CalPERS: Don't Invest in War Profiteers - Press Conference

Please join members of Sacramento for Democracy, the Sacramento Coalition to End the War and True Majority, tomorrow
Thursday, June 19th - 9:30 AM
The Robert Carlson Auditorium (400 Q Street)
Downtown Sacramento

As we deliver 20,000 signatures to ask CalPERS to divest in war profiteer, KBR (former Halliburton subsidiary). Yesterday, the New York Times reported that a U.S. Army official who managed the Pentagon’s largest contract in Iraq said he was ousted from his job when he refused to approve paying more than $1 billion in questionable charges to KBR. Read the full story here.

More details on why CalPERS should divest are below.

Can you spend 30 minutes tomorrow morning to send the message that CalPERS should not invest in war profiteers?

In solidarity!

FOR IMMEDIATE RELEASE - June 18, 2008
Contact: David Elliot - 202-263-4567

20,000 petitioners ask CalPERS Thursday to get tough on KBR, Iraq War’s biggest war profiteer, now linked to massive fraud, rape and massacre

SACRAMENTO, CA – The California Public Employees Retirement System (CalPERS) will be asked by more than 20,000 petitioners to hold KBR – the largest contractor in Iraq – accountable for a growing list of misdeeds as a war profiteer when CalPERS meets Thursday at its Full Board meeting.

A PRESS CONFERENCE is set for THURSDAY at 9:30 a.m. at the Robert Carlson Auditorium (400 Q Street) at the start of the CalPERS meeting. Petitions will be presented by anti-war activists from Sacramento for Democracy and Sacramento Coalition to End the War.

The action comes just two days after the New York Times reported that a U.S. Army official who managed the Pentagon’s largest contract in Iraq said he was ousted from his job when he refused to approve paying more than $1 billion in questionable charges to KBR.

KBR, the former Halliburton subsidiary, has faced scrutiny recently because of allegations its employees took part in a massacre of Iraqi civilians, engaged in no bid contracts, hid money in offshore tax havens and took part in unethical war profiteering. Other large KBR shareholders include Colorado Public Employees, New York State Teachers Retirement System, Ohio Public Employees Retirement System and Texas Teacher Retirement System.

The petitions were gathered by TrueMajority.org, a project of USAction. “Investing public pension funds in a company accused of massive fraud and war profiteering isn’t good economics and it’s not good for America,” said Matt Holland, TrueMajority.org online director.

“As the largest contractor in Iraq, KBR has failed to pay hundreds of millions in taxes through offshore tax havens, and past employees have testified of massive fraud which is costing the American people billions of dollars. Public pension funds should not be used to shore up unethical, irresponsible and immoral behavior,” he added.

“How does CalPERS know it is shielded from liability if a new administration actually holds KBR accountable for waste and fraud?” Asked Karen Bernal, USAction/TrueMajority.org member/Sacramento for Democracy spokesperson, adding “If KBR is held accountable and subject to fines or other penalties, will retired state employees end up with the tab?” -30-