Divesting from Genocide

0:00If you want the sign that humanity has still got to go on. The people are revolting. Oh, welcome to people are revolting. A daily dose of disobedience. This piece is written by Marianne Denon and is published at truthout.org. A New York campaign is angling to be the next to not to win in a nationwide struggle for

1:05divestment from bonds that fund Israel and its attacks on Palestinians. Break the bonds New York State is part of a nationwide initiative launched by Jewish Voice for Peace, which seeds and supports local efforts to demand divestment from Israel bonds. The initiative launched in 2024 when news of Israel's genocide was impossible to ignore and a growing number of Americans were looking for ways to throw sand in the gears. We've seen as a result of grassroots campaigning and the persistence of local organizers, a series of victories everywhere from Michigan to Maryland and Minnesota, where state treasurers, local treasurers, etc. have made the decision to not reinvest in Israel bonds, Danny Noble Senior Campaigns Organizer at JVP and Member Leader of JVP Philadelphia told truthout. It will help coordinate the nationwide network of Break the bonds campaigns, which currently

2:07includes the New York campaign and 14 others. Break the bonds New York State itself is a coalition of organizations, including JVP and Democratic Socialists of America chapters, as well as Palestine Solidarity and Civil Rights groups from across the state. To municipal and state investments targeted in Break the bonds campaigns account for some of the more than $1.6 billion in Israel bonds held by state governments, municipal governments, and public pension funds nationwide. The development corporation for Israel sells those bonds to raise foreign funds for the Israeli Treasury. Bond holders maintain no oversight of how their funds are used once invested. Dana Lozitzer An organizer with JVP Hudson Valley and Break the bonds New York State told truthout the bonds are essentially blank checks to the Israeli government. Quote, A partate is expensive, occupation is expensive, genocide is expensive, and military activity

3:14is expensive, Lozitzer said. So we know that the budget of the Israeli government is largely allocated for military operations, and part of military operation is the intense oppression of the Palestinian people and the denial of their sovereignty. But Break the bonds organizers also point out that it's not just the connection to Israel's military that makes Israel bonds problematic. Since Israel invaded Gaza in October 2023, the big three credit rating agencies have downgraded the country's rating and warned of a negative outlook for its growth. Public finances and ballooning debt signs that investments in Israeli bonds are higher risk. Moody's reaffirm this in July that Israel's rating remains the worst it has ever been. At BAA1, a level it first sank to in September 2024. Organizers questioned whether officials who continue to use public funds to purchase such poorly rated investments could be violating their fiduciary duties.

4:19They also argue that funds could be better invested at home in instruments such as municipal bonds or affordable housing mortgage bonds. These investments are unethical, they are potentially illegal, and they are financially irresponsible, noble toll truth out. And our treasurers and our financial officers that are stewards of public funds should be listening to our communities when we say, put our communities first instead of using public funds to signal support for the Israeli military. Break the bonds New York State is targeting the New York State Common Retirement Fund. That fund holds over $360 million in Israel bonds, making it one of the top U.S. investors in the bonds. It provides benefits to the more than 1.2 million members of the state retirement system, including workers retired from local schools, fire departments, public libraries, and more. We have people in our campaign who are pensioners and they are outraged, Lisa Molano, and

5:20organized it with JVP Huts and Valley and break the bonds New York State toll truth out. It's not just that their money is being invested in this way, but that they don't know how it's being invested. That lack of transparency. New York's retirement fund has become one of the largest U.S. investor in Israel bonds in no small part, thanks to the current state comptroller Thomas P. Denappeli. As the administrative head of the state retirement system and sole trustee of the retirement fund, Denappeli has sweeping power over investment decisions. Break the bonds New York State organizers argue that he has wielded that power to express political support for Israel, particularly since October 2023. Losses are told truth out it became very clear that his investment in Israel bonds was politically motivated rather than necessarily motivated by the interests of New Yorkers. Denappeli participated in a wave of investment in Israel bonds in the days following the

