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Norway pulling money out of U.S. companies because of their lack of ethics
nytimes.com — Norway has amassed a fortune of more than $300 billion over the last decade...but rather than managing their monstrous nest egg simply for the best returns, the reluctant billionaires of Norway are using the money to advance an ambitious ethical code...last June, Norway added Wal-Mart Stores to its blacklist for child labor issues...
parislemon- 1011 diggs
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- reeder, on 10/12/2007, -12/+61No *****, when will people realize that the pursuit of short term profits always defeat long term goals.
- pintomp3, on 10/12/2007, -8/+26since the stock holders of public companies only worry about the next quarter. it's no longer enough to turn a profit, you must continually increase profits. there is only so much you can do ethically. look at enron for a good example.
- Lixie, on 10/12/2007, -9/+66Yeah, I've never understood why companies must always increase sales each quarter. Isn't being profitably good enough? Growth for the sake of growth is the philosophy of a cancer cell, so I've been told.
Isn't it good enough to make $50mil in profit each year? Why must they fire people in massive layoffs because they only made $52mil profit the next year? - siszam, on 10/12/2007, -22/+13Good. They should invest in Venezuela because they have a moral, sane president who helps citizens instead of killing them. Besides, America's economy is going down the tubes real fast, real soon. Immorality results in judgment eventually and it's about our turn.
- catalysis, on 10/12/2007, -9/+15Yeah, you can see how well investing in Venezuela has turned out for oil companies and banks. Who wouldn't want to put their money there?
- nuck, on 10/12/2007, -20/+3Whatever, ... walmart has a revenue of $351.139 billion and profits $11 billion ... don't think Norway will really affect them that much ;)
- Cwo655321, on 10/12/2007, -29/+2Norwhere? who the fsck cares?
- cptn_cardboard, on 10/12/2007, -1/+11Ufda!
- kungfoolou, on 10/12/2007, -1/+9People will realize that when they stop being American. Here thinking 2 months ahead is long-term-minded, hence why so much corporate policy is based on damage control from a bad decision, instead of figuring out what is the best over solution. And this extends to all problems in corporate-America.
- VeganG, on 10/12/2007, -0/+4@lixie:
Um, greed? - theodicean, on 10/12/2007, -4/+0not if your goal is to be the most powerful entity on the planet!!
- eblonk, on 10/12/2007, -6/+38It´s their money, they can do whatever they want with in within legal boundries. If their reasoning is correct or not does not matter. Cold-blooded capitalists like Wal-Mart should understand that. They just never expected that who lives by the sword.........
- tinker123, on 10/12/2007, -4/+7It is rare for someone to become rich by being a nice guy. On a positive note now that these guys have their cash they are turning over a new leaf.
- theodicean, on 10/12/2007, -13/+0there are very few ethical...companies,even less ethical multinational conglomerates ..good luck sweden, norway.whatever.
- wasntxme, on 10/12/2007, -4/+0Apparently they were late to the concept of Global Warming... How much of their oil (3rd largest producer in the world) will be responsible for their country going from an Icelandic hell with only 5 million people to Disneyland's next home as a Spring favorite of posh grasslands...
Hope everyone also knows Norway is among the few countries that not only didnt sign the SaveTheWhales worldwide Treaty, but actively kills more whales than all other countries combined. Keep pumping that oil, killing Whales and telling everyone else what an Ethical country you are... - mikal, on 10/12/2007, -0/+3Remind me again why hunting whale is wrong? What do you eat?
http://www.masternewmedia.org/images/chickens_by_astrass.jpg
http://www.mindfully.org/Farm/Factory-Farm-Peter-Rosset1.jpg
http://www.mythinglinks.org/CAFO~ConfinedDairyCowsMissouri~heartland4.jpg
These are more ethical sources of food?
- eatsushi, on 10/12/2007, -9/+5***** mainstream corporations, the best ideas are already out on the internet. I think it's time small business owners take a stand and make a pitch to foreign investors.
- bishop, on 10/12/2007, -27/+12People need to realize that choices are often not between good and bad but often bad and worse.
Wal-Mart has contributed a tremendous amount to society.
Unfortunately, people only seems to focus on the bad and overlook the tremendous contributions made by such a company...- dogstar0125, on 10/12/2007, -11/+40"Wal-Mart has contributed a tremendous amount to society"? You mean by driving smaller companies out of business? By driving smaller suppliers out of business? By moving all manufacturing off shore? By using child labor? Wal-Mart IS the "worse" scenario. People blame the consumer for making bad (or self-serving) choices, but the reality is that Wal-Mart (and mega-corporations like it) has taken away our right to choose. When is the last time you bought a pair of shoes or a pair of jeans made in America?
- WarPirate, on 10/12/2007, -18/+4Its called capatilism. If that smaller supplier cant offer goods at the price im willing to pay then they lost anyway.
- 7shadesofcrazy, on 10/12/2007, -1/+11Facts? Statistics?
What is the true impact of Wal-Mart on U.S. manufacturing jobs? Is there a net gain for U.S. citizens? Global citizens?
My hypothesis is Wal-Mart did a classic bait-and-switch after Sam Walton died. All the "Buy American" & "Made in the USA" signs went away. They forced suppliers to lower prices which lead to one of two scenarios: lower wages for working class Americans or complete loss of American jobs to much cheaper foreign labor.
What are the laws and regulations for the foreign suppliers? Do you think they are aligned with American values?
The paradox of the entire situation is the people Wal-Mart screws the most, the working class, are it's major supporters. They take the "low prices" gimmick hook, line & sinker. I write more but I'm strapped for time....read more interesting stuff here:
http://bullnotbull.com/archive/dow13k-1.html - VeganG, on 10/12/2007, -0/+10@dogstar0125:
"When is the last time you bought a pair of shoes or a pair of jeans made in America?"
The answer for a lot of people is probably "Never." - dogstar0125, on 10/12/2007, -1/+4Wow, I must be getting old. I remember when Nike and New Balance were made in America. I bought a pair of Allen Edmonds a couple of years ago, and the store clerk told me that they are the last shoe company that still manufactures in America. I guess that's why they're the only American shoe that's still good quality. I have a pair that is 15 years old that I still wear all the time.
- fantasticFlan, on 10/12/2007, -3/+2New Balance are still manufactured in America.
- smackhero, on 10/12/2007, -0/+4@bishop:
do you have any factual information to cite or are you just talking out of your ass because you're a ***** idiot?
many communities (my city and many others around here and LA included) have been fighting to keep Wal-Mart out for a reason. their practices have become well known and well documented. many states have fined Wal-Mart for their unethical practices that hurt not just local businesses, but Wal-Mart employees, all American tax-payers, exploited laborers in other country, and others who have been directly harmed by Wal-Mart's complete lack of ethics.
luckily, many communities have been successful in preventing more Wal-Marts from opening in their cities. we already have one Wal-Mart, but community protest has prevented 2 other Wal-Mart's from bieng opened in our city.
anyone who would like to be more informed on the subject is encouraged to check out the documentary, Wal-Mart: The High Cost of Low Prices.
http://www.walmartmovie.com/ - dorkslayer, on 10/12/2007, -0/+3@fantasticflan, I believe you are mistaken:
http://www.sneakerhead.com/manufacture-nbas.html
New Balance has always proudly manufactured their shoes in the U.S., but in the 1980's the company shifted most of its production to Vietname, Indonesia, Bangladesh, and other international destinations spearking a flurry of controversy in the mid 1990's after a brief filed with the Federal Trade Commission (FTC) disputed the "Made in the USA" labeling standards . The FTC claimed that New Balance acted in bad faith by emblazoning their products with "Made in the USA" labeling when in reality most of the New Balance component production came from overseas. . By the late 1990's, production had shifted to China and New Balance's imports increased more than 36% over the first three quarters of 1997. Finally, a last minute lobby by labor leaders and a bipartisan group of politicians shot down the FTC's attempt to change "Made in the USA" labeling standards.
- bkrishnan, on 10/12/2007, -11/+1"That translates into $180,000 for every man, woman and child in Norway."
“Inevitably, Norwegians feel bad about having all this money,”
I feel very strongly about their pain. Got some spare grands??- jeffiek, on 10/12/2007, -5/+5With a population of 4,610,820 (July 2006 est), it's more like $65K.
- krisdt, on 10/12/2007, -0/+5Remember that the capital city of Norway (Oslo) is the worlds most expencive city:
http://digg.com/world_news/The_Economist_ranks_the_world_s_most_expensive_cities
I think we need that money ourselves... (So we can "give" them to Sweden when we travel there on "Harry-tur" :P) - gnomon, on 10/12/2007, -0/+6"With the spike in oil prices, it has become the biggest public fund in Europe. At the rate it is growing, experts say it will be worth $800 billion to $900 billion in a decade. That translates into $180,000 for every man, woman and child in Norway."
The 180k/person figure was based on the projected value of the pension in a decade, champ. - peccavimus, on 11/09/2007, -2/+1You actually commented on the article, and you got buried? Shame on Diggers. Read before you comment, folks; otherwise, you look like MySpacers. The article is a lot less about Wal-Mart than many of your comments reflect.
