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Sun May 18, 2014, 05:12 PM

Portland Is First U.S. City to Divest Funds from Walmart

Source: Common Dreams

Published on Sunday, May 18, 2014 by YES! Magazine

Portland Is First U.S. City to Divest Funds from Walmart

The initiative also prohibits the city from purchasing Walmart bonds in the future.
by Laura Garcia, Molly Rusk

On Thursday, May 15, the city of Portland got rid of $9 million, or 25 percent, of its investments in Walmart. This marks the beginning of a divestment program that will purge Portland's investment portfolio of $36 million in Walmart bonds by 2016, according to a press release. The divestment plan is part of the city's responsible investment initiative, introduced by City Commissioner Steve Novick, and adopted in October 2013. The initiative also prohibits the city from purchasing Walmart bonds in the future.

Portland is not only discontinuing its investments in Walmart, but has set up a committee to advise it on making socially responsible investments in the future. The committee will address issues like abusive labor practices, corruption, and health concerns, among other things.

During a press conference on May 15, Commissioner Novick encouraged other cities to adopt similar initiatives.

From what I can tell, no other U.S. city has looked at socially responsible investing in quite the same way as Portland. Iím hopeful other cities and states take note and adopt similar investment principles to hold companies accountable and align our investment policies with our values.



Read more: https://www.commondreams.org/headline/2014/05/18-0

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Arrow 17 replies Author Time Post
Reply Portland Is First U.S. City to Divest Funds from Walmart (Original post)
Judi Lynn May 2014 OP
classof56 May 2014 #1
passiveporcupine May 2014 #5
EEO May 2014 #2
nyabingi May 2014 #3
kelliekat44 May 2014 #4
smallcat88 May 2014 #6
bkanderson76 May 2014 #7
Eugenian May 2014 #8
sulphurdunn May 2014 #9
americannightmare May 2014 #10
Ken Burch May 2014 #12
billhicks76 May 2014 #11
november3rd May 2014 #13
defacto7 May 2014 #14
TBF May 2014 #15
Quantess May 2014 #16
filterfreeradio May 2014 #17

Response to Judi Lynn (Original post)

Sun May 18, 2014, 06:02 PM

1. All right, Portland!

This Oregonian is proud of ya!

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Response to classof56 (Reply #1)

Sun May 18, 2014, 06:57 PM

5. Same here

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Response to Judi Lynn (Original post)

Sun May 18, 2014, 06:05 PM

2. Good. Walmart sucks.

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Response to Judi Lynn (Original post)

Sun May 18, 2014, 06:15 PM

3. This is smart and

it shows that there are still things concerned, everyday citizens can do to blunt the ever-expanding power of corporations over our lives.

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Response to Judi Lynn (Original post)

Sun May 18, 2014, 06:44 PM

4. If only an American Summer could start with this as a base. Cities all over the country should be

 

looking at this...even in those located in blood red areas.

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Response to Judi Lynn (Original post)

Sun May 18, 2014, 07:05 PM

6. Now if only

we can get the rest of the country to follow suit . . .

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Response to Judi Lynn (Original post)

Sun May 18, 2014, 07:09 PM

7. Walmart is the scourge this country needs to rid itself of......thank you Portland

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Response to Judi Lynn (Original post)

Sun May 18, 2014, 08:13 PM

9. Beiieve me,

 

social investing is great, but Gordon Gecko investors have no more loyalty to Walmart than Walmart has to its employees and will dump it in a minute it can get a better deal elsewhere. They're the ones who will liquidate if it can't turn around.

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Response to Judi Lynn (Original post)

Sun May 18, 2014, 09:12 PM

10. 97201 resident here...

We rock, Portland! Now maybe weeds will be taking over the two Walmarts we have within the city limits.

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Response to americannightmare (Reply #10)

Sun May 18, 2014, 11:18 PM

12. Or..the WalMart workers could run them themselves as co-ops

 

Selling local-made goods at a good price and earning decent wages, while having the say about how the shops are run.

They could start by roasting marshmallows over a bonfire made from those %$*#$! blue vests.

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Response to Judi Lynn (Original post)

Sun May 18, 2014, 11:09 PM

11. Other States

 

Many of the states in our union are a complete embarrassment. Thank God for Oregon.

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Response to Judi Lynn (Original post)

Mon May 19, 2014, 12:03 AM

13. Unionize, Too!

 

Not only should the municipalities and states dump Wall Mart stock, but they should require them to allow independent union elections.

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Response to Judi Lynn (Original post)

Mon May 19, 2014, 01:56 AM

14. K & R

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Response to Judi Lynn (Original post)

Mon May 19, 2014, 08:06 AM

15. I think I want to move to Portland -

it sounds a heck of a lot better than Texas.

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Response to Judi Lynn (Original post)

Mon May 19, 2014, 01:03 PM

16. Nice!

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Response to Judi Lynn (Original post)

Mon May 19, 2014, 04:14 PM

17. Portland Commissioner Steve Novick At Walmart Black Friday Protest 11/29/13

I have attended the annual Walmart Black Friday Protest in Portland for two years, covering it on my program Filter Free Radio. Here is Commissioner Steve Novick speaking about this about in November 2013

[link:|]



Check out the video description for more links and coverage. Best, Jacob Dean

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