6:21October 7 attacks, purchasing 20 million in Israel bonds for the state retirement fund. In a press release announcing the purchase, Denappeli said he felt, quote, heartened that so many other public funds have stepped forward to purchase bonds and support Israel. He has continued to increase the funds holdings in Israel bonds since then, even as credit rating agencies downgraded Israel. Denappeli was guest speaker at a briefing hosted by the development corporation for Israel in April 2024. He boasted that he had invested over $100 million of state pension funds in Israel bonds in the six months since October 7, 2023. Break the bonds New York State organizers estimate based on releases from Denappeli's office that the comptroller has purchased over $145 million in Israel bonds since that October alone. Organizers have also raised questions about Denappeli's seemingly close relationship with the development corporation for Israel and the Jewish Community Relations Council,

7:26which sponsored a February 2024 trip he took to Israel. The Jewish Community Relations Council received at least $10,000 from the development corporation for Israel, calling itself Israel bonds in 2024 according to the organization's website. In an itinerary of Denappeli's so-called Israel Solidarity Mission in February 2024, which break the bonds New York State organizers obtained in a public records request, shows that he was slated to meet with the development corporation for Israel board member during the four-day trip. Additional public records also revealed that the New York State Commission on Public Ethics and lobbying in government has raised concerns that the sponsor trip could create an impression of improper influence. Though it ultimately approved that the Jewish Community Relations Council's reimbursement, Molano said she has filed complaints with the Ethics Commission over Denappeli's connections to these groups, arguing that his actions violate his ethical obligations and undermine

8:27public trust. A break the bonds New York State organizers also testified about the issue at Collig's Annual Public Hearing in September 2025. This is an incredibly close relationship Molano told Truth Out, the comptroller who is the sole arbiter of how the pension funds get invested, is basically in bed with a development corporation for Israel, the sales organization, and with the organization the Jewish Community Relations Council that is paid for his trips to Israel. Denappeli's pension for Israel bonds became an issue during this year's primary election in which he faced two challengers who both pledged to stop buying Israel bonds if elected. Organizers hosted an online comptroller candidate forum in June where Denappeli's challengers shared their positions. Me and Nuay, an organizer with Midhuts and Valley DSA and break the bonds New York State, who moderated the forum, told Truth Out that Denappeli was invited but did not attend

9:29or respond to invitations. The fact that he declined to participate in and of itself was significant in Nuay said. We know that nationally a majority of Democrats are opposed to these investments and Denappeli's unilateral approach to investments in Israel bonds and refusal to listen to constituents objections is undemocratic and against the interests of the working class people he represents. Recent polling has shown that nearly three quarters of Democratic voters oppose military aid to Israel. Under polling specific to the question of Israel bonds does not exist but knowledge of the issue seems to be growing in the US. Denappeli won the primary but he will continue to face mounting pressure as he enters his next term if he is reelected in November over a Republican challenger. Already last October break the bonds New York State activist March to his Albany office to deliver more than 3,400 petition signatures asking him to stop investing in Israel bonds.

10:31Also in October the common council of the city of Hudson became the first city in the state to pass a resolution calling for the same. Then in January democracy for the Arab world now issued a cease and desist letter arguing that investments in Israel bonds violate international and domestic legal obligations and expose citizens to unnecessary legal, financial and reputational harms. Break the bonds New York State organizers are committed to continuing their outreach and organizing with public sector workers till the state comptroller's office commits to no longer purchasing Israel bonds. They told truth out it feels like the tide is turning. Quote, people want to know how public funds are being invested and allocated in what he said. And I think people really want to understand what we can do as Americans to divest ourselves from this genocide. You can find all the back episodes of people are revolting at peopleorvoting.com.

11:34And now you find some links there to find a protest happening in your area. If you know some good resources for protests going on in your area, send them my way. You can find a link on the website to send me a message as well. And you can listen to this and all my podcasts playing 24-7 at movingtrainradio.com. Thanks for listening. If you want to sign that humanity is still got to going on. The people are revolting.