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Copyleft - Information for direct action - Published weekly in Brighton since 1994

Home | Friday 27th November 2009 | Issue 701

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YOU CAN BANK ON ITT

Smash EDO is launching its campaign against the arms trade’s number one UK financial backer Barclays Bank this Saturday (26th).

Target Barclays
Not only did Barclays invest £7.3 billion pounds in the arms trade last year, they also act as a ‘market maker’ for ITT, EDO MBM’s parent company. This involves Barclays acting as a ‘middle man’ in ITT’s share dealings by purchasing shares then holding them until a buyer becomes available. This ensures the stability of ITT share price by allowing shareholders to sell at any time, even when a buyer isn’t available. The eagle-eyed bankers then sell the shares at a small mark-up, generating juicy profits when spread across a large volume of sales.

Smash EDO spokesperson Chloe Marsh said, “Arms dealers like EDO MBM/ITT do not operate alone, they need organisations like Barclays. Every stage of the arms trade is made possible by a network of complicit corporations and financial institutions. Barclays have blood on their hands.”

The Target Barclays campaign will be launched in Brighton with a demonstration and info stall outside the North Street branch at 11am.

See smashedo.org.uk

Keywords: arms trade, direct action, smash edo, target barclays


 

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