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10-20-06, 9:35 am
The Campaign to Stop Killer Coke continues to grow at a rapid pace. Coca-Cola's image, its brand names and its financial performance are being questioned and challenged as never before. Colleges, high schools, labor unions and other groups are removing Coke machines and banning the sale and promotion of Coke products. Some of the nation's largest colleges and universities in the U.S., including New York University, DePaul and Rutgers have kicked out "Killer Coke" and the Stop Killer Coke movement is expanding on campuses throughout Canada and Europe and is making inroads in Latin America, Australia, Asia and other parts of the world. And many of the largest unions representing teachers and others in the U.S. and Europe have removed Coke machines and called upon their members to boycott Coke products.
In July, The Coca-Cola Company was expelled from the TIAA-CREF (Teachers Insurance and Annuity Association-College Retirement Equities Fund) Social Choice Account, America's largest "socially responsible investment fund," because its advisors no longer consider Coke to be socially responsible. TIAA-CREF dumped 1.25 million shares of Coke stock. And in August, BusinessWeek reported that Coca-Cola had lost 1% of its brand name value, which translates into a loss of about $680 million. Large institutional investors are reportedly growing uneasy with Coke's floundering performance and are discussing ways to make Coca-Cola executives and board members more responsive and accountable.
The Campaign to Stop Killer Coke, from its inception, has highlighted the intimate connections between The Coca-Cola Co.; its biggest bottlers, Coca-Cola Enterprises and Coca-Cola FEMSA; and SunTrust Banks, described as "the Bank of Killer Coke."
SunTrust has certainly been alerted and felt some pressure, particularly from labor unions, that it could become a major boycott target along with Killer Coke if the bank did not use its considerable influence to make Coke act responsibly with respect to global labor, human rights and environmental concerns.
We are in the process of escalating the Campaign to Stop Killer Coke by making SunTrust Banks a major target for labor unions and their members and college students, many of whom have SunTrust ID cards and who are students in colleges and universities with close business ties to SunTrust.
But there is also another reason for people, organizations and institutions worldwide to embrace banning Coke products and to boycott SunTrust. As the war in Iraq escalates and comparisons to the Vietnam quagmire become commonplace, anti-war and peace activists have pondered various options regarding the selection of a corporate target that symbolizes powerful financial and political interests behind Bush's irresponsible and unpopular foreign policies and the war.
Coca-Cola is now a symbol of American capitalism run amok and Coca-Cola and SunTrust Banks are so intertwined in terms of leadership and finances, that they could be viewed as synonymous. What hurts or benefits the bottom line of one will have a similar effect on the other. SunTrust, The Coca-Cola Co. and its largest bottler, Coca-Cola Enterprises, are major backers and bulwarks of the Bush Administration. Top executives and board members of all three companies have donated heavily to the Bush-Cheney cause, the Republican National Committee and hawkish incumbents and candidates.
It is noteworthy that Patricia Frist, an ardent Bush backer and sister-in-law of Senate Majority Leader Bill Frist, sits on SunTrust's board of directors along with Coca-Cola Chairman and CEO E. Neville Isdell and SunTrust Chairman and CEO Phillip Humann. Mr. Humann also sits on the board of Coca-Cola Enterprises. SunTrust's largest investments other than Coca-Cola include giant military contractors and energy companies that derive huge profits from the war, such as ExxonMobil, Chevron (which shares a director with Coca-Cola), General Electric, Honeywell International, Raytheon, United Technologies, Lockheed Martin, General Dynamics, Boeing and Halliburton.
The following lists of SunTrust investments and director interlocks illustrate some of the connections between SunTrust Banks, Coca-Cola and the war profiteers.
From SunTrust Portfolio of Stockholdings, 6/30/06:
Company # Shares Value
Coca-Cola Co. 101,255,489 $4,454,228,961
ExxonMobil 14,456,512 $938,372,194
General Electric 26,519,940 $912,285,936
Chevron 4,602,641 $285,087,584
Wal-Mart Stores 4,312,847 $208,267,382
Altria 2,103,808 $173,185,475
Raytheon 3,649,871 $172,383,407
United Technologies 2,504,279 $156,016,582
Honeywell International 3,011,596 $121,186,623
Lockheed Martin 1,124,246 $93,143,781
Coca-Cola Enterprises 4,531,303 $93,027,651
General Dynamics 1,046,328 $73,881,220
Boeing Co. 377,581 $29,168,132
Halliburton 617,486 $17,419,280
As a major partner of, and investor in Wal-Mart, SunTrust is opening scores of bank branches in Wal-Mart stores. SunTrust holds more than $200 million in Wal-Mart's stock. Former Coca-Cola Chairman and CEO and SunTrust director Douglas Daft sits on Wal-Mart's board of directors. Among corporations with consumer brands, the giant tobacco company Altria (formerly Philip Morris) made the largest donations to the Republican Party during the 2000, 2002 and 2004 election cycles, according to the British magazine Ethical Consumer. Wal-Mart, Chevron and ExxonMobil were also among the top 15 consumer brand companies which contributed the most to the Republican Party, the magazine reported.
Interlocking Leadership: Coca-Cola and SunTrust Banks
E. Neville Isdell
Coca-Cola Co.
Chairman & CEO;
SunTrust Director
Phillip Humann
SunTrust Banks
Chairman & CEO;
Coca-Cola Enterprises Director
Douglas Ivestor
Coca-Cola Co.
Former CEO;
SunTrust Director
James Williams
SunTrust Banks
Former CEO;
Coca-Cola Co. Director
Maria Lagamasino
SunTrust Banks
CEO of Asset Mgmt. Advisors;
Former Coca-Cola Co. Director
Summerfield Johnston, III
Coca-Cola Enterprises Director
SunTrust Chattanooga Director
Charles McTier
Coca-Cola FEMSA Director
SunTrust Georgia Director
Neville Isdell and many others in the Coke hierarchy, past and present, solemnly cite Coke's alleged commitment to labor rights, human rights and the environment. But in reality, just like the Bush Administration, Coke continues to abuse workers and the environment on a global scale.
Right now, Coke and SunTrust executives need to act responsibly and decisively with respect to labor, human rights and environmental abuses to show the world that they are on the right track to promote peace and justice.
From The Campaign to Stop Killer Coke
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