Friday, August 04, 2006

For Flip sake

Fortune International -- Imagine this for a government conundrum: revenues so high it's hard to know how to spend them. No wonder Norway, flush from oil exports, is picky about where it invests its $236 billion government pension fund - the third largest on the planet.

In June it divested about $430 million worth of shares from Wal-Mart Stores (Charts) and Freeport-McMoRan Copper & Gold (Charts), after savaging Wal-Mart for "serious and systematic" labor violations in several countries and Freeport for dumping copper tailings in a New Guinea river.

In fairness if you are going to not invest in Freeport because of environmental concerns how about stop whaling first.

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