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July 27, 2007 06:10 PM UTC
14 Comments
the Iranians want to come and drill at the Roan Plateau. Come on over !
Just make sure the rigs are made in ‘merica.
Actually PERA could divest from foreign companies which have American subsidiaries or even those listed on the NYSE through ADRs, no?
An American Depository Receipt (ADR) is a certificate that represents shares in a foreign company stock that is traded on an exchange in the US. I guess that way you technically don’t own the foreign stock, but seems like a small distinction to me because it’s still backed by the foreign companys’ stock. Anyway, after yesterday I don’t want to think about the stock market for a few more days…
And technically you do own foriegn stock. You just own it through a conduit.
The comment just didn’t make any sene to me.
PERA has a target allocation of 15% international equity that can be bought directly or indirectly (ADRs).
I was just trying to clarify MOR’s point.
If the point is to block the purchase of all chinese equity because of Darfur or companies that do business with sudan or something else.
I guess I didn’t understand it either. I think he was saying if you own ADR’s you don’t technically own the stock, and that would satisfy being divested in any company that did bus with Sudan, China, whatever. Honestly I don’t know if that is right or wrong, but if you say you technically still own the stock then it dosen’t make a difference then.
American businesses and individuals are restricted from doing business with various embargoed countries, including Iran and Sudan. However, those restrictions do not apply to foreign-based companies which, as a previous commenter noted, may be traded in American markets via ADRs or whatnot.
Problem is most international companies in the world do business with Iran. If you couldn’t do business with a company that did business with Iran, you basically couldn’t invest in foriegn stocks.
Far fewer international companies do business with Sudan so it wouldn’t be as onerous.
The point I think Andrew is trying to make is that China has incredible influence over Sudan and they have a moral responsibility to use that influence to prevent genocide if they want to be taken seriously as a responsible modern nation with a role on the international stage.
Threatening china is usually a losing game.
But given the federal laws which already prevented most investment in Sudan, and noting the exception for these ADR investments (I’m no broker, so bear with me), how much did PERA actually have to divest?
If it was nothing or only a token amount, his measure seems as symbolic and the GOP proposal on Iranian investments. Maybe he’ll do more good talking to the Chinese?
Has Romanoff or McNulty or Penry divested? Or even asked their constituents to divest? Or are they just waiting for these profitable stocks to come on the market? Funny that the only entity that will be banned from owning these stocks is PERA.
Playing the divestment game is like playing “Six Degrees of Separation”. You’d have to ban every single stock from public trading. US has already banned companies from direct business dealings with Sudan and Iran.