RETRACTION of Kudos to Gates foundation

[nosmokes]

so first there's an excellent piece of reporting done by the LA times about how the gates foundation is doing great work on one hand, but on the other is investing money in the very industries that are causing the problems they are giving money away to help alleviate. after the very in depth report, the gates foundation comes out and very publicly announces that it's gonna make a very careful review of where they're investing their money and they're prepared to make some major shifts in how they invest. well hooray, says me. hows about that, says me. some reportage that really made a difference and some powerful people that don't have their heads so far up their ass they can't listen to others and recognize a better way when they see one. i shoulda known it was all a dog and pony show.-joe
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The philanthropy's CEO, responding to a Times investigation, maintains that divesting from businesses that harm society would make little difference.
By Charles Piller
Times Staff Writer

January 14, 2007

Despite recent statements that it planned several changes, the Bill & Melinda Gates Foundation will keep its current approach to investing its endowment, Patty Stonesifer, its chief executive, says.

It would be naive, Stonesifer said in a letter published today on the editorial page of the Los Angeles Times, to think that changing the foundation's investment policy could stop the human suffering blamed on the practices of companies in which it invests billions of dollars.

Stonesifer wrote in response to an investigative series published by The Times last Sunday and Monday that showed that the Gates Foundation, founded by the chairman of Microsoft Corp., reaps vast financial gains from investments in companies that contribute to the human suffering in health, housing and social welfare that the foundation is trying to alleviate.

During the investigation and throughout a succession of statements last week, the foundation would not answer questions from The Times about its investment policies. Instead, it responded in an interview with the Seattle Times and in two statements on its website, saying that it would consider changes in its investment practices.

The Seattle newspaper reported that Cheryl Scott, chief operating officer of the foundation, told one of its reporters that the foundation would, for the first time, conduct a methodical review of its investments to determine whether it should divest from companies doing harm.
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complete article here


related posts/threads:



kudos! post, including a link to the original dark clouds over good works thread here