Friday, October 30, 2009

Banksters part of noxious war-profiteering complex, according to report

(Reuters) -- Leading banks have funded arms manufacturers, whose products include cluster bombs, to the tune of $5 billion in the past two years, despite an international accord to ban such weapons, a study said on Thursday. The report by Profundo consultancy and several NGOs said the banks loaned money to companies whose products include cluster bombs or their components. It did not say the funds went directly to make cluster bombs. The manufacturers could use the money for any of their production lines. The top five loan providers were Bank of America, Citigroup, JP Morgan, Barclays and Goldman Sachs, the study said...Cluster bombs, which open in mid-air and scatter a multitude of bomblets over a wide area, have killed and maimed tens of thousands of civilians, campaigners say. Nations agreed to outlaw cluster bombs in May 2008. The resulting convention will come into force when 30 countries have ratified it -- 23 have already done so. Neither the United States nor Britain, where the top five loan providers are based, have yet ratified the treaty...Cont'd...LINK

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