Billionaire Buffett Boosts Divestment Drumbeat

First it was Fidelity, now it’s Berkshire Hathaway. Two of the world’s largest financial investment firms have sold off huge chunks of stock in a major Chinese oil company, although neither is admitting that it took these actions in order to help end the genocide in the Darfur region of Sudan. However, the financial media is abuzz this week with news of multibillionaire Warren Buffett’s decision to sell $140 million worth of Berkshire Hathaway stock in PetroChina Co.

 

Clearly the momentum for divestment is building and the Drumbeat for Darfur is getting louder. The sale by Berkshire Hathaway was its second of PetroChina shares. The corporation is the second largest oil company by market value, and is the major purchaser of oil from Sudan.

The announcement came one week after coalitions of anti-genocide activists, including UUSC, launched expanded divestment campaigns to target more investment companies whose holdings include corporations that are helping to fuel the four-year-old genocide in Darfur. UUSC’s Drumbeat for Darfur campaign has already been pressuring Fidelity Investments, which also sold large chunks of stock while denying it was responding to pressure from anti-genocide activists. On September 5, 2007, UUSC joined colleague organizations Investors Against Genocide and Fidelity Out of Sudan in delivering petitions representing 150,000 signatures to Fidelity’s Boston headquarters.

While the divestment campaign continues to pick up steam, you can help keep the momentum building. A bill that would protect states from lawsuits when they enact divestment legislation is stalled in the U.S. Senate. Call or e-mail your U.S. senators today and urge them to act swiftly on this proposed law that will help ramp up the divestment drumbeat until it becomes deafening.