Effort To Divest From Sudan Picks Up Steam
Father Paul Spellman knows money talks.
So when he found out his retirement funds could be contributing to bloodshed in Sudan, he decided to target Fidelity Investments, which manages the retirement plan for the 350 priests in the Archdiocese of Los Angeles
Fidelity is one of the leading U.S. shareholders in PetroChina Co., part of a company involved in one of Sudan's largest oil projects.
Oil revenues fund Sudan's military, accused of arming militias whose four-year battle against rebels has killed more than 200,000 people and left millions homeless.
Spellman's actions worked. Although the church council hasn't completely severed its ties with Fidelity, they have advised priests to switch to Fidelity funds without Sudan-invested companies.
It's a start - and we'll take it. Next step, complete divestment and getting rid of Cardinal Roger Mahoney. Read why here.