Sweden Blacklists Wal-Mart Stock Over Ethics

[Swiss Miss]

http://www.bitsofnews.com/index.php?...k=view&id=3829

The world's largest company is suffering yet another blow to its global reputation as Sweden follows Norway in blacklisting Wal-Mart stock from the portfolio of a national pension fund, citing persistent human rights violations.

The Swedish Second National Pension Fund has announced that it has sold its SEK 300m (USD 40.7m) stake in Wal-Mart and Wal-Mart Mexico. The fund complained that it has "since 2003 written letters, voted at shareholder meetings and taken part in an investor group to influence the company, but there has been no change in the company's view of labour rights."

Though the financial impact of the blacklisting is scant, its symbolic significance is another matter. Consequently, Sweden can now expect a diplomatic rebuke from the United States, as Norway recently received after banning Wal-Mart from the USD 250bn Norwegian Government Pension Fund - Global on June 8, in accordance with its ethical investment guidelines.

Last Friday, US ambassador to Norway Benson K. Whitney fired off the most fierce diplomatic broadside since March 12 2003, when his predecessor John Doyle Ong suggested that Norway, a founding NATO member, could not expect US help in a military emergency unless it joined the invasion of Iraq. Ambassador Whitney expressed his "disappointment and surprise" that Norway flouted shared values of "fairness, transparency, justice, dialogue, ethics" by divesting from US companies on ethical grounds. He accused the evaluation process of arbitrariness, saying it effectively discriminates against US firms.

But these concerns were dismissed even by conservative Norwegian politicians. Per-Kristian Foss, a former Finance Minister for the Conservative party, advised the US ambassador to get on the phone to Wal-Mart and "tell them how the Norwegian practice works." He should let them know it was stupid to not answer the written questions from the Ethical Council of the Norwegian fund, Foss told newspaper Aftenposten. Wal-Mart headquarters had chosen not to dignify the Ethical Council's requests with a response.

Foss added to the financial newssite Næringsliv-24 that he would not be surprised to hear more such criticism from the US ambassador "as long as George W. Bush is President of the USA."

Within the US, Wal-Mart is a major donor to Republican electoral campaigns and was the second largest contributor in the 2004 election cycle. Vice President **** Cheney then extolled the corporation as "outstanding" and "one of our nation's great companies," exemplifying "some of the very best qualitites in our country" such as "fair dealing and integrity." Wal-Mart "is a real credit to the United States of America," Cheney declared.

Scandinavian governments evidently disagree.

If I could suggest a documentary about this, check out Wal-Mart the High Cost of Low Price. It really is a great movie that will help you see the "other side" of Wal-Mart.

Bravo Sweden! If only the US could grow a pair, now... I wont hold my breath for that one though.

[DansDarkSide]

Wait so this should hurt Wal-mart alot because isnt most of the money in the world in Sweeden? i could be thinking of the wrong country but damn that has to hurt.

[Swiss Miss]

Originally Posted by DansDarkSide

Wait so this should hurt Wal-mart alot because isnt most of the money in the world in Sweeden? i could be thinking of the wrong country but damn that has to hurt.

You're thinking of the Swiss. :D

(Don't worry, I only know that because my cousin is a senior financial advisor for USB.)

Where this will really hurt Wal-Mart is in their reputation. Norway started the trend, Sweden has joined in and deservingly down the Wal-Mart reputation slides.

I expect to see a few other European countries with some common sense and respectable morale to join in soon enough. Hell... maybe even Canada.

[Martin]

All I know is "In N Out Burger" is doing really well ever since Paris Hilton got pulled over for DUI. Her famous quote :

"All I wanted was an In N Out burger"

However, she went on to say that she was pulled over because she may have been speeding a bit to get to In-N-Out Burger "because I have not ate [sic] all day."

http://www.teenpeople.com/teenpeople...32658,00.shtml

[DansDarkSide]

Lol how ironic it is for Swiss Miss to tell me it was the Swiss I was thinking of. Lol thanks though now I know.

[Swiss Miss]

Awesome. Someone uploaded the DVD I have about Wal-Mart on Google Video.

http://video.google.com/videoplay?do...96181471292925

Do yourself a favour and watch it sometime.

[waltky]

Smart Swedes...

Scorpion stings girl shopping for watermelons
Mon., May. 26, 2008 : 12-year-old was at a West Virginia Wal-Mart when she was stung

One young shopper at a Wal-Mart in West Virginia had to watch out for more than falling prices. A 12-year-old girl picking up a seedless watermelon from a bin was stung Sunday by a tan, inch-long scorpion that had apparently stowed away in a shipment from Mexico.

Megan Templeton, of Barboursville, was taken to the hospital as a precaution but later released. Her father, William Templeton, said the pain was a little worse than a bee sting. He initially did not believe his daughter when she said she had been stung by a scorpion, but then he saw the it scurry underneath a box. It was captured by Wal-Mart employees. Most of the nearly 2,000 kinds of scorpions are not dangerous to humans.

Richard Coyle, senior director of international affairs for Wal-Mart, said store employees believe the problem was with a single shipment of watermelons. "We are very concerned," he said. "This is a very rare incident. When I spoke with the store manager, she said in her 17 years she had never heard of something like this."

Scorpion stings girl at Wal-Mart - Weird news - MSNBC.com