May 16, 2014 | Koin.com-- PORTLAND, Ore. (KOIN 6) — Small business and union supporters cheered Portland Commissioner Steve Novick’s plan to eventually stop the city from investing in Walmart.
Portland leaders said they are pulling back investments in the retail giant because it’s not a socially responsible company.
Portland currently has about $36 million of taxpayer money invested in Walmart bonds, according to city leaders, making it one of the top ten individual companies the city invests in to make money.
Now, those bonds are coming due and Novick said the city is not going to reinvest in the company because of its controversial business and labor practices. Novick said he does not believe this move sends the wrong message to Walmart, which is spending money in Portland to build new stores.
“It says to Walmart we would like you to change your practices and provide better jobs,” said Novick.
Novick said until now, no one has taken a close look at the social practices of companies the city invest in because those investments have been about the bottom line – making money. READ FULL ARTICLE