Students Criticize Loyola Investment In Clear Channel, Others
November 2, 2007 at 5:45 AM (PT)
Within the $100 million stock portfolio of LOYOLA UNIVERSITY are hundreds of thousands of dollars invested in controversial companies like HALLIBURTON, CLEAR CHANNEL, WAL-MART, CHEVRON and DOW CHEMICAL, reports THE CHICAGO SUN TIMES. Some students on campus are raising the question: Should a school founded on the Jesuit values of social justice hold stock in companies that at times could be seen to conflict with those values?
No, wrote the editors of the PHOENIX, the student newspaper, in an editorial that ran this week. "We wonder why LOYOLA holds a financial stake in some of the most heinous corporations in AMERICA," the editorial stated. "Do we really need to invest with corporate giants that mock our values?"
The investments included nearly $280,000 in CLEAR CHANNEL, which the paper accused of being a media monopoly and proprietor of "radio and television trash."
ERIC JONES, the school's chief investment officer, said the school places no restrictions on what companies its 20 to 25 investment management firms can buy into on behalf of LOYOLA. "Their decisions are based on a fundamental assessment of a company," he said.