BOYCOTT `MISDIRECTED,' FONG SAYS.Byline: Associated Press Associated Press: see news agency. Associated Press (AP) Cooperative news agency, the oldest and largest in the U.S. and long the largest in the world. Calling a boycott of Texaco ``well-intentioned but misdirected,'' state Treasurer Noun 1. state treasurer - the treasurer for a state government financial officer, treasurer - an officer charged with receiving and disbursing funds Matt Fong Matt Fong (Chinese: 鄺傑靈; pinyin: Kuàng Jiélíng) (November 20, 1953–) is a Republican political leader from California and former state treasurer. urged Monday that penalties for racial discrimination at the oil company be directed against its top executives. Texaco agreed to pay $176.1 million to settle 2-year-old discrimination claims after a recording of executives belittling be·lit·tle tr.v. be·lit·tled, be·lit·tling, be·lit·tles 1. To represent or speak of as contemptibly small or unimportant; disparage: a person who belittled our efforts to do the job right. African-American employees was made public earlier this month. The Rev. Jesse Jackson Noun 1. Jesse Jackson - United States civil rights leader who led a national campaign against racial discrimination and ran for presidential nomination (born in 1941) Jesse Louis Jackson, Jackson has called for a boycott of Texaco products to protest the racial slurs. New Jersey, Connecticut and Texas representatives called for divestiture The breakup of AT&T. By federal court order, AT&T divested itself on January 1, 1984 of its 23 operating companies, which became known as the Regional Bell Operating Companies (RBOCs). of stocks in the company, and the city of Philadelphia's pension board sold its $5.5 million in Texaco stock. Boycotts and divestitures hurt shareholders, Fong said, including the pension funds for California's teachers and state employees, which own 2 million shares of stock in Texaco. He said boycotts also harm employees who had no responsibility for racial discrimination, as well as the independent owners of some 13,000 Texaco service stations. ``Don't punish the person pumping the gas - punish the board of directors,'' Fong urged. Pointing to a chart of Texaco executives' 1995 salaries and bonuses, Fong said he has written to Texaco's board of directors, asking them to cut or withhold with·hold v. with·held , with·hold·ing, with·holds v.tr. 1. To keep in check; restrain. 2. To refrain from giving, granting, or permitting. See Synonyms at keep. 3. bonuses to the senior officers of Texaco for this year. In 1995, bonuses to the five top executives of the corporation totaled $2.1 million, on top of $2.8 million in salaries. Texaco spokesman Jim Swords at the corporation's White Plains, N.Y., headquarters said, ``We agree with Treasurer Fong's comments stating that divestitures and boycotts of Texaco would be misdirected.'' However, Swords added, ``since Texaco's management team fully intends to move forward with the enhanced minority program being developed, we also believe his call for a cut in corporate bonuses would be misdirected.'' |
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