Teamsters’ Hoffa backing Iran divestment

[Omaha Steve]

Source: Pensions and Investments

James P. Hoffa, general president of the International Brotherhood of Teamsters, today urged Teamsters multiemployer pension funds to consider divesting companies with business ties to Iran.

“I believe that divestiture of investments in companies that do business with Iran can help bring peaceful change to that nation,” according to a letter Mr. Hoffa faxed today to officials of all 179 Teamsters funds, which have $100 billion in combined assets. “I also believe that divestiture of investments in companies linked to Iran is the patriotic thing to do, as well as a wise investment strategy. The Securities and Exchange Commission has said that share prices can be harmed by business ties with countries that pose a global security risk.”

Leslie Miller, spokeswoman in the Teamsters international office, said there is no estimate available of how much in Iran-connected assets the Teamsters funds have. She said it is too early to get responses from the Teamsters funds.

The biggest Teamsters funds are the $30.2 billion Western Conference of Teamsters Pension Trust Fund, Seattle; the $20.7 billion Teamsters Central States, Southeast & Southwest Areas Pension Fund, Rosemont, Ill.; and the $3.4 billion New England Teamsters and Trucking Industry Pension Fund, Burlington, Mass.


Read more: http://www.pionline.com/apps/pbcs.dll/article?AID=/20070823/DAILY/70823018

[Hotler]

1. War with Iran is blowing in the wind......

isn't it? Did the Teamsters figure that the time is near on their own, or did they get a phone call from the inside?