GE, ITT punished for helping Israeli occupation

February 13, 2009 - 12:26 PM by David · 1 Comment
Filed under: A New Reality, Business, General

Caterpillar bulldozers used in the territories

Here’s an example of how some people might be totally brilliant, but have no idea what’s going on.

According to a Boston Globe report, the board of trustees at Hampshire College, the New England bastion of liberal ideals, has voted to divest from six companies because of human rights concerns in the Palestinian territories.

A campus group, Students for Justice in Palestine, said it had pressured the board over the past year to sell off holdings in a mutual fund run by State Street Global Advisors that invests in companies that “provide the Israeli military with equipment and services in the Occupied West Bank and Gaza.” The six companies that formed the basis of the student group’s complaints were: Caterpillar, United Technologies, General Electric, ITT Corporation, Motorola, and Terex.

But at the same time the anti-occupation group was touting its victory, university officials said the decision to divest from the fund was made “without reference to any country or political movement.” They said that the fund held stocks in more than 200 companies engaged in business practices that violated the college’s policy on “socially responsible investments.” These violations included unfair labor practices, environmental abuse, military weapons manufacturing, and unsafe workplace settings.

They acknowledged that they reviewed the fund at pro-Palestinian group’s request, but said the divestment decision “expressly did not pertain to a political movement or single out businesses active in a specific region or country.” Sigmund Roos, chairman of the board of trustees, said in a phone interview that while the board reviewed the fund’s investments it never reviewed the group’s petition, which accuses Israel of implementing “apartheid policies” against Palestinians in the West Bank and Gaza Strip. “We never took it up,” he said. “Students know that.”

So, which is the right story? Is Hampshire College punishing Israel for trying to protect itself against suicide bombing terrorists, or is the Palestinian lobby group simply taking credit for something it has nothing to do with? Either way, I sure miss those idealistic days of college.

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