Commentary

As Trump Threats Stir Global Arms Race, New Report Details the Nuclear War Profiteers

(COMMON DREAMS) Andrea Germanos, March 8, 2018 — A new report offers a comprehensive look at who’s profiting from the new nuclear arms race.

“If you have been wondering who benefits from Donald Trump’s threats of nuclear war, this report has that answer,” said Beatrice Fihn, executive director of the International Campaign to Abolish Nuclear Weapons (ICAN), winner of the 2017 Nobel Peace Prize.

ICAN, along with Netherlands-based peace group Pax, released the report, entitled “Don’t Bank on the Bomb,” on Wednesday. It shows that 329 financial institutions in 24 countries invested $525 billion into the top 20 companies involved in the production, maintenance, and modernization of nuclear weapons from January 2014 through October 2017.

“When the world is closer to nuclear war than ever, we need to make sure that no one should profit from this terror.”
—Beatrice Fihn, ICAN
The good news is that the number of investors marks 30 fewer institutions than in last year’s report. Yet despite the shorter list, the institutions are investing about $81 billion more in these companies that make weapons of mass destruction. The increased funds, added with the fact that the nuclear-armed states are “modernizing” their arsenals as well as bellicose rhetoric from world leaders like Trump, make clear the need for the global public to campaign for divestment, the groups argue.

The report’s “Hall of Shame” shows the top 10 financial institutions with the biggest investments in nuclear weapons manufacturing—all U.S. firms—are: BlackRock, Capital Group, Vanguard, State Street, JPMorgan Chase, Bank of America, Citigroup, Evercore, Wells Fargo, and Goldman Sachs.

These institutions accounted for nearly half ($253 billion) of the total investments made.

via As Trump Threats Stir Global Arms Race, New Report Details the Nuclear War Profiteers.