Please Note: This action has been discontinued.
Thank you for your support!
Editor's Note: This fax action was discontinued as a result of the terrorist destruction of the World Trade Center Towers which CorpWatch most strongly condemns. Our hearts go out to the 3,500 people who work or worked for Morgan Stanley's individual investor businesses who were based in the World Trade Center complex and to their families.
Private capital flows to developing countries have grown from 31 billion in 1990 to over $200 billion in 2000. By contrast, official development aid from agencies such as the World Bank and Asian Development Bank has stayed at about $50 billion over the past ten years. Because the corporate finance sector has an increasing role in aiding the construction of destructive development projects worldwide, International Rivers Network is actively engaged in advocacy for reforming the practices and policies of such institutions.
The World Bank, traditionally the largest financier of large dam projects, has refrained from extending loans to Three Gorges Dam due to environmental and human rights concerns. US investment banks, such as Morgan Stanley, eyeing lucrative banking fees in emerging markets are quick to pick up where public banks denied financing. Lacking environmental or social criteria to guide what projects they choose to finance, corporate banks will finance destructive projects in developing countries until consumers and shareholders hold them accountable.
Global investment banks must take responsibility for environmental and social impacts for their investment decisions. Morgan Stanley should implement environmental and social policies governing core business operations, including underwriting. Such policies would preclude Morgan Stanley from financing destructive projects in the future, and that future underwriting transactions ensures:
Robust accounting for the use of proceeds;
Disclosure of environmental and social impacts of such transactions.
Because of Morgan Stanleys destructive financing of the Three Gorges Dam in China, the PetroChina pipeline in Tibet, and reckless deforestation of Indonesian rainforests by Asia Pulp and Paper in Indonesia, International Rivers Network and Students for a Free Tibet urge you to demand the bank stop financing destructive projects and boycott Morgan Stanley's Discover credit card and brokerage services until it takes steps to implement environmental and social criteria that will guide its financing decisions.
For an activist packet and resource materials to spread the word in your community, write to firstname.lastname@example.org
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