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DAM-L WSJ "Morgan Stanley to face Boycott over China Dam" (fwd)

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Subject: WSJ "Morgan Stanley to face Boycott over China Dam"
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Morgan Stanley to Face Boycott over China Dam
by a Wall Street Journal Staff Reporter

Deals and Deal Makers


Jan 29, 2001

Berkeley, Calif.-- environmentalists are set to launch consumer-boycott campaign against Morgan Stanley Dean Witter & Co.'s Discover Card, in a move to pressure the Wall Street firm to sever its financial ties with China's Three Gorges Dam project.

Several groups led by the International Rivers Network said they would call for the boycott, scheduled to begin Monday, in an effort to get Morgan Stanley to cut its indirect financing of Three Gorges, a giant dam planned for China's Yangtze River.

The environmentalists are calling on college students, in particular, to quit using the Discover Card, which is heavily marketed to them. "People in China who have spoken out against the dam have been imprisoned, so we feel the way we can help is to go after the U.S. institutions are supplying the money,"  said Pamela Wellner, coordinator of the boycott for International Rivers Network, based here. The dam has drawn sharp controversy for what critics call its adverse social and environmental impacts.  

Morgan Stanley officials said their company hasn't supplied any money directly to Three Gorges. But activists said the company has helped underwrite bonds for china Development Bank, a funding arm for the dam, and that it is a 35% owner of China International Capital Corp., an investment bank involved in the project.  Morgan Stanley officials confirmed the underwriting and the 35% stake.  

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