Of note in the 2-page article is mention of five categories that form the grounds of possible exclusion from Norwegian government investment:
1. Serious or systematic human rights violations;
(Commenter's Note: Well, hell. The whole world that is publicaly-traded just got knocked out. No worries, though, because as "[a] moral philosopher by training, Mr. Syse,...who runs the fund’s corporate governance department at the Norwegian central bank said, 'We basically own a slice of the world." Nice materialistic, irrational philosophy there, Mr. Syse. ::clap clap:: You own now own at least part of those "serious and sytematic (sic) human rights violations." Wal-mart is the tip of the iceberg in your effort to “to combine professional fund management with an ethical approach,” said Kristin Halvorsen, the Norwegian finance minister." Good luck.)
2. Serious violations of individual rights in war and conflict;
(Commenter's Note: Translation - Minor violations of individual rights OKAY.)
3. Severe environmental damage;
(Commenter's Note: With a notable exception for oil extracting companies. After all, oil-rich countries don't want to call the pipelines black.)
4. Gross corruption; and (Commenter's Note: Translation - Minor Corruption OKAY.)
5. Other serious violations of fundamental ethical norms. (Commenter's Note: Ohhhhh, I love catch-all rules. So fair.)
So, who's left for Norway to invest in? C'mon, guys. Give them some hints. /sarcasm
On a more serious note, the five categories are fell-good mumbo jumbo that seem to be haphazardly applied. The upside is, the Pension Fund made 7.9% last year. Just slightly better than my savings account.
Now get to burying this comment. It has too much to do with the actual article and not enough Mega-Uber-Super-Store Corporation bashing.
P.S. I hate WM, too.
- djstreet, on 10/12/2007, -1/+7Finally someone voting with their feet, or in this case, their money. Now we just gotta get people to stop using banks :P
- manamizer, on 10/12/2007, -0/+2Actually they aren't doing anything. After the initial underwriting the company isn't making money from shareholders, shareholders are making it from the company. Even if Wal-mart were to issue more shares, they will still sell them to other parties and lose nothing. If the billionaires owned companies that were major suppliers to Wal-mart that might affect them in a small way. At most this is a small amount of bad press for Wal-mart, which isn't anything they haven't gotten used to dealing with.
- fight4yourright, on 10/12/2007, -24/+1They can do what ever they want. How did they make their money in the first place.....by hugging everybody?
- NijiDaku, on 10/12/2007, -0/+13Did you read the article? The coast off of Norway is full of oil and gas.
- DBNKR, on 10/12/2007, -2/+18We made'em on oil. 3rd biggest oil exporter in the world, mind you :-)
Wal-Mart is not the only company excluded from the state retirement fund. They dont invest in bomb-makers, grenades, and stuff. Even much debate about excluding national bomb makers. - funkywood, on 10/12/2007, -1/+0I'm guessing you missed the /sarcasm cuz its looks like you needed it
- ieatkoalas, on 10/12/2007, -2/+28Why can't the US have stockpiles of money? Its like the US is actually trying to get deeper into debt while other nations like china with their trillion dollar fund and Norway with their 300 billion stockpile, get wealthier and stronger. Maybe we are too caught up in the middle east to look after ourselves?
- dogstar0125, on 10/12/2007, -2/+15Yep, the U.S. has a national debt that's around $60,000 for every man, woman and child. That's a serious burden to carry. You'd think we would have learned after Vietnam that these wars aren't worth fighting, but every generation we find a new one.
- geekee, on 10/12/2007, -7/+3Because the US doesn't have surplus oil and gas reserves.
- cyberdork, on 10/12/2007, -1/+13"Why can't the US have stockpiles of money?"
Why? Because each year the US is importing goods worth almost $900billion more than the goods it exports!
https://www.cia.gov/cia/publications/factbook/rankorder/2187rank.html - blackjack75, on 10/12/2007, -0/+3"You'd think we would have learned after Vietnam that these wars aren't worth fighting,"
Those for whom it isn't worth already knew before Vietnam. Those for whom it's worth...will definitely come back with an new one. - catbeller, on 10/12/2007, -0/+2Norway nationalized their oil fields, and kicked out the big 4 oil conglomerates. They now keep all the money we give away to billionaires. And they are stinkin' rich now. That's why.
- smackhero, on 10/12/2007, -0/+3because our democracy doesn't work. we're effectively ruled by a plutocracy controlled by corporate interests. these people don't care about the naitonal debt because it's being paid out of the pockets of american tax-payers--primarily the middle and lower class since we don't have a progressive tax system.
it's even better for them since the military industrial complex allows them to essentially funnel tax-payer's money (current and future tax-payers) into their pockets. many corporations like K&B and Halliburton provide logistical support for these wars and bill tax-payers billions of dollars for these "services." incidents like when some investigators found out that Halliburton was charging the federal government for driving EMPTY TRUCKS across the desert demonstrate exactly why we're in iraq right now. and even after these revelations, Halliburton is STILL receiving government contracts?!! oh, and the mainstream media outlets have completely ignored these incidents.
our political system (which the media plays a crucial role in--why freedom of press is protected by the constitution) is completely foobared; it's not even funny. i honestly wish cheney and bush could be tried for treason, but i don't know. maybe all those reactionary conservatives are right, and people like me who wish for true democracy and want reform in government really ought to just mvoe to canada. sometimes reality just frustrates me too much to even think about...
