[stop-imf] Alert: Support World Bank Bond Boycott at TIAA-CREF

[Robert Weissman]

For more information on the World Bank Bond Boycott, see
http://www.worldbankboycott.org

TAKE ACTION: Demand that the nation's largest pension fund boycott World

Bank Bonds!

TIAA-CREF, the country's largest pension fund and holder of $5 million
in
World Bank bonds, held its annual meeting yesterday, November 13, and
was
confronted with protesters demanding that it invest its money
responsibly.  TIAA-CREF also invests in Unocal, Nike, BP and
Philip-Morris,
among others.  The protest brought together activists concerned with a
wide
range of issues, including human rights in Tibet and Burma, sweatshop
labor, and deadly tobacco products.  While about 40 demonstrators stood
outside the meeting holding signs, others were able to go into the
meeting
undercover.  Dennis Brutus, a renowned South African anti-aparthaid
activist, shocked the trustees when he criticized CREF's investment
policies, while activists around the room who had snuck in held up signs

for the different causes.  The event was a wonderful success.  In order
to
keep the pressure on TIAA-CREF, we are asking people to write letters to

the CEO and Chief Investment Officer demanding that the fund adopt a
policy
to boycott World Bank Bonds.  In doing so they will be joining the
growing
international effort of the World Bank Bonds Boycott.

We need to show TIAA-CREF that World Bank bonds are NOT socially
responsible.  Hundreds of letters, emails and phone calls, along with
the
protest, will have a huge impact on TIAA-CREF, and could lead to a huge
victory for the World Bank Bonds Boycott.   Please take a minute to send
or
fax these letters.  We especially urge those of you who are TIAA-CREF
members to write and specify this in your letters.

Below this is a sample letter to John Biggs and Martin Leibowitz (CEO
and
CIO) asking them to adopt a policy not to buy World Bank
Bonds.  Additionally, you can call, write or fax them at:

John Biggs:
Fax: 1-212-916-6231
Email: jbiggs@tiaa-cref.org

  Martin Leibowitz, Chief Investment Officer
Fax: 1-212-916-5385
Email: mleibowitz@tiaa-cref.org

Call-in Number: 1-800-TIA-CREF


John H. Biggs, Chairman, CEO and President
Martin Leibowitz, Chief Investment Officer
TIAA-CREF
730 3rd Ave.,
New York, NY 10017


Dear Mr. Biggs and Mr. Leibowitz:

I write to you [OPTION: AS A TIAA-CREF MEMBER] to request that TIAA-CREF

adopt a policy against investing in bonds issued by the World Bank (the
International Bank for Reconstruction and Development, or IBRD), and
instead invest in bonds that promote social good.

I understand that in your Bond Market Account you have approximately $5
million in IBRD bonds.  I urge you to adopt a policy against investing
in
World Bank bonds as part of a growing global effort, the World Bank
Bonds
Boycott, which mobilizes institutional investors to commit not to invest
in
World Bank bonds until the Bank reforms its policies.

The World Bank is one of the most powerful financial institutions in the

world.  People in the global South (the so-called "Third World")
struggle
every day with programs imposed upon them by the World Bank.  These
programs limit poor peoples' access to health care, clean water, and
education. The UN has estimated that 19,000 children die every day from
preventable diseases because of the international debt burden.  Much of
this debt is owed to the World Bank, which refuses to cancel these debts

and thus free up funds for health care, education, AIDS treatment and
prevention, and other social services.

The World Bank Bonds Boycott campaign was launched in April 2000 at the
initiative of representatives of social justice and environmental
organizations from 35 countries.  The campaign works to achieve changes
at
the World Bank through political and economic pressure.  The World Bank
(International Bank for Reconstruction and Development) raises roughly
$20
billion on the bond market every year.

Many of the largest socially responsible investment firms in the US --
including Calvert Group, Citizens Funds, Harrington Investments,
Progressive Assets Management, Trillium Assets Management, Pax World
Fund
Family, and Parnasssus Investments-- have already committed not to
invest
in World Bank bonds. Indeed, screening against purchasing World Bank
bonds
has become standard practice among socially conscious investors.  Five
U.S.
cities, thirteen unions, and nine religious groups and Catholic
communities
have also committed not to purchase World Bank bonds. Students on dozens
of
campuses across the U.S and Canada are working to get their universities
to
sign on.  The effort is already causing the World Bank to feel direct
political and financial pressure to change its policies.

Even if TIAA-CREF does not feel compelled to adopt a policy against
buying
World Bank bonds for the reasons listed above, I would urge you to do so

for purely financial reasons.  As the boycott of World Bank bonds grows,

the campaign is putting pressure on the Bank's AAA rating.  Unless the
Bank
responds to the demands of global civil society, this boycott will drive

down that rating and World Bank bonds will be a risky security for
TIAA-CREF to hold. Moreover, research has shown that investment in
securities which are not socially responsible could be harmful to
financial
returns.

I encourage you instead to look into investing positively in bonds which

promote social good. Thank you for considering my request, and I look
forward to receiving your response.


Sincerely,


XXXXXXX