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Pax World Management Corp., a mutual fund firm that invests in socially and environmentally responsible companies, says it has sold 375,000 shares of Starbucks as a result of the coffee giant's deal with Jim Beam to sell alcoholic beverages. "We have divested ourselves of these shares reluctantly and only after trying to get the company to reconsider its course of action," says the firm. (Seattle Business Journal
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Wow, I didnt realize prohibition was still on the progressive agenda. I think it is tough for anyone selling a labor intensive commodity grown in third world countries in paper and plastic cups to be socially and environmentally responsible but - Starbucks really does try. Beyond the community service and charitable donations, there are "grounds for your garden" and "green team" recycling programs to reduce landfill use, great benefits for employees, and a point system that gives financial incentives to growers that pay a living wage, grow organically, and/or aid in 3rd world development. Oh yeah, they also offer baristas discounted investment in a socially conscious mutual fund - so thanks Pax, don't need ya.
Posted by: Liberal Addict | March 28, 2005 at 10:35 PM
As a Starbucks investor, I think the deal with Jim Beam is a great idea. There are plenty of other investors who aren't worried about negative side effects of alcohol (or caffine) on the company's performance.
Posted by: Sherry | May 03, 2005 at 02:18 PM
Not much on my mind right now. Today was a complete loss. So it goes. I've just been sitting around waiting for something to happen. I've basically been doing nothing , but I guess it doesn't bother me.
Posted by: study | October 16, 2007 at 02:36 PM
People are less moral than 30 years ago
Posted by: samsung | October 19, 2007 at 04:41 PM