26th November 2009
THREE STOREYS TALL CUTOUT IN CITY CENTRE CONDEMNS BARCLAYS ARMS TRADE
(immediate photo opportunity)
6”
lettering spanning three floors and spelling “BARCLAYS - £7bn IN ARMS
TRADE” appeared above the bank’s branch on Market Square in Cambridge
during the night of Friday 27th November. The letters were cut out of
the white sheeting surrounding the building while it is renovated.
The
action was in response to the bank recently becoming 'market maker' of
ITT Corporation, owner of weapons manufacturer EDO MBM. (1) This
operation brings Barclays investments in the arms trade to £7.3bn and
makes it the largest arms investor in the UK. A 'Target Barclays'
campaign has been called by Smash EDO. (2)
EDO's military
products include bomb racks, release clips and arming mechanisms for
warplanes. EDO's components are used by the US and UK in Iraq,
Afghanistan, and Israel in Palestine. They have contracts with the UK
Ministry of Defence and US arms giant Raytheon for release mechanisms
of the Paveway bomb system. (3)
Dan Holliday who took part in
the action said, “Most high street banks have significant investments
in the arms trade, but Barclays is the worst offender by far.
"There
are numerous Barclays branches in Cambridge city centre, and consumers
just aren’t aware how their money can contribute to warfare and the
deaths of civilians. The bank account you choose should depend on more
than just the interest rate.”
Smash EDO press contacts: Andrew Beckett or Chloe Marsh on 07754135290 or email smashedopress@riseup.net
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.
(1)
As ITT’s market maker, Barclays 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.
ITT Corporation own EDO MBM/ITT in Brighton.
(2) 
http://www.smashedo.org.uk/target-barclays.html
(3) 'Banking on Bloodshed', report by War on Want http://www.waronwant.org/attachments/Banking%20on%20Bloodshed.pdf
Retrieved from http://www.cambridgeaction.net/index.php?title=BarclaysPictures
Contact: Andrew Beckett or Chloe Marsh, Smash EDO campaign
Tel: 07754135290 E-mail: smashedopress@riseup.net Website: www.smashedo.org.uk