28 NOVEMBER 2009

for immediate release
THREE STOREYS TALL CUTOUT IN CITY CENTRE CONDEMNS BARCLAYS ARMS TRADE

(immediate photo opportunity)

6” lettering spanning three floors and spelling “BARCLAYS - £7bn IN ARMS TRADE” appeared above the bank’s branch on Market Square in Cambridge during the night of Friday 27th November. The letters were cut out of the white sheeting surrounding the building while it is renovated.

The action was in response to the bank recently becoming 'market maker' of ITT Corporation, owner of weapons manufacturer EDO MBM. (1) This operation brings Barclays investments in the arms trade to £7.3bn and makes it the largest arms investor in the UK. A 'Target Barclays' campaign has been called by Smash EDO. (2)

EDO's military products include bomb racks, release clips and arming mechanisms for warplanes. EDO's components are used by the US and UK in Iraq, Afghanistan, and Israel in Palestine. They have contracts with the UK Ministry of Defence and US arms giant Raytheon for release mechanisms of the Paveway bomb system. (3)

Dan Holliday who took part in the action said, “Most high street banks have significant investments in the arms trade, but Barclays is the worst offender by far.

"There are numerous Barclays branches in Cambridge city centre, and consumers just aren’t aware how their money can contribute to warfare and the deaths of civilians. The bank account you choose should depend on more than just the interest rate.”

Smash EDO press contacts: Andrew Beckett or Chloe Marsh on 07754135290 or email  smashedopress@riseup.net

NOTES

(1) As ITT’s market maker, Barclays acts as a ‘middle man’, purchasing shares from a seller and holding them until such a time as a buyer becomes available. This ensures the stability of ITT’s share price by allowing shareholders to sell off their assets at any time, even when a a buyer is not immediately available, and vice versa.

ITT Corporation own EDO MBM/ITT in Brighton.

(2)  http://www.smashedo.org.uk/target-barclays.html

(3) 'Banking on Bloodshed', report by War on Want  http://www.waronwant.org/attachments/Banking%20on%20Bloodshed.pdf

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