jrc903 | Oct 10, 2008 5:18:18 PM
keep digging you liberal jerks that meaning you ABC maybe someday you will find something.
Posted by: cheezbawl | Oct 10, 2008 5:14:42 PM
The economy is in a horrible state. To continue with the policies which precipitated in this horrible situation is beyond comprehension. If America pursues the path it is on, history will record it as one of the most disastrous mistakes in the history of the country, if not the world. Americans must put aside petty distractions and make decisions that they know will help pull the country out this financial abyss. It is surreal that so many Americans are devoting their time to petty matters that will have no significance after the election is over. The economy will persist to be a problem for a long time to come.
Those who seek to spread divisive propaganda at a time when the nation is suffering as it is now are not serving their country, nor do I think in the long run they are serving their own narrow interests. It is in no way an example of the idea expressed by the motto: “Country First.”
Posted by: rhbate | Oct 10, 2008 5:11:51 PM
Non-story. I am a true-blue Obama supporter and this is irrelevant stuff. I wish ABC would offer to check all of our investments for Darfur connections and let us know so we can divest too. I think Palin is a complete rube, but you pointed out the connection and she is divesting. End of story.
Posted by: TomSeattle | Oct 10, 2008 5:11:44 PM
Giver her a break---she didnt even know what the heck a "Sudan" was until last week...
Posted by: Ivy | Oct 10, 2008 5:09:52 PM
LEGG MASON INTERNATIONAL EQUITIES also known as CITIGROUP ASSET MANAGEMENT LTD... so I guess this means everybody who has a bank account or charge card with Citi Group is supporting the genocide in the Sudan....including all Federal Employees who have a Government Citi-Group Travel card……So YOU all better close your account
Posted by: Vet1973 | Oct 10, 2008 5:07:03 PM
game recognize game! yep yep. I see through mccain/palin. yall should too. they tryna play the people of America.
Posted by: disguise | Oct 10, 2008 5:04:32 PM
game recognize game! that what mccain/palin is doing there trying to play the people of america. don't be stupid.
Posted by: disguise | Oct 10, 2008 5:03:03 PM
How many of you are really informed of your investments? Good grief....I'm not an expert in that area...so I pay someone to do it for me. I couldn't tell you where my money is. I trust my advisor and he has always done very well for me. This isn't an issue....just more of the typical one sided media doing anything they can to get him in office. We are screwed with either of these candidates that are running.......and unfortunately McCain is the lesser of two evils.
Posted by: Chris | Oct 10, 2008 5:01:32 PM
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