- dogstar0125, on 10/12/2007, -2/+15Yep, the U.S. has a national debt that's around $60,000 for every man, woman and child. That's a serious burden to carry. You'd think we would have learned after Vietnam that these wars aren't worth fighting, but every generation we find a new one.
- thirdoffive, on 10/12/2007, -18/+33Stupid hypocritical Vikings. When they go raping and pillaging all across Europe in the name of Odin that’s just fine. But the second Americans try to prop up Chinese Reds and Arabian autocrats for short term financial gain they’re all like “oh, we can’t invest in that, we want to be able to sleep at night.” Eurotrash.
- dogstar0125, on 10/12/2007, -0/+12I'm not sure if anybody here picked up on the sarcasm.
- thirdoffive, on 10/12/2007, -0/+13Yeah I didn’t want to put one of those “/sarc” tags on the end because it’s pretty anti-climactic and really degrades the humor. It looks like you can’t get away with not using one though…
- AxeSwinger, on 10/12/2007, -2/+6That made my day. I'm just wondering how much cognitive dissonance you caused.
- BarneyF, on 10/12/2007, -9/+3I knew it was sarcasm. Dugg you down because it wasn't funny.
- surgeongg, on 10/12/2007, -1/+6Thank god you were being sarcastic, i acctually thought of giving a serious response because i know there acctually are people that stupid out there.
subtle and nicely done :)
- fight4yourright, on 10/12/2007, -6/+0....so they won't sell to people who don't fit their idea of right and wrong?
- Micherik, on 10/12/2007, -2/+29Proud to be a Norwegian! =D
Norway is a really nice country, but I think more of our money should be used to establish Norway in advanced technology. Off course there are a lot of great Norwegian tech-companies, but we lack an industry that will continue after the fossil fuels are gone.
And, everybody - Move to Lillehammer ;)- Snakashi, on 10/12/2007, -3/+4Norway ftw idd :)
To you guys with no geographical knowledge, just shut up before you look like a fool. - cbmd, on 10/12/2007, -2/+9I agree. I'll probably be moving to Norway (Oslo) in some years (from Sweden) to get a job and to live in your beautiful nature and towns with your beautiful language :)
- Grimsson, on 10/12/2007, -1/+14I'm Icelander..and I'm proud to see our Norwegian brothers make this....
- MrMinit, on 10/12/2007, -3/+5*also norwegian*
We're indeed a very rich country, but we are spending too much money on things which is cheaper in other countries. Gasoline, for instance. $2 per litre!- int19h, on 08/09/2008, -0/+1Gasoline is cheep in Norway compared to income.
- surgeongg, on 10/12/2007, -3/+7Don't be, like me you just happened to grow up in Norway, it's not like you've achieved something. Nationalism kills guys and it's irrational.
I agree on the technology thing btw, building infrastructure and research should be a priority. - bosse, on 10/12/2007, -5/+3I wonder why on earth we Norwegians need to stick out our heads every time there's a story about us coming through the cracks with comments like "I like norway, its very nise with goat cheese and snowmen lolol, we are the best country in the world". We're not. Generally speaking, we're just as ignorant and full of our own ***** as the Americans.
- blackjack75, on 10/12/2007, -0/+4Well I am neither American nor Norwegian. So I'll give my unbiased statement: On the average quite a bit less full of ***** indeed. From my own personal statistics, for what they're worth. Doesn't mean anything for individuals though.
- Snakashi, on 10/12/2007, -3/+4Norway ftw idd :)
- PsychoFreak, on 10/12/2007, -28/+4who cares it is Norway!!!
3 out of 4 people agree that nobody ***** knows where it is and nobody cares
--flame on--- armandgunerio, on 10/12/2007, -6/+1I'm gonna give you credit for this: you made me comment it (mostly because I already had a few beers, but still...) ;)
- hazez, on 10/12/2007, -1/+5There´s almost 5 million Norwegian Americans, nearly 2% of your (I asume) population. Do you have schools to learn you this stuff?
- naz37, on 10/12/2007, -0/+2I agree with hazez, the reason u have no clue where Norway is purely a lack of education. Its not your fault though its common knowledge the American public school curriculum is far behind that of any EU country's.
