Way to go, Portland! From CommonDreams.org:
On Thursday, May 15, the city of Portland got rid of $9 million, or 25 percent, of its investments in Walmart. This marks the beginning of a divestment program that will purge Portland's investment portfolio of $36 million in Walmart bonds by 2016, according to a press release. The divestment plan is part of the city's responsible investment initiative, introduced by City Commissioner Steve Novick, and adopted in October 2013. The initiative also prohibits the city from purchasing Walmart bonds in the future.(My bold - to highlight the deliciousness)
Portland is not only discontinuing its investments in Walmart, but has set up a committee to advise it on making socially responsible investments in the future. The committee will address issues like abusive labor practices, corruption, and health concerns, among other things.
During a press conference on May 15, Commissioner Novick encouraged other cities to adopt similar initiatives.
Let's hope this is the first of cities and institutions across America to shun the odious Walton family and their ill-gotten gains.
According to the article, Walmart
revenue net income is down 5% for the first quarter of 2014.
From the comments, arizonablue links to an article from yesterday in The Motley Fool titled, WalMart is Falling Apart Before Our Eyes: