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- - - - - - - - - - - - Oct. 28, 2000 | MADISON, Wis. -- Supporters of Green Party candidate Ralph Nader are angrily lining the streets on the way to a rally for Vice President Al Gore. They hold up Nader signs, looking scornfully at the motorcade that passes by. Lefties like to bash Gore for being a tool of corporate America. More specifically, Gore incurs their wrath because the trust of his mother, Pauline, owns stock in Occidental Petroleum which, according to Nader running mate Winona LaDuke, "is working to exploit oil reserves under U'wa land in Colombia." The U'wa are an indigenous tribe in Colombia, and became the champions of an anti-Gore rally at the Democratic National Convention.
"As I listen to the vice president espouse his views on campaign finance reform, I look at his investment portfolio and have to ask how that might influence public policy," LaDuke has said, slamming Gore erroneously for "own[ing] substantial stock in Occidental Oil Co." If LaDuke is looking for Occidental stockholders to criticize, she might want to look a little closer to home. In the financial disclosure form Nader filed on June 14, the Green Party presidential candidate revealed that he owns between $100,000 and $250,000 worth of shares in the Fidelity Magellan Fund. The fund controls 4,321,400 shares of Occidental Petroleum stock. The Rainforest Action Network -- whose members no doubt include myriad Nader Raiders -- has slammed Fidelity for "investing in genocide," and called for the fund to divest its Occidental holdings. "The Occidental projects are so beyond the pale about what's reasonable and moral in this modern era," says Patrick Reinsborough, grass-roots coordinator for the Rainforest Action Network. Reinsborough says that his group has been primarily targeting Gore and Fidelity Investments in general, Fidelity Magellan being part of the Fidelity Investments mutual funds network, as well as the one with the largest quantity of Occidental stock. "We have called upon Ralph Nader -- as we would call upon any citizen -- to either divest from Fidelity or to participate in shareholder activism," Reinsborough says. "Gore has much more long-standing links to Occidental Petroleum." But even if Fidelity were to divest its holdings in Occidental, it holds shares in so many companies Nader has crusaded against, it's hard to escape the conclusion that Nader's participation in the fund is supremely hypocritical. The fund, for example, owns stock in the Halliburton Company, where George W. Bush's running mate, Dick Cheney, recently worked as president and COO. The fund has investments in supremely un-p.c. clothiers the Gap and the Limited, both of which have been the target of rocks by World Trade Organization protesters, as well as Wal-Mart, the slayer of mom-and-pop stores from coast to coast. Nader spokeswoman Laura Jones says that only the candidate himself can answer questions about his personal investments. Nader could not be reached for comment.
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