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DAM-L LS: Response to NY Times story on Wall Street and China (fwd)
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subject: LS: Response to NY Times story on Wall Street and China
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The following letter to the editor was published in the NY Times Money &
Business section on December 31, 2000.
To the Editor:
Re ``Wall St. Goes Hunting for Treasure in China'' (Dec. 17), which brings
to light many aspects of Wall Street firms' escalating interest for
lucrative business deals in China:
Some deals could have disastrous effects on China's environment. A case in
point is the underwriting of $830 million of bonds by several Wall Street
firms, including Morgan Stanley Dean Witter, to the China Development Bank
for the Three Gorges dam. The Three Gorges dam on the Yangtze River with a
reservoir about 400 miles long will displace 1.2 million people and cause a
myriad of ecological problems, according to a recent report by the World
Commission on Dams. Both the World Bank and the United States Export Import
Bank have refused to support it in part because of these problems. The
project also breaks almost all of the commission's recommended guidelines.
As the proponents and beneficiaries of the free-flowing global economy,
investment banks need to look beyond the bottom line and incorporate
meaningful environmental and social criteria into their investment
practices in China and elsewhere.
Pamela Wellner
Berkeley, Calif., Dec. 21
The writer is a campaigner for the International Rivers Network, an
environmental group.
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