Director and producer Steven Spielberg resigned his non-paying artistic director advisory role for the 2008 Summer Olympics Games in Beijing because he has become disenchanted with China's lack of effort to use its influence in Sudan to end violence in the Darfur region.
The Chinese want to be players on the world stage without accepting the responsibility that goes along with it, and that was not acceptable to Spielberg. There has been growing pressure around the world on the Chinese, who purchase most of Sudan's oil and sell them weapons, to exert political and economic pressure on the government of Sudan. While Spielberg is only one more voice in a long list condemning Chinese actions and the lack there of, he is a very prominent voice.
Governments, Olympic athletes, religious leaders and shareholders have been complaining that China was not doing enough, if anything to curb the violence. This was an issue with Berkshire Hathaway (NYSE: BRK.A) shareholders at their 2007 annual meeting. While stating that he sold off BRK's interest in PetroChina (NYSE: PTR) based on valuation, Warren Buffett was completely divested in a matter of months and the stock has fallen almost 40% from its highs.
Granted most of this loss is probably due to inflated valuation but I believe that Buffett's reduced position and voicing negative sentiment about Chinese stocks played a role.
In the meantime, Spielberg's walking away from the games shines one more light on China's role in Sudan and its efforts to prevent international criticism of its support for the Sudanese government from tarnishing the Summer Games.
Sheldon Liber is the CEO of a small private investment company and the design and research principal for an architecture & planning firm. To find potential opportunities and verify my track record read Chasing Value or Serious Money. Disclosure: I own shares of BRK.B and PTR.
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Reader Comments (Page 1 of 1)
2-13-2008 @ 3:11PM
AngryAfrican said...
I would like to nominate Spielberg as an honorary Angry African for the day. He did not have to do it. He wasn’t under a lot of pressure. But he did it in any case. And we applaud him for doing that.
I recently wrote in my blog - Angry African on the Loose - that Harare should be given the next Olympics - if the Olympics follow their own argument and values in the same way they argued in favour of Beijing. See my blog(http://angryafrican.wordpress.com/2008/02/09/and-the-olympics-goes-to-zimbabwe/) for more details. Steven you make us proud. You are now one of us! http://angryafrican.wordpress.com/
2-13-2008 @ 8:45PM
michael said...
It is time we follow Jimmy Carter and what he did and boycott the Olympics due to China's policies in Tibet, Sudan and over all human rights issues.
Remenber Teinnenman Square!!
2-14-2008 @ 1:57PM
ej tucker said...
reflecting back on the book "East & West" & my husbands remarks concerning the chinese gov't. when he was with UNRRA (noted in the book "Tractors & Chopsticks") . I have to laugh & shake my head when companies, corporations are astonished when china does not take responsability, or stay within the contractual agreements.