topic Re: Australian Banks Fund 3rd World Exploitation in Community Spirit

Australian Banks Fund 3rd World Exploitation

icyfroth — Mon, 28 Apr 2014 09:50:18 GMT

Australia’s biggest banking institutions have provided financial support to companies involved in illegal logging, forced evictions and child labour, according to a new report from Oxfam Australia.

A new report released on Monday says ANZ, Westpac, National Australia Bank and the Commonwealth Bank have invested in a range of countries across the Asia Pacific that had been involved in land grabs that left locals homeless.

“From PNG and Cambodia to Indonesia and Brazil, our banks have backed companies accused of forcing people from their land,” said Oxfam Australia’s chief executive, Dr Helen Szoke.

“This involvement has also resulted in billions of dollars of exposure for everyday Australians who have their money in accounts with these banks, or who own bank shares directly or through their superannuation funds.”

According to the report, ANZ Bank provided financial support for a sugar plantation involving child labour and forced evictions, and Westpac is supporting a timber company logging rainforest in Papua New Guinea.

NAB funds a palm oil company, Wilmar, which has been linked to land grabs in Indonesia and Malaysia, and the Commonwealth Bank has invested in an agricultural business which operates a Brazilian sugar mill that is accused of evicting indigenous communities from their land.

“The banks need to say which companies they’re investing in, and where those companies have pushed people off the land, to work with those companies to change their practices and provide compensation to communities,” Szoke said.

Re: Australian Banks Fund 3rd World Exploitation

debra9275 — Mon, 28 Apr 2014 09:51:56 GMT

Just watching about that on ABC now Icy

Shocking!!!

Re: Australian Banks Fund 3rd World Exploitation

icyfroth — Mon, 28 Apr 2014 09:56:40 GMT

It's disgusting and corrupt, Deb.

I don't keep my savings in any of the big 4.

Re: Australian Banks Fund 3rd World Exploitation

lakeland27 — Mon, 28 Apr 2014 10:00:55 GMT

business as usual. these guys verge on untouchable. at best we'll see a large fine they can afford to pay easily.

Re: Australian Banks Fund 3rd World Exploitation

monman12 — Mon, 28 Apr 2014 10:28:46 GMT

" business as usual. these guys verge on untouchable. at best we'll see a large fine they can afford to pay easily."
Fine? for what exactly LL?

An OECD report, The Joint Evaluation of Emergency Operations in Rwanda, which stated that its team "came across examples of Agencies telling, if not falsehoods, then certainly half-truths" and noted "a remarkable lack of attempts by agencies to seek the views of beneficiaries on the assistance being provided".[43] In this climate, Oxfam has faced a number of criticisms, some specific to the organization itself, others relating to problems said to be endemic to NGO aid agencies.

Oxfam Great Britain was strongly criticised by other NGOs for becoming too close to Tony Blair's New Labour government in the UK.

In October 2011, complaints by a member of the public regarding Oxfam's campaign for a financial transaction tax resulted in Oxfam seeking an injunction to ban a pensioner, Barry Nowlan, from one of its shops.

the magazine New Internationalist described Oxfam as a "Big International Non-Government Organisation (BINGO)", having a corporate-style, undemocratic internal structure, and addressing the symptoms rather than the causes of international poverty

That is the Oxfam which we are supposed to respect?.
Not I.

nɥºɾ

Re: Australian Banks Fund 3rd World Exploitation

kopenhagen5 — Mon, 28 Apr 2014 11:28:15 GMT

I would like to see that bully of a business man involved in banks, hotels etc. ousted.

Apparently he is known for having his bodyguards stand over and threaten in business dealings.

His sort shouldn't be able to reach such heights in this day and age.

Re: Australian Banks Fund 3rd World Exploitation

icyfroth — Mon, 28 Apr 2014 11:33:48 GMT

@monman12 wrote:
" business as usual. these guys verge on untouchable. at best we'll see a large fine they can afford to pay easily."
Fine? for what exactly LL?

An OECD report, The Joint Evaluation of Emergency Operations in Rwanda, which stated that its team "came across examples of Agencies telling, if not falsehoods, then certainly half-truths" and noted "a remarkable lack of attempts by agencies to seek the views of beneficiaries on the assistance being provided".[43] In this climate, Oxfam has faced a number of criticisms, some specific to the organization itself, others relating to problems said to be endemic to NGO aid agencies.

Oxfam Great Britain was strongly criticised by other NGOs for becoming too close to Tony Blair's New Labour government in the UK.

In October 2011, complaints by a member of the public regarding Oxfam's campaign for a financial transaction tax resulted in Oxfam seeking an injunction to ban a pensioner, Barry Nowlan, from one of its shops.

the magazine New Internationalist described Oxfam as a "Big International Non-Government Organisation (BINGO)", having a corporate-style, undemocratic internal structure, and addressing the symptoms rather than the causes of international poverty

That is the Oxfam which we are supposed to respect?.
Not I.

nɥºɾ

Fine. So Oxfam are no better than the multinationals and the financiers. We kind of knew that.

Doesn't mean we should countenance our banks financing the exploitation, land grabbing and displacement of populations both human and animal for the sake of their profit!

Re: Australian Banks Fund 3rd World Exploitation

fourandsixpants — Mon, 28 Apr 2014 17:27:26 GMT

Don't mind me asking Icy....but if you don't keep your $'s in any of the big 4 I guess you keep your millions under your mattress, or in a biscuit tin buried in the veggie patch....or you just keep your money in one of the smaller banks?......size of the institution would not matter. I can't imagine any banking institution refusing to finance a project where there is a lot of money to be made.

Re: Australian Banks Fund 3rd World Exploitation

icyfroth — Mon, 28 Apr 2014 20:54:45 GMT

Yes you're probably right, paints. That's why I keep my money in the freezer in a large block of ice. lol.

Re: Australian Banks Fund 3rd World Exploitation

serendipityricho — Mon, 28 Apr 2014 21:20:35 GMT

Frozen assets Icy..........................................................................Richo.

Re: Australian Banks Fund 3rd World Exploitation

icyfroth — Mon, 28 Apr 2014 23:32:00 GMT

Governments should insist that investors provide the locals they force off the land with alternate accommodation, education and industry, and have clean up operation funds set into place before they turn the first clod of earth on their new acquisition.

Re: Australian Banks Fund 3rd World Exploitation

icyfroth — Mon, 28 Apr 2014 23:35:11 GMT

@serendipityricho wrote:
Frozen assets Icy..........................................................................Richo.

Give you a chance to think your purchase over while they thaw out, Richo 🙂