- Sidzilla, on 10/12/2007, -20/+6Norway is selling oil and getting rich, then passing judgement on others? I guess the fact that the oil they produce is destined to pollute the earth and contribute to global warming puts them on the moral high ground. When will there be some consistency in the liberal agenda? Oil companies were bad, last I checked. Right? ... WTF, Norway. Eat a biscuit and shut the ***** up.
- ieatkoalas, on 10/12/2007, -0/+6Why should they not sell the oil they have? Maybe they are conscious of what their oil does and they are just trying to make up for it.
- surgeongg, on 10/12/2007, -0/+6Who is passing judgment? Do you think Norway is doing this because they're arrogant?
And without the oil our economy would collapse, without wall-mart we're still fine, we make ethical decisions where we can. And as long as there is a demand there will be a supply, the demand is not primarily from Norway... not really relevant since arguing about which country is better or more moral is pointless and really has nothing to do with the decision Norway has made to blacklist wall-mart but i think you should keep that in mind. - krisdt, on 10/12/2007, -1/+5"the oil they produce is destined to pollute the earth and contribute to global warming"
It's not like we're the once using so much oil. We transport things around our country mainly by electrically driven trains, and all the electricity in Norway is produced with renewable energy sources (in the summer at least). But, we use our own oil too. It's just that we don't use it ALL the time for EVERYTHING, like many counties do. - funkywood, on 10/12/2007, -0/+0Err. Its the fat bastards who wastefully consume it that are the problem not the producers. You can't blame Norway for producing oil anymore than you can blame Hersheys for making Americans fat.
- spacey, on 10/12/2007, -0/+18Dear Norway,
If you're invested in Comcast, pull out now.- armandgunerio, on 10/12/2007, -1/+7spacey,
speaking as a Norwegian:
the only thing we Norwegians know about ComCast is what we Google - foamweapons, on 10/12/2007, -0/+5Not just Comcast, pull all your money out from ANY AMERICAN MEDIA COMPANY.
Our media mocks European governments, disparages Norway's support for clean-energy, makes fun of non-insurance based health-care, and calls European opinions on American foreign policy irrelevant. Please, don't give anything to those "mainstream media" bastards.... they are destroying America.
- armandgunerio, on 10/12/2007, -1/+7spacey,
- fight4yourright, on 10/12/2007, -2/+3I think not selling goods and services to people who don't think like you do and don't follow your way of life is good!
- smackhero, on 10/12/2007, -1/+1norwegians aren't investing in unethical companies, therefore, that means they are not investing in anyone who thinks differently!
great hyperbole! your ironclad logic is infallible!
i guess in your world individuality means: hiring sweatshop labor, breaking up unions and exploiting your workers, having no sense of corporate responsibility or ethical standards. oh yea, and actually going against the grain of corporate business standards rather than conforming to moral indifference = conformity?
you're a friggin genius guy. keep up the good work.
- smackhero, on 10/12/2007, -1/+1norwegians aren't investing in unethical companies, therefore, that means they are not investing in anyone who thinks differently!
- mystkdragon, on 10/12/2007, -16/+1No country has a right to deem themselves ethically superior to anyone else. The folks over 'der seem to forget http://www.frontkjemper.com/ or the ethics behind the legal purge that followed WW2.
Should they stop producing oil the next time there is a spill? http://www.aftenposten.no/english/local/article1244390.ece- eManna, on 10/12/2007, -0/+11C'mon you're not serious?? Norway shouldn't attempt to avoid investing in companies that make cluster bombs and mines because there were a few Norwegians that messed up (admittedly really badly) more than 60 years ago?? Kinda funny blaming the whole country for what a few individuals did don't you think?
The Norwegian government might not get it 100% right, but you gotta give them credit for at least trying to do the right thing. - armandgunerio, on 10/12/2007, -1/+9mystkdragon wrote:
"The folks over 'der seem to forget http://www.frontkjemper.com/ or the ethics behind the legal purge that followed WW2."
like there were no nazis in USA at the same time. You were saying? - surgeongg, on 10/12/2007, -1/+12Nobody has deemed themselves ethically superior or anything you retard... Is it so bad that a country tries to have at least some business ethics? I love the human race, whenever someone tries to do something good they are suddenly seen as stuck up. You guys (as in ignorant *****) are holding back civilization.
Oh yes, bringing out frontkjemper.com is relevant, this is not a contest about who's more moral as a people.
Norway depend on that oil, we do not however need to invest in wall-mart.... Why are you making this into something it's not?
What is really ironic is that Americans are in general much more nationalistic, patriotic and stuck up than Norwegians. Norwegians are largely apathetic towards international penis measuring contests.
And before you ask, yes, I'm Norwegian. - bosse, on 10/12/2007, -0/+3The post-war purge with capital punishment on traitors was a terrible part of our history, but at least we learned from it and by law abolished the death penalty altogether, in war as well as peace.
