Norway suspends $2.1tn oil fund’s ethics rules to avoid selling Big Tech stakes (www.irishtimes.com)
from schizoidman@lemmy.zip to world@lemmy.world on 11 Nov 14:20
https://lemmy.zip/post/52851379

cross-posted from: lemmy.zip/post/52851375

Norway has suspended its ethical investing rules to avoid its $2.1 trillion (€1.8 trillion) oil fund being forced to sell out of Amazon, Microsoft and Alphabet due to their work for the Israeli government, according to its influential finance minister.

#world

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DarrinBrunner@lemmy.world on 11 Nov 15:19 next collapse

Ethical while convenient, but mostly just for votes.

expatriado@lemmy.world on 11 Nov 15:20 next collapse

not only a bad decision from ethics point of view, but also a bad financial bet with incoming ai bubble burst

pulsewidth@lemmy.world on 11 Nov 17:26 next collapse

Yeah I hope this bites them.

maggio@discuss.tchncs.de on 11 Nov 18:10 collapse

Remember that the norwegian pension fund is incredibly large, and so broadly distributed that it just follows the market itself. en.wikipedia.org/…/Government_Pension_Fund_of_Nor… Still doesn’t mean they should avoid their own rules

BlackJerseyGiant@lemmy.world on 11 Nov 15:33 next collapse

Isn’t it strange how ethics and getting all Dat $$$ are like water and rabies?

MalReynolds@slrpnk.net on 11 Nov 18:12 collapse

like water and rabies

Stealing that, it’s gold, so you know ;}

BlackJerseyGiant@lemmy.world on 11 Nov 23:53 collapse

AhhhhhThank you, thank you verrrrry much:)

ShinkanTrain@lemmy.ml on 11 Nov 16:16 next collapse

I think if you can ignore ethics rules at your convenience, I think they’re more like ethics suggestions

khepri@lemmy.world on 12 Nov 00:15 collapse

“So obviously we don’t want our national fund supporting companies that help perpetuate human rights violations, right?”

“Yeah sure but have you seen the three month chart on Dead Babies ‘R’ Us?”

“Oh shit yeah never mind then.”