American Coalition Takes on World's Richest Man

US Latino Leaders to Call on George Washington University to Sever Ties with Carlos Slim

WASHINGTON, May 4, 2012 /PRNewswire-USNewswire/ -- Latino leaders from across the United States have formed a coalition dedicated to exposing Carlos Slim, the world's richest man, and the alleged predatory, monopolistic methods with which he has amassed his fortune.

"People are in awe of this man and his wealth while ignoring how he's acquired it. He has crippled the Mexican economy through his business practices and has single handedly kept millions in poverty, all while lining his own pockets," said Andres Ramirez, coalition spokesperson and nationally renowned Hispanic leader.

The new coalition, Two Countries One Voice – will be introducing themselves and their cause this Tuesday when they call on George Washington University to sever ties with Carlos Slim. They will be demanding that George Washington University officials disinvite him from the graduation commencement ceremonies on the National Mall and revoke his honorary degree.

BACKGROUND: Carlos Slim's power and fortune is made up primarily from his monopoly on the Mexican telecommunications system.  According to the independent and highly respected Organization for Cooperation and Development (OECD), Slim's company, America Movil, which controls 80% of the total Mexican telecom, cell and internet industries, charges exorbitant prices and provides inadequate services. The OECD report also alleges that Slim has price-gouged Mexican customers a total of $13.4 billion for basic telephone and Internet service.  They point out that those specifically and most profoundly affected by these business practices are rural and poor communities.

On Monday, Mexico's CFC (Federal Competition Commission) unanimously ruled that one of Slim's companies, Telcel, holds too much power. Earlier this year the antitrust agency also served Telcel close to a billion dollar fine for "monopoly practices."

The impact of Carlos Slim's monopoly has resulted in Mexico ranking LAST in public investment in telecommunications compared with the 33 other OECD countries while Slim's company Telemex had a profit margin of 47% - one of the highest of the OECD countries.

SOURCE Two Countries One Voice