26th November 2009
SMASH EDO LAUNCHES ANTI-BARCLAYS CAMPAIGN
Saturday
28th November sees the launch of a campaign against Barclays Bank for
their role in the financial dealings of US arms corporation ITT, owner
of EDO MBM. Barclays is the market maker on the New York Stock Exchange
for ITT (see notes). Barclays is instrumental in creating vast profit for
both ITT and its shareholders, profit that encourages the unbounded growth
of the arms industry. Alongside its services for ITT, Barclays is the
single largest UK investor in the arms trade, with a total investment of
£7.3 billion in 2008.
The Target Barclays campaign will be launched in Brighton on Saturday with
a demonstration and infostall outside the North Street branch at 11am.
(Pictures will be available on request).
Chloe
Marsh, press spokesperson for Smash EDO 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 campaign aims to widen awareness of the fact that any consumer
may be unwittingly funding death, destruction and the suffering of
civilians.”
The campaign against Barclays calls for all those who would not personally
fund or condone the civilian massacres in Iraq, Afghanistan, Gaza, Somalia
and elsewhere, to immediately withdraw their savings and assets from
Barclays. Smash EDO will campaign against Barclays until they stop
providing market maker services for ITT.
Notes for Journalists
EDO MBM, based in Moulsecoomb, is a weapons manufacturer owned by the American multi-national ITT. They make weapon components for the Paveway guided bomb programme, which was the most used aerial weapon in the attack on Iraq. They also own the patents of the Zero Retention Force Arming Unit and the Ejector Release Unit ERU 151, both essential components for the F16 aircraft’s VER-2 bomb rack, used by the Israeli Air Force against civilians in Gaza.
Since 2004 there has been a growing campaign against EDO MBM in Brighton. Campaigners have used diverse tactics to highlight and resist this murderous business in our city. There have been blockades, rooftop occupations, street theatre and hundreds of noise demos outside the factory. Thousands of people have also taken to the streets against them during nationally advertised events.
As ITT’s market maker, Barclay’s acts as a ‘middle man’, purchasing shares
from a seller and holding them until such a time as a buyer becomes
available. This ensures the stability of ITT’s share price by allowing
shareholders to sell off their assets at any time, even when a a buyer is
not immediately available, and vice versa.
Barclay’s also profits from this enterprise, by selling ITT’s shares at a
small markup, which nevertheless generates a considerable income when
spread across large sales.
For more information on Barclay's arms trade investments, see War on
Want's Report – Banking on Bloodshed - http://www.waronwant.org/attachments/Banking%20on%20Bloodshed.pdf.
Contact: Andrew Beckett or Chloe Marsh, Smash EDO campaign
Tel: 07754135290 E-mail: smashedopress@riseup.net Website: www.smashedo.org.uk