UK BANKS INVEST IN CLUSTER BOMBS

UK Banks Invest in Cluster Bombs
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UK BANKS INVEST IN CLUSTER BOMBS



Written by Sarah Smith
01 Monday 01st June 2009

Barclays, JP Morgan, Goldman Sachs and Citigroup gave $20 billion US dollars in loans to cluster bomb manufacturers this year.

The Convention on Cluster Munitions prohibits the use of cluster bombs as they often fail to explode and lie untouched for years until disturbed. The bombs are brightly coloured and look like toys or Easter eggs that encourage children to play with them.

23 countries have ratified the Convention but 30 ratifications are needed for the Convention to become an international law. And although the Convention on Cluster Munitions does not explicitly prohibit investments financing and investing are obviously active choices to support the production of weapons.

Countries that ratify the convention will be obliged never to use cluster munitions; develop, produce, otherwise acquire, stockpile, retain or transfer to anyone, directly or indirectly, cluster munitions; or assist, encourage or induce anyone to engage in any activity prohibited to a State Party under this Convention.

HSBC, Goldman Sachs, Merril Lynch, Deutsche Bank and JP Morgan provide investment banking services worth US$ 4204.85 million to companies producing cluster munitions.

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