- eManna, on 10/12/2007, -0/+11C'mon you're not serious?? Norway shouldn't attempt to avoid investing in companies that make cluster bombs and mines because there were a few Norwegians that messed up (admittedly really badly) more than 60 years ago?? Kinda funny blaming the whole country for what a few individuals did don't you think?
- qualish, on 10/12/2007, -9/+1Nooo! All $58.02? Damn you, Norway! Damn you all to hell!!
- matthewmok, on 10/12/2007, -0/+4It's their money. They can do with it what they want.
- Tordenflesk, on 10/12/2007, -7/+4*paints face in red, white and blue*
(The NORWEGIAN Red, White and blue that is)- mufasa, on 10/12/2007, -3/+1Tordenflesk fra diskusjon.no regner jeg med ? Thomas_H her =D
- yougene, on 10/12/2007, -10/+0It's called Consciouss Capitalism.
http://flow.zaadz.com/- worbd, on 10/12/2007, -1/+4Spammer. Buried and blocked.
Any way to report spammers?
- worbd, on 10/12/2007, -1/+4Spammer. Buried and blocked.
- jferrari, on 10/12/2007, -8/+2Don't Norwegians club baby seals for fun?
- rationalthinker, on 10/12/2007, -11/+0Hey Norway.... Don't let the capitalist door hit you in the ass on the way out....
- flink405, on 10/12/2007, -7/+3And guess where Norway got all that money?
Selling a product that causes most of the pollution in the world. Oil.
How much of their oil polluting money have they used in research to reduce the world´s dependence on oil?
I am guessing about 00.000001%.
Hypocrites.
---------------
And after you divested your stock in these companies did you give back all the profits you made? I bet not.- surgeongg, on 10/12/2007, -1/+5Norway depends on that oil, they do not however depend on wall-mart, they try to make ethical decisions where they can.
Also, Norway is not the ones creating the demand buddy, how much money has the US or China spent on research to reduce the world's dependence on oil? Didn't think so. It's not like cutting the supply will do us any good, we first have to reduce the demand. - danarama, on 10/12/2007, -1/+2oil also causes a lot of the war in the world but they didn't have to kill their way into oil drilling with private militaries.
- int19h, on 08/09/2008, -0/+2Your guess is wrong. And how do you explain the other nordic countries?
- surgeongg, on 10/12/2007, -1/+5Norway depends on that oil, they do not however depend on wall-mart, they try to make ethical decisions where they can.
- yaosio, on 10/12/2007, -4/+1So the fact that Walmart does not have child labor will not sway them?
- danarama, on 10/12/2007, -0/+3well considering a huge chunk of their inventory is made in third world countries and china they are directly related to it. they are also terrible employers in the us and elsewhere prefering to under pay and make employees find more through government programs. they contribute to the burden of social welfare programs, pollute and destroy local economies.
- foamweapons, on 10/12/2007, -0/+3Recently China made a draft of new labor laws protecting worker rights and allowing the formation of Unions.
"The American Chamber of Commerce - representing Microsoft, Nike, Ford, Dell and others - listed 42 pages of objections. The laws were 'unaffordable' and 'dangerous', they declared. The European Chamber of Commerce backed them up." - http://www.commondreams.org/archive/2007/05/03/936/
Norway should not invest IN ANY company represented by the American Chamber of Commerce. We are way too unethical... keep doing what you're doing Norway.
- rationalthinker, on 10/12/2007, -4/+0The minute they're profits begin to shrink and the shareholders revolt... they're "ethics" will find a strange way of reversing course. hmmm.
- danarama, on 10/12/2007, -1/+3Chavez should take notes.
- sheasie, on 10/12/2007, -1/+1"Kristin Halvorsen, the Norwegian finance minister, said a government investment fund derived from oil exports 'managed to combine professional fund management with an ethical approach.'"
... hmmmm... considering that the Norwegians are among the biggest supporters of the environment, isn't that a little like the mob saying, "funds derived from our extortion ring are 'managed to combine professional fund management with an ethical approach'"?- danarama, on 10/12/2007, -0/+4oil profits arn't in themselves 'bad'. they can easily invest in cleaner techonologies now. there's no question the dependance has to weened not simply cut out of the equation.
- surgeongg, on 10/12/2007, -0/+5Norway is not the ones creating the demand. It's not like cutting the supply will do us any good other than setting us back to the middle ages, we first have to reduce the demand.
thus exporting oil is entirely ethical, and even if it wasn't; Norway depend on that oil, we make ethical decisions where we can.
