Chalking Memo to BoA: Divest from Coal

As it turns out, the ubiquitous anti-Bank-of-America chalking all over campus today is taking its cue from a larger movement by activist groups like the Rainforest Action Network and Students for a Democratic Society to get major corporations like Citigroup and Bank of America to stop investing in coal.

I'm not sure how active SDS actually is at Wesleyan, but groups around the country have been trying to raise awareness of Bank of America's stake in coal since last year, with rallies, cough/die-ins, and info tables having been organized (and blogged about) in at least San Francisco and Philadelphia.

It seems unclear how much attention the company is paying to these (so far) relatively minor protests, but what with the ridiculous debate going on about "clean coal" in this year's election, here's hoping that major investors like Bank of America follow the lead of other banks and develop better energy policies in the near future than the relatively uncompelling carbon principles they have at the moment.

In the meantime, if the SDS members who I assume are behind the BoA chalking are serious at all, they should probably invest in coal-rock costumes and top hats for some entertaining Usdan public theater.

More Divestment News: GD to buy Jet Aviation

Not pertaining to divesting, per se, but still relevant. From the inbox:

General Dynamics to Buy Jet Aviation for $2.25 Billion, Good News for Wesleyan

It turns out Wesleyan's bet on General Dynamics (NYSE: GD) is paying off. The Falls Church, V.A.-based defense and aerospace contractor is slated to purchase Jet Aviation, a highly lucrative Swiss air-services company for $2.25 billion before the year's end.

According to the Wall Street Journal today, GD Chairman and Chief Executive Nicholas Chabraja expects Jet to report at least $1.5 billion in sales and $230 million in earnings next year.

The acquisition comes at crucial time for the defense company. Production of the billions of dollars worth of mine-resistant vehicles it sells to the Pentagon for use by U.S. and allied forces in Iraq will soon end amidst uncertainties over the growth rate of future U.S. defense spending.

Jet Aviation, controlled by European investment firm Permira, services high end luxury terminals that cater to customers who fly expensive private jets such as those made by GD's Gulfstream unit. Despite the sagging U.S. economy, business-jet activity is expected to continue expanding globally, and Jet will help GD tap a fast-growing market abroad.

Word of the sale had no immediate impact on GD's share price today, which hung around $91/share, but looming anticipation of the deal may explain the steady price increase GD has experienced since mid-July, when its stock bottomed out at about $81/share.

Speculation aside, the acquisition will surely free up significant cash flow for GD in 2008, which is good news for the company's development and its investors.

For past news on divestment, click here.

More Divestment Info

We got this email from Emily Caffery, Lucas Guilkey, Jennifer Michtavy, Adam Jacobs, Ashley Casale, and Kathy Stavis: 

"We are as much in the dark as most of campus about divestment. We know that the trustees rejected SEWI's proposal to divest from Raytheon and General Dynamics. The draft they rejected can be found here. 

We know that they voted for the creation of the Committee for Investor Responsibility. We don't know if the trustees accepted the proposal in full, but the complete WSA drafted proposal can be found here. 

As far as we understand, these were two separate solutions and both votes were unanimous, which apparently is normal. A word of warning is that our sources are anecdotal and not official. 

We have emailed the trustee working group members, who are Michael Klingher, Karen Freedman, Karl Furstenberg, along with chairperson Jim Dresser, President Roth, and the WSA representatives who have sat in on the board meetings. 

We have requested that the trustees provide public explanation for their decision. So far the trustees have not provided nor responded to this request for an explanation. 

We encourage people to contact our president, trustees, and student body representatives and urge them to promptly release a public statement concerning this decision." 

No Divestment

Word is that the Board of Trustees voted not to divest from weapons contractors (for which SEWI has been advocating).

They are, however, setting up some kind of socially responsible investing committee.

Anyone with more information about the decision is encouraged to spill.

Dear Board of Trustees

I know Sewi is passionate about divesting in Raytheon. However, if we divest, we will lose an opportunity to be part of the company that created this:

Sarcos-Raytheon's XOS Exoskeleton

Which is just one more step towards this:

The Iron Man Mark III Armor

So please, when thinking about the future of Wesleyan investment, do we want to really deny money to the development of weapons that can defeat the Mandarin?

(Via Gizmodo)

Divestment Rally TODAY

Today and tomorrow, Wesleyan's trustees will be meeting and at some point deciding whether or not we will divest from weapons contractors. Come to a rally on Andrus Field today (Thursday) at 3:00 for music, speakers, art, open mic, and more. Let the trustees know that all eyes are on them.

Invest in Community, Divest from War

Support divestment from General Dynamics and Raytheon; A rally for peaceful values

THE BOARD DECIDES NOW

The board will meet on Thursday at 3:30 PM in the Daniel Family Commons and will finally decide whether or not to divest from weapons contractors. This is our final chance to make our views known before the trustees decide on divesting from weapons contractors.

LOCATION: Andrus Field (outside Usdan)

TIME: 3 PM Thursday
(Buses for the senior event leave from 5 PM to 7 PM, so you can participate in both)

There will be

• Live student music
• Speeches by professors
• An open mic
• Public art demonstrations
• Community donations

Make food for yourself and a neighbor (to be donated to Amazing Grace in Middletown) Also bring any non-perishable food items!

Make YOUR voice heard!

This will be a fun outdoor blast. Widespread participation is absolutely crucial in order to prove to the board that there is student support. We hope to see you there!

email lguilkey for more info

Rally for Divestment of Weapons Contractors

Unless you have been living in a bubble that isn't the Wesleyan one, you've heard about the fight for Wesleyan's divestment from weapons contractors like Raytheon and General Dynamics. The Board of Trustees has a meeting in May at which they could choose to divest. Come join other community members in demanding divestment on Thursday, May 8th.

Check out the facebook event for more background info and a schedule, or see SEWI's website to read their divestment proposal, or sign their online petition if you haven't already.

What: Rally for Divestment

When: Thursday, May 8th at 1 pm

Where: Usdan Courtyard