AFL-CIO Secretary-Treasurer Rich Trumka announced that institutional investors controlling $1 trillion in assets have refused to invest in the upcoming PetroChina initial public offering. Organizations shunning the IPO include the $120 billion New York State Common Retirement Fund, Albany; the $166 billion California Public Employees Retirement System, Sacramento; the $63 billion New York City Employees Retirement Systems; and the $200 billion TIAA-CREF.
The AFL-CIO held a press briefing at the same time and in the same hotel as Goldman Sachs, lead manager for the IPO, was making its first presentation to potential U.S. investors. Mr. Trumka attempted to deliver a copy of the union report to Goldman Sachs representatives, while demonstrators carrying Shame on Goldman Sachs umbrellas paraded outside the hotel.
Joining Mr. Trumka at the briefing were New York City Comptroller Alan Hevesi, human rights activist Harry Wu and New York City union leaders.
PetroChina hopes to raise more than $3 billion through the IPO.