- kernelman, on 10/12/2007, -4/+1Hi,
Norway is also the largest arms exporter per capita. Pot calling the kettle black :-)
Ref:
http://www.aftenposten.no/english/local/article1200921.ece
According to figures from SIPRI, Norway is the world's biggest arms exporter in relation to its population and the 11th in the world in real terms.- surgeongg, on 10/12/2007, -0/+6Arms export in itself isn't unethical, it all depends who they're exporting to.
And trying to dig up dirt about Norway is pointless, this is not a which-is-the-more-moral-nation penis measuring contest... this is simply about Norway making a single ethical business decision in this particular case...
- surgeongg, on 10/12/2007, -0/+6Arms export in itself isn't unethical, it all depends who they're exporting to.
- qwertydvorak, on 10/12/2007, -4/+1shouldn't they pull their money out of norway also. considering many look at global warming/co2 as an ethical debate. they made that money on oil exports, they are themselves contributing to the problem.
- surgeongg, on 10/12/2007, -0/+1By that logic Norway should pull out of every country since they're all contributing on either the demand or supply. and making an ethical decision in one case doesn't mean you have to make ethical choices in every case, it's not black and white where a nation is totally evil or totally good.
And the problem is the demand, not the supply... without the supply we would be set back 50 years. - yougene, on 10/12/2007, -0/+1This isn't just a purely idealistic decision, it's also pragmatic. Investing ethically doesn't just take away from Wal-Mart and it's likes, it adds to a more ethical future.
- qwertydvorak, on 10/12/2007, -1/+1guess i should have used the /sarcasm tag or speak slower.
large companies will laugh at $300 billion scattered around like a mutual fund. if they were smart, and wanted to make change, buy up one company with that money and bend it to your will. sell it off afterward, and then start again.
that isn't as attractive to them because that takes real work. it is easier to tell someone to do something than it is to do it yourself (profitably). ask al gore about his utility bills sometime.
- surgeongg, on 10/12/2007, -0/+1By that logic Norway should pull out of every country since they're all contributing on either the demand or supply. and making an ethical decision in one case doesn't mean you have to make ethical choices in every case, it's not black and white where a nation is totally evil or totally good.
- theodicean, on 10/12/2007, -3/+0Id probably hit that....wait..she's in charge?? oh yeah I would definately hit it!
- Kajsa, on 10/12/2007, -10/+1What about Norway( and Japan) defying the worldwide ban
on whaling? Ethics?- hazez, on 10/12/2007, -1/+2Kill whales? Kill Iraqis? What has this to do with ethics?
- krisdt, on 10/12/2007, -1/+5Remind me again... Did America sign the Kyoto agreement? hmmmmm... Killing whales or ruining earth... what's best?
- blueire, on 10/12/2007, -1/+9Hero points for the week go to.... NORWAY!
- Gilart80, on 10/12/2007, -5/+0Let's be real. If these "small shops" had something good to offer then Wal Mart would of not been able to put them out of business. Simple economics and Capitalism at work. Small shops can succeed, they just need to niche/specialize. So they had a lock on the community because there was no competition, does that make them a good business?
- HPSauce, on 10/12/2007, -1/+5lol, and to think americans says the same for chinese companies.
The Scandinavian region is quite possibly the best in the world; quality of living is high throughout the country (not just for the richest of the rich); it's a global leader in technology and comms, is well educated (again throughout... unlike some first world countries) with a massive pool of creative entrepreneurs, and the communities are close knit.
It's as close as utopia on earth as they come, at least for the commoner. - mojibyrd, on 10/12/2007, -1/+1Now if the american public would wake up and quit buying those ***** products from wal-china-mart then perhaps some of those jobs may work there way back to america, but that probably is not going to happen as too many are too ***** brain dead to realize that is part of the reason they are losing there jobs in droves to overseas...wake up america
- ultrastooge, on 10/12/2007, -1/+1someone has to have the balls....
- aceg1357, on 10/12/2007, -5/+1They want to stop global warming but their fortune comes from oil!!!!!!!! Uhhhh hypocritical.
This is coming from the same country that capitulated with Hitler and sent their Jews to get exterminated. The same country that wants to stop the moratorium on whaling.- gnomon, on 10/12/2007, -2/+3Norway didn't force anyone else onto the petroleum standard. Also, you do realize that the current generation of Norwegian politicians were not responsible for any actions during World War 2?
As for whaling, that's hardly relevant to this.
- gnomon, on 10/12/2007, -2/+3Norway didn't force anyone else onto the petroleum standard. Also, you do realize that the current generation of Norwegian politicians were not responsible for any actions during World War 2?
- tomis, on 10/12/2007, -0/+2Anyone that says "***** off America" through their actions is alright by me.
