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News ::
Nader owns $81.89 of Al Gore
05 Nov 2000
For anyone who did the math, Nader’s holdings in Fidelity Magellan Fund amount to his share of Occidental Petroleum being between 4 and 10 shares or $89 to $204.
Recent stories on the IMC’s global site ( http://indymedia.org/ ) have suggested that Ralph Nader’s holdings in the mutual fund Fidelity Magellan Fund have put him into the same ethical boat as Al Gore.

Al Gore is the recipient of a trust which has holdings in Occidental Petroleum or Oxy, as it is known from its ticker symbol. As has been widely publicized, particularly in the independent media, Oxy is set to drill on the U’wa’s tribal lands, and to stave off the theft of the “blood of the earth” the U’wa have pledged to commit mass suicide if this operation is not halted.

In addition, Armand Hammer, through business deals characterized as “shady,” created a $20,000 a year income for the Gore family. As reported in “Al Gore: a user’s manual” Hammer often bragged that he had a senator [Gore Sr.] in his back pocket. Critics have argued that Occidental has benefited from a number of (governmental) dealings that would not have come their way were it not for the Gores. They also bemoan the fact that Gore, while arguing against big oil, refuses to say a word against Occidental.

In the final days before the election, information has surfaced that Ralph Nader owns between $100,000 and $250,000 shares in the Fidelity Magellan mutual fund. Fidelity Magellan’s annual report ( http://personal300.fidelity.com/gen/ew/EW46241.PDF note: dollar values appear in thousands — 000s) lists Occidental Petroleum as one of the 350 different stocks in its portfolio. Of its $109 billion in investments, 0.08% of the fund (8/100 of 1 percent) is invested in Oxy. Nader, who owns 0.0001% to 0.0002% (up to 2/10,000 of 1 percent) of the fund, has as his share of Fidelity’s investment a total of 3.95 to 9.87 shares in Oxy. So, compared to the hundreds of thousands the Gore family receives through the years, Nader owns a paltry $81.89 to $204.72. Greens have noted that while Gore and Bush are owned BY the big corporations, Nader has made money off of the corporations which has funded his good works. One might well ask, “If Nader owns Oxy, and Oxy owns Gore, does Nader then own $89 of Gore?

The question remains however, why doesn’t Nader have his investments in Socially Responsible Mutual funds? While that would be better, at least for the time being Nader’s holdings will force Oxy to admit him to the next shareholder’s meeting where, unlike Gore, he has pledged to speak out for the U’wa.

Two questions still remain: Of all those posting articles against Nader’s holdings, did anyone do the math? Does this tiny smudge on Nader’s record make anyone more likely to vote for the two mainstream candidates who are wallowing in the mud of corporate financing?


http://personal300.fidelity.com/gen/ew/EW46241.PDF
See also:
http://personal300.fidelity.com/gen/ew/EW46241.PDF
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