Saturday, April 29, 2006
Mayor's pension fund invests in arms trade
A report by the Campaign Against the Arms Trade has revealed that the Greater London Authority has over £11 million of pension investments in major arms companies. The fund, which manages Ken Livingstone's and many other pensions, pumps millions into heavy arms trading including one company that produces cluster bombs. (Cluster bombs are extremely controversial weapons - they release a number of small bombs and are prone to miss targets as they do not have precision guidance systems. Many of the bombs do not explode and remain dangerously on the ground for some time.)
Additionally, it is believed that around 21 London local authorities have £124 million worth of pension schemes invested in companies that deal in arms.
Ken Livingstone, who has often spoken out publicly against the arms trade, is said to be embarrassed by the news. Ken said he was "alarmed" and would write to the appropriate people for "clarification". Woah there Ken, try not to go overboard.
Perhaps Ken's decision to "write" to funds managers means he believes the pen is mightier than the cluster bomb. As someone who has verbally criticised the arms trade it will be interesting to see if Mr Livingstone actually does anything about the pension fund investments. There are, for instance, a great deal of ethical investment companies that the GLA (and other London authorities) could turn to. But, like Ken's decision to go to China despite knowing of their widespread abuse, we will see if he is all talk and no trousers.
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