Now if only the rest of the world would embargo our asses, then the rest of this country might get more interested in how the people we vote for are ***** the entire planet up. Or, it might lead to America trying to invade the rest of the world. - hoovcluck, on 10/12/2007, -6/+1Norway is pulling their money out of our companies? Their GDP is a little over 200 Billion Dollars.....That's cute... you're neck and neck with Maryland!
And ethics? Norway produces a ton of oil that causes global warming and kills the polar bears.
Am I the only person that is sick of hearing about how Europe is so perfect?- hazez, on 10/12/2007, -1/+05 mill Norwegians in the US is cute?
- dejon, on 10/12/2007, -1/+2I think Norway actually is a perfect country, at least if compare it with the US. But perfect in a sense of trying to be perfect not screw the weaker over. Trying to stop the increasing segregation between rich and poor.
And if someone makes an ass of his/herself in the Norwegian government, they are going down. The US is ruled by a ***** monkey, two terms! Oh, and our media aren't biased in the extreme US-FOX-news-way.
- justinmt7, on 10/12/2007, -2/+3Looks like F-16 replacement parts just got alot more expensive for Norway!
- hazez, on 10/12/2007, -0/+4The possible Joint Strike Fighter deal with Norway (and your comment) clearly shows what the US is all about: Controlling the market. I guess thats a good thing if you´re fascist or a commie.
- krillel, on 10/12/2007, -1/+1@justinmt7 They wont need them as they are replacing the F-16 with the Swedish JAS 39 Gripen ;)
- DieGOPNazis, on 10/12/2007, -0/+0Divestment by Norway isn't going to hurt the U.S. But if China or Japan divests or repatriates, the U.S. financial system will collapse and interest rates will be in double digits to find buyers for the worthless Treasuries we're already selling. It's a good thing China could care less about the environment, labor practices, or any human rights violations.
- nowisee, on 10/12/2007, -1/+1"Wal-Mart was the first company singled out for human rights violations. In its report, Norway alleged evidence of child labor and dismal working conditions at factories owned by Wal-Mart suppliers in Bangladesh, China and elsewhere.
The report cites news articles, legal complaints and findings from labor organizations, much of which Wal-Mart says are inaccurate or outdated. Yet when Norway submitted its report to Wal-Mart last March, the company ignored it.
That was a mistake, Ambassador Whitney said, and Wal-Mart is not disputing him. “It has been a learning experience for us,” Ms. Keck said."
How do you ignore a report like that? Hmm, so Norway wants us to stop using child labor or else they'll sell off $400 million worth of our shares.. ok, lets ignore that and see what they do :P - ithinkican, on 10/12/2007, -0/+3“I’m not sure the Norway government understands the power of being one of the largest investors in the world,” he said.
Oh, I think they do!!! - peccavimus, on 10/12/2007, -2/+0::laughs long and hard at the six Norwegians with 12 accounts a piece on Digg who keep burying all the intelligent comments::
If you actually read the article, make sure to read the buried comments. Most of them are insightful, except for one that is spam.
It'd be nice to have some intelligent discourse on the Norwegian government's approach to investment. I am sure that for those of us who invest, this approach is interesting. I, for one, try to invest in what I deem to be money-making companies with potential for stock growth, with little regard to the morals and/or ethics of the company, unless they are getting investigated by S.E.C. or some such entity.
Can a fund, over the long-term, continue to make a profit if it consistently purges companies that it deems violative of any of its 5 categories of "ethics"? To be ethical itself, should Norway actually investigate companies BEFORE purchasing their stock, instead of afterwards, as they did in the case of Wal-Mart? Surley Norway turned a sizable profit on their sell-off of the WM stock. Should/Could corporations limit the amounts that government funds can invest in them? Just food for thought and intelligent discourse. Any on-subject comments are more than welcome.
To those who failed to read and/or understand the article - The article is NOT:
1. About Wal-Mart. Wal-Mart is merely an example of companies that Norway is refusing to invest in following application of their 5-catergory "ethical" approach to investing.
2. About how nice the country-side, cities, or people of Norway may or may not be.
3. About WWII (Damn, you people were reaching there, weren't you?)
4. About who has the better ethics and/or morals.
5. A lesson in Norwegian grammar and vocabulary. - Hoobahopp, on 10/11/2007, -0/+2This article makes me feel proud to be a Norwegian! It certainly raises some questions on whether you truly can invest without being unethical. A lot of people here in Norway have concerns about the Middle East. But some things you can't avoid, while others you avoid easily. So just like a decent American can go shop somewhere else, IF there are alternative stores, so can Norway. It's just capitalism, and this time Wal-Mart is at the receiving end.
(I personally boycott the German Liedl company that seems have the same attitude.)
Whales are yummy btw. - snakeman01, on 10/10/2007, -0/+0yes they were bragging about it at http://www.norwayattractions.net/. However, rightfully so I suppose.
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