Gates Foundation invests in firms accused of abuses
Author: Charles Piller, Los Angeles Times, Published on: 8 January 2007
The conflict is one of many that a Los Angeles Times investigation has found between the Gates Foundation's investments and its good works. The foundation reaps vast profits every year from companies whose actions contradict its mission of improving society in the United States and around the world, particularly people afflicted by poverty and disease. The Gates Foundation had major investments in:
• Mortgage companies that were accused in lawsuits or by government officials of making it easier for thousands of people to lose their homes. [Ameriquest Mortgage (part of ACC Capitol Holdings]
• A health-care firm that has agreed to pay more than $1.5 billion to settle lawsuits accusing it of medical lapses and fraud going back a decade. [Tenet Healthcare]
• Chocolate companies said by the U.S. government to be profiting from the slave labor of children [Archer Daniels Midland, Nestle, Cadbury Schweppes, Kraft Foods (part of Altria)]...
The foundation did not respond to written questions about specific investments and whether it planned to change its investment policies. It maintains a strict firewall between those who invest its endowment and those who make its grants.