CT Israel Exposure Rising Swiftly
Blood Money
It's up from $85 million in 2021. Most notoriously the CT Treasurer has over a million dollars invested in Elbit, Israel's biggest weapons-maker.
Sell off Israeli Investments
PROPOSED LEGISLATION TO BE INTRODUCED IN THE
2025 LEGISLATIVE SESSION
AN ACT CONCERNING THE STATE INVESTMENT POLICY IN RELATION TO ISRAEL.
The state treasurer shall review the invested assets of all state funds to ensure that no such assets are invested in: (1) Any financial institution making loans to the State of Israel, a national corporation of the State of Israel or a subsidiary or affiliate of a United States company operating in the State of Israel or (2) any stock or obligations of any company doing business in or with the State of Israel or (3) any bonds issued by the State of Israel.
On or after the effective date of this act no such assets shall be invested in any such institution or any such stock or obligations or any such bonds and any such assets so invested on said date shall be disinvested within a reasonable period as determined by the state treasurer.
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Background: The government of Israel is committing the international crime of apartheid, and the International Court of Justice has ruled that Israel is "plausible" committing the crime of genocide and has issued provisional orders to Israel to take measures to avoid that crime. Connecticut has a history of disinvestment in countries where governments are committing grave acts of injustice (South Africa, Northern Ireland, Sudan, Russia). The pension funds, made up mostly of public employee monies, should not be invested to further or profit off crimes of the Israeli government.
Connecticut Campaign 2023
A number of groups and persons are making a new attempt to get the state of CT to dump its now $107,000,000 investments in Israel. A key person to reach is the state Treasurer Erick Russell who manages the huge amounts of teacher and state employee pension money that gets invested. Email him at state.treasurer@ct.gov No need for a long letter. Just make it sharp and to the point and send it. Please send a copy to mail@thestruggle.org so we can know how many letters were sent.
Here are some short letters you might use as models or to give you ideas for the letters:
letter 1
Erick Russell
Treasurer, State of Connecticut
Via email
date of the letter, 2023
Dear Treasurer Erick Russell:
You no doubt know that the Israeli government has grown ever more extreme and racist, especially after the Israeli election of November 2022. On February 26 of this year its soldiers allowed a mob of at least 400 to ravage the town of Huwara on the West Bank, burning over 100 cars and homes. The Israeli Finance Minister, Bezalel Smotrich, who is also in charge of the Civil Administration of the West Bank, called for Huwara to be “wiped out” and that the “state of Israel should do it”. Despite this call for a massacre or genocide he remains a government minister and has not even been criticized by Israeli Prime Minister Netanyahu.
Smotrich is in fact Israel’s Finance Minister. Smotrich has been condemned by 120 mainstream American Jewish leaders and in a lead editorial in the Israeli paper Haaretzwhich calls him a “war criminal”. Yet, the problem with investments in Israel goes far beyond Smotrich. Israel has been recognized as practicing the international crime of apartheid by Amnesty International, Human Rights Watch and by 27 Israeli organizations. Our state has no business sending money to foster this kind of racist crime, no matter how much money is earned by the investments.
Will you end the Connecticut Treasury help for Israeli apartheid? Will you sell of pension fund investments in Israel?
Sincerely,
Name
Address
letter 2
Erick Russell
Treasurer, State of Connecticut
Via email
date of the letter, 2023
Dear Treasurer Erick Russell:
As a teacher (state employee) part of my deferred pay is held in the Treasury. I understand that $107 million in Connecticut pension funds were invested in Israel including Israeli companies and State of Israel Bonds.
I find that deeply offensive. I’ve seen the awful record of the Israeli government in treating its Palestinian citizens and its Palestinian non-citizens. Jewish citizens are favored and that’s done in law, the “Nation State Law”. It’s deeply discriminatory and enforced with enormous violence. That’s apartheid. It’s wrong and it’s illegal.
In May 2022 Israeli soldiers assassinated well-known Palestinian reporter Shireen Abu Akleh. Earlier that year soldiers stopped an American citizen of Palestinian birth, Omar Abdulmajeed Asaad, bound him and when he was unresponsive left him to die.
I don’t want a penny of my pension money invested in Israeli apartheid. I don’t want to hear a word about how much money those investments are making. Will you stop investing in Israel?
Sincerely,
Name
Address
letter 3
Erick Russell
Treasurer, State of Connecticut
date of letter, 2023
Dear Treasurer Erick Russell:
Would you invest in Russia as it invades Ukraine? Would you invest in apartheid South Africa? Do you agree that it’s wrong to invest in countries with cruel human rights records or those that take part in wars of aggression even if you’re sure you can make high returns?
It’s blood money and I hope to think you’d yank any investments under those circumstances.
Well Israel is in that category, cruel towards Palestinians, taking their land and making their life a living hell.
Will you stop investing Connecticut Treasury money in Israel?
Name
Address
letter 4
Erick Russell
Treasurer, State of Connecticut
date of letter, 2023
Dear Treasurer Erick Russell:
On June 6 three-year-old Mohammad Haitham Tamimi was buried in Nabi Saleh on the West Bank. Israeli soldiers shot the child and his father in another of their raids and actions against Palestinians. Last year they murdered a famous Palestinian journalist Shireen abu-Akleh who is also an American citizen. No soldier or commander was punished.
How can you in good conscience invest $100 million of pension money in Israel. I understand some of that money is invested in Elbit Israel's biggest weapons manufacturer. I appeal to you to sell off all those investments!
Name
Address
Another way to write a letter to Erick Russell is through the "Action Network". Click on this link, enter your name and address and you'll be taken to a page with a model letter which you can just send off or modify and then send.
