  |
||||
Breaking News from America's Progressive Community... Latest Releases
The press releases posted here have been provided to NewsCenter by the one of the many progressive organizations we have selected to participate. If you would like more information about this press release, you should contact the organization directly. |
||||
| NOVEMBER 10, 1998 4:57 PM FOR IMMEDIATE RELEASE CONTACT: INFACT Todd Basch, Media Organizer, Boston 617-742-4583 Sangita Nayak, National Organizer, New York |
||||
| INFACT Calls for TIAA-CREF to Divest Tobacco Stocks; Former Surgeon General C. Everett Koop Endorses INFACT's Boycott | ||||
| NEW YORK - November 10 - INFACT,
the Boston-based corporate watchdog organization, is educating educators about the
Teachers Insurance and Annuity Association/College Retirement Equities Fund (TIAA-CREF)
investments in tobacco giant Philip Morris. CREF--one of the largest pension fund
investors in Philip Morris-- is holding its annual meeting today in New York. INFACT joins
former Surgeon General C. Everett Koop in calling on shareholders of CREF to divest
tobacco stocks. Dr. Koop has already "divested" from Philip Morris by endorsing INFACT's Boycott of the world's largest tobacco corporation. "By manipulating public policy in the interests of tobacco profits," Dr. Koop says, "and by lying about the health effects of tobacco and the addictiveness of nicotine, the tobacco industry has for decades addicted customers around the world, especially children and young people. Until the industry ceases its aggressive marketing practices and interference in our democracy, consumers should apply economic pressure on Big Tobacco by refusing to buy Philip Morris' Kraft and RJR's Nabisco food products." Despite 5% average annual growth in the US food industry, Philip Morris' Kraft has declined at a rate of nearly 4% a year since the Boycott began in 1994. US food profits fell by 54% for RJR Nabisco between 1994 and 1996. INFACT representatives, some wearing cigarette costumes, will leaflet shareholders as they enter the building. INFACT staff will speak to the CREF board during the meeting. Elizabeth Bailey, who sits on both the Philip Morris and CREF boards, will be told that educators have no business profiting from corporations that market tobacco to kids, and that tobacco investment is bad business. The hand writing is on the wall: Fidelity, the largest mutual fund in the country, recently dumped 20% of its tobacco stocks. "Dr. Koop's endorsement and Fidelity's divestment clearly increases the liability of investment in Philip Morris," says INFACT National Organizer, Sangita Nayak. "The tobacco industry has closed off established avenues of reform through intensive lobbying, a $50 million public relations campaign, and a $50 million 'family values' advertising campaign to enhance the image of Kraft products, like Macaroni & Cheese. Joining Dr. Koop in the Boycott of Philip Morris' Kraft and divesting tobacco stocks will pressure Philip Morris to change its ways. Divestment is both sound business and a saving of lives." # # # Founded in 1977, INFACT's purpose is to stop life-threatening abuses of transnational corporations and increase their accountability to people around the world. INFACT is known for its successful Nestl‰ and GE Boycott Campaigns, and is organizing the Boycott of Philip Morris's Kraft and RJR's Nabisco food brands. |
||||