African Activist Archive

The press release critiques Gene Ayers' recent article on Berkeley's Responsible Investment Ordinance. Ayers argues that banks like Bank of America and Wells Fargo are not affected by municipal ordinances; they will keep making loans to South Africa, and recent stockholder votes support such loan policies. The statement acknowledges that Berkeley's Ordinance, by itself, will not stop U.S. financial support of apartheid. However, this vote is part of a mounting national campaign to remove funds from banks doing business with South Africa. Already, the National Council of Churches (NCC), United Auto Workers (UAW), NAACP, United Nations General Assembly, and many other major institutions have decided to remove their accounts from such banks, and citizen groups in 12 other cities in California have expressed their desire to sponsor anti-apartheid initiatives in their next municipal election. The claim that American business is a "positive influence" in South Africa is both racist and chauvinistic; almost every black organization in South Africa has called for an end to foreign investment until there is majority rule. This demand is what makes South Africa different from other countries which are alleged to violate human rights and with whom U.S. banks do business. In fact, major banks are very worried by the Responsible Investment Ordinance and the national movement to end U.S. financial support for apartheid. Citizens of Berkeley have decided that they wish to have some control over how their money is used and have established a citizens' committee to decide future public investments. The press release mentions the San Diego State Student Association, University of California Student Co-Ops, and the shareholders meeting in San Francisco. The contact on the press release is Samuel Ragent.

African Activist Archive

[Gene Ayers' recent (May 6, The Oakland Tribune) article on Berkeley's Responsible Investment Ordinance and its effects on banks doing business with South Africa left several misconceptions.]

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