Tweeting Treasurer Erick Russell
Connecticut's Treasurer tweets @TreasRussell
Some tweets to retweet to him:
https://twitter.com/PEPeace/status/1636179132806569984
https://twitter.com/PEPeace/status/1636177008106381312
Make your own
example:
Sell off investments in Israel @TreasRussell @GovNedLamont Don't profit from oppression of Palestinians #NoApartheidInvestments
Some hashtags to use #SellOffIsraelBonds #BreakTheBondsOfOppression
#NoApartheidInvestments
Save and use some of the pictures below in your tweet if you like.
Trade Unions and Palestine
In 2022 the State of CT has $107 million of Pension $$ in Israel Investments
AFL-CIO, Imperialism, Zionism and The Palestinians - Nov. 2021 panel
Canadian Unions that Support BDS
In 2021 the State of CT has $85 million of Pension $$ in Israel investments
Union Support for Palestinian Rights Could be a Game Changer
Machinists report: CT AFL-CIO Resolution Calls for BDS to Pressure Israel - passed 10/29/2015. See resolution (pdf))
Connecticut Union Leaders Visit Palestine-Israel Sept 2015(pdf))
UAW Grad Students Local Votes for BDS in Landslide
How Easy it Was to Get the AFT to Say How Much it Owned
300 Unionists Say Stop the Attack on Gaza (2104)
Little Known Fact: In 1985 the AFL-CIO Considered Breaking Ties with Israel
Arab Auto Workers Strike, Outraged over UAW Israel Bond Purchases - True U.S. Labor History
Palestinian Labor Leader Speaks at CT AFL-CIO Convention
Why We Picketed NY AFL-CIO Pres Hughes
Shameful 2007 Statement by U.S. Union Chiefs on Palestine
Dump Israel Bonds Banner
Labor Council Calls on CT Treasurer to Dump Bonds
After Gaza Massacre CT Treasurer Increases Stash of Israel Bonds
Washing Away Labor's War Stain - Dumping $25,000 of Nasty Bonds
CT AFL-CIO Cleanses Itself of Bonds
Palestinian Trade Union Movement Unanimously Confirms Support for BDS
Israeli Histadrut Union Ignores $2 Billion Ripoff
New Haven Central Labor Council Calls for Sell-Off of Bonds (2009)
AFT Has $300,000 in Tainted Bonds
Over 50 Call for CT AFL-CIO to Sell its Israel Bonds (2009)
Union Members Scorn Trumka Over Anti-BDS Statement (2009)
Palestinian Civil Society BDS Call 2005
Unions Owning Israel Bonds 1986
CT Investments in Apartheid
State of Connecticut Total Exposures to Israel $85 million in 2021
We sought an update on the amount of money Connecticut invests in Israel, Israel Bonds, bonds in Israeli companies, stocks of Israeli companies and Israeli currency. We wrote to the Connecticut Treasurer's office in late May. You can see by the emails below from Christine Shaw the Assistant Treasurer for Corporate Governance & Sustainable Investment on June 15 and June 25 that the total holdings by the CT Pension fund is a bit over $85 million.
Shaw, Christine To:
Stanley Heller
Cc:
Meier, Steven
Moody, Suzanne
Tue, Jun 15 at 12:19 PM
Good afternoon, Mr. Heller.
On behalf of State Treasurer Shawn Wooden and the Office of the Connecticut Treasurer, I am writing in response to your e-mail of May 24, 2021 concerning the Connecticut Retirement Plans and Trust Funds’ (CRPTF) holdings of bonds issued by the State of Israel, as well as its investments in Israeli companies.
With respect to the CRPTF’s holdings of bonds issued by the State of Israel, as well as its investments in Israeli companies, as of May 27, 2021, the total exposure to Israel – which includes both stocks and bonds -- was approximately $47.3 million. This represents a de minimis exposure of roughly .11% of the State’s $43.3 billion pension funds. Of the $47.3 million, approximately $25.6 million was held in Israeli securities within our developed international stock fund. The remaining $21.7 million reflects the value of our holdings in diversified Israeli bonds -- and includes $1.7 million of Israel State Aid debentures which are backed by the U.S. Government. The bond maturity dates vary drastically with some maturing next year and others maturing into the next decade.
I hope that this is responsive to your request. Please advise if you have any further questions.
Sincerely,
Christine
Christine Shaw, JD, MBA
Assistant Treasurer for Corporate Governance & Sustainable Investment
^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^
Fri, Jun 25 at 12:19 PM
Good afternoon, Mr. Heller. Please pardon the delayed response as we gathered the additional information you requested.
Attached you will find a spreadsheet which breaks out the Connecticut Retirement Plans and Trust Funds' total exposures to Israel under the categories of equities, fixed income and cash, with a total market value as of June 23, 2021 standing at $85.17 million. This figure is higher than what I shared with you last month, given that we've listed all holdings of companies that may be either headquartered or domiciled in Israel. We've also added information about our exposures to Israeli shekels.
I hope that this is responsive to your request. Please feel free to contact me should you have any questions.
Regards,
Christine
Christine Shaw, JD, MBA
Assistant Treasurer for Corporate Governance & Sustainable Investment
from Stanley Heller
Wondering about the amount of Israeli shekels held and the names of the companies Connecticut is investing in. Some companies are directly tied into some pretty bad human rights violations.
Am using this for an article, want to be accurate.
On Tuesday, June 15, 2021, 02:55:21 PM EDT, Stanley Heller wrote:
Thank you. In 2017 your office gave us a more detailed accounting. See attached. Could we get those details again? And do we still hold Israeli currency (shekels)? In 2017 your office reported it amounted to $36 million.
Sincerely,
Stanley