Harvard researchers, in a new study, have discovered that life and health insurance companies are still major investors in tobacco stocks, just as they were when an earlier study was issued more than a decade ago. Physicians for National called upon the insurers to divest. "The insurance industry has yet to kick the habit," a PNHP spokesperson said.
The new article on insurance company investments, published in the June 4 New England Journal of Medicine, documents that U.S., Canadian and U.K.-based insurance firms hold at least $4.4 billion of investments in companies whose subsidiaries produce cigarettes, cigars, chewing tobacco and related products.
According to the World Health Organization, tobacco products currently contribute to the deaths of about 5.4 million people worldwide annually. Tobacco use heightens the risk of stroke, heart attack, lung disease and cancer.
“Despite calls upon the insurance industry to get out of the tobacco business by physicians and others, insurers continue to put their profits above people’s health,” said Dr. J. Wesley Boyd, the lead author of the article. “It’s clear their top priority is making money, not safeguarding people’s well-being.”
For example, Sun Life Financial Inc., based in Toronto, sells life, health, disability and long-term care insurance. Yet it also owns slightly over $1 billion in stock in two tobacco companies, including $890 million in Philip Morris.
I'm teaching in Labor Studies at Penn State and the University of Illinois in on-line classes. I've been continuing with my work as freelance writer, with my immediate aim to complete a book on corporate media coverage of globalization (tentatively titled The Giant Sucking Sound: How Corporate Media Swallowed the Myth of Free Trade.) I write frequently for Z, The Progressive Magazine's on-line site, The Progressive Populist, Madison's Isthmus alternative weekly, and a variety of publications including Yes!, The Progressive, Foreign Policy in Focus, and several websites. I've been writing a blog on labor issues for workinginthesetimes.com, turning out over 300 pieces in the past four years.My work specializes in corporate globalization, labor, and healthcare reform... I've been a progressive activist since the age of about 17, when I became deeply affected by the anti-war and civil rights movements. I entered college at University of Wisconsin Milwaukee just days after watching the Chicago police brutalize anti-war demonstrators at the Democratic Convention of 1968. I was active in a variety of "student power" and anti-war activities, highlighted by the May, 1970 strike after the Nixon's invastion of Cambodia and the massacres at Kent State and Jackson State. My senior year was capped by Nixon's bombing of Haiphong Harbor and the occupation of a university building, all in the same week I needed to finish 5-6 term papers to graduate, which I managed somehow. My wife Carolyn Winter, whom I met in the Wisconsin Alliance, and I have been together since 1975, getting officially married 10/11/81. Carolyn, a native New Yorker, has also been active for social justice since her youth (she attended the famous 1963 Civil Rights march where Dr. King gave his "I have a dream speech"). We have two grown children, Lane (with wife Elaine and 11-year-old grandson Zachary, who introduced poker to his classmates during recess) living in Chicago and Rachel (who with her husband Michael have the amazing Talia Ruth,5, who can define "surreptitious" for you) living in Asbury Park, NJ. My sister Francie lives down the block from me. I'm a native of the once-heavily unionized industrial city of Racine, Wis. (which right-wingers sneeringly labeled "Little Moscow" during the upheavals of the 1930's), and both my grandfathers were industrial workers and Socialists. On my father's side, my grandfather was fired three times for Socialist or union activity. His family lost their home at one point during the Depression. My mom's father was a long-time member of UAW Local 72 at American Motors, where he worked for more than 30 years. Coming from impoverished families, my parents met through a very low-cost form of recreation: Racine's Hiking Club.
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The Wind Cries Freedom, the new book from Z co-founder Michael Albert, is a sweeping oral history of a future American revolution.
Through thirty interconnected chapters, it draws out the strategies, failures, turning points, and hard-won wisdom of a movement that called itself the Revolutionary Participatory Society. These are not the polished memoirs of politicians: they are the unfiltered accounts of people who organized in neighborhoods, hospitals, universities, stadiums, courthouses, and places of worship, and kept a shared vision alive through cynicism and exhaustion.
The result is speculative political fiction that reads like history: messy, human, and quietly hopeful in the way that only real experience and long thought can produce.
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“This work fills a huge gap in our social movement literature.”
Cynthia Peters
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