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Thursday, May 15, 2008

Darfur Ties Cost American Funds with McCain

News summary by MFWire's editors

The growing drumbeat for Sudan-free portfolios has cost American Funds some $2 million in fund assets from a potentially high-profile account.

News organizations reported Thursday that Cindy McCain, wife of Republican Presidential front runner John McCain, sold off her shares in a handful of funds that are invested in companies that do business with the Sudanese government.

The mutual funds sold by McCain include: American Funds Europacific Growth and American Funds Capital World Growth and Income. McCain's campaign did not say if the monies were reinvested in other funds.

"As soon as she was made aware, she sold it," campaign spokesman Brian Rogers told reporters. "Senator and Mrs. McCain are committed to doing everything possible to end the genocide in Darfur."

The Sudan Divestment Task Force highlighted the investments to The New York Times.  

Edited by: Sean Hanna, Editor in Chief

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