Hall of Shame – L

The following financial institutions beginning with “L” appear in the 2014 Don’t Bank on the Bomb Hall of Shame. For the full list, or to lookup financial institutions by country, please see here.

“L&T

L&T Employees Welfare Foundation has made an estimated 1,933 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which L&T Employees Welfare Foundation (India) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by L&T Employees Welfare Foundation

Company Country Total value (US$ mln) % Outstanding Filing date
Larsen & Toubro India 1,933 12.02 31-Dec-2013

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

“Land

Land Bank of Taiwan has made an estimated 29 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the loans provided by Land Bank of Taiwan (Taiwan) to the nuclear weapon companies since January 2011.

Loans provided by Land Bank of Taiwan

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Alliant Techsystems Alliant Techsystems Inc 700 12 08-Oct-2013
1,010 17 08-Oct-2013

Source: Thomson ONE Banker, “Loans”, viewed August 2014.

“Lawson

Lawson Kroeker Investment Management has made an estimated 6 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Lawson Kroeker Investment Management (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Lawson Kroeker Investment Management

Company Country Total value (US$ mln) % Outstanding Filing date
Gencorp United States 6 0.58 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

“Lazard

Lazard has made an estimated 471 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the underwriting of bond issuances by Lazard (United States) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by Lazard

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
General Dynamics General Dynamics Corp 500 19 07-May-2011
500 19 07-May-2011
500 19 07-May-2011

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

The table below provides an overview of the nuclear weapon companies of which Lazard (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Lazard

Company Country Total value (US$ mln) % Outstanding Filing date
Honeywell International United States 394 0.54 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

The table below provides an overview of the nuclear weapon companies of which Lazard (United States) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by Lazard

Company Country Total value (US$ mln) % Outstanding Filing date
Gencorp United States 21 2.58 30-Jun-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

“LBBW

LBBW has made an estimated 75 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the loans provided by LBBW (Germany) to the nuclear weapon companies since January 2011.

Loans provided by LBBW

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
ThyssenKrupp ThyssenKrupp AG 2,751 75 07-Mar-2014

Source: Thomson ONE Banker, “Loans”, viewed August 2014.

“Legal

“Legg

Legg Mason has made an estimated 1,390 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Legg Mason (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Legg Mason

Company Country Total value (US$ mln) % Outstanding Filing date
Fluor United States 507 4.18 30-Jun-2014
Honeywell International United States 382 0.52 30-Jun-2014
Raytheon United States 452 1.58 30-Jun-2014
URS United States 35 1.10 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

The table below provides an overview of the nuclear weapon companies of which Legg Mason (United States) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by Legg Mason

Company Country Total value (US$ mln) % Outstanding Filing date
Airbus Group France 9 0.87 30-Jun-2014
Gencorp United States 5 0.57 30-Jun-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

“Liberty

Liberty Mutual Insurance has made an estimated 54 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the underwriting of share issuances by Liberty Mutual Insurance (United States) for the nuclear weapon companies since January 2011.

Underwriting of share issuances by Liberty Mutual Insurance

Company Country Total value (US$ mln) % Outstanding Filing date
BAE Systems United Kingdom 40 1.22 31-Mar-2014
Rockwell Collins United States 14 0.85 31-Mar-2014

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

“Libyan

Libyan Investment Authority has made an estimated 108 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Libyan Investment Authority (Libya) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Libyan Investment Authority

Company Country Total value (US$ mln) % Outstanding Filing date
Finmeccanica Italy 108 2.01 20-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

“Life

Life Insurance Corporation has made an estimated 2,737 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Life Insurance Corporation of India (India) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Life Insurance Corporation of India

Company Country Total value (US$ mln) % Outstanding Filing date
Larsen & Toubro India 2,737 17.02 31-Dec-2013

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

“Lincoln

Lincoln National Corporation has made an estimated 475 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Lincoln National Corporation (United States) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by Lincoln National Corporation

Company Country Total value (US$ mln) % Outstanding Filing date
BAE Systems United Kingdom 72 2.16 31-Mar-2014
General Dynamics United States 30 0.77 31-Mar-2014
Honeywell International United States 36 0.57 31-Mar-2014
Leidos United States 96 7.43 31-Mar-2014
Northrop Grumman United States 80 1.84 31-Mar-2014
Raytheon United States 131 2.49 31-Mar-2014
Rockwell Collins United States 30 1.83 31-Mar-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

“LionEye

LionEye Capital Management has made an estimated 25 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which LionEye Capital Management (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by LionEye Capital Management

Company Country Total value (US$ mln) % Outstanding Filing date
Babcock & Wilcox United States 25 0.71 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

“LKP

LKP Group has made an estimated 71 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the underwriting of bond issuances by LKP Group (India) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by LKP Group

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Larsen & Toubro L&T Finance Holdings Ltd 11 6 15-Nov-2012
11 6 15-Nov-2012
L&T Finance Ltd 9 3 19-Oct-2012
9 3 19-Oct-2012
18 5 17-May-2013
18 5 17-May-2013
30 8 06-Sep-2014
36 5 13-Jun-2014
45 6 13-Jun-2014
13 4 27-Jul-2012
36 9 14-Jun-2012
36 9 14-Jun-2012
L&T Fincorp Ltd 2 1 06-Mar-2014
3 1 06-Mar-2014

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

“Lloyds

Lloyds Banking Group has made an estimated 1,664 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the loans provided by Lloyds Banking Group (United Kingdom) to the nuclear weapon companies since January 2011.

Loans provided by Lloyds Banking Group

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Airbus Group EADS 4,345 76 14-Mar-2011
BAE Systems BAE Systems PLC 3,269 82 12-Dec-2013
Bechtel Bechtel Corp 950 158 06-Feb-2011
1,550 258 06-Feb-2011
Boeing Boeing Co 2,300 42 11-May-2011
2,300 42 11-May-2011
General Dynamics General Dynamics Corp 1,000 35 14-Jul-2011
43 14-Jul-2011
Honeywell International Honeywell International Inc 4,000 73 18-Nov-2013
Jacobs Engineering Jacobs Engineering Group Inc 1,140 62 07-Feb-2014
Lockheed Martin Lockheed  Martin Corp 1,500 90 26-Aug-2011
Northrop Grumman Northrop Grumman Corp 500 13 18-Aug-2012
Serco Serco Group PLC 1,159 72 21-Feb-2012

Source: Thomson ONE Banker, “Loans”, viewed August 2014.

The table below provides an overview of the underwriting of bond issuances by Lloyds Banking Group (United Kingdom) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by Lloyds Banking Group

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
BAE Systems BAE Systems PLC 619 155 30-May-2012
Boeing Boeing Capital Corp 250 9 28-Jul-2011
Boeing Co 350 10 30-Apr-2013
Fluor Fluor Corp 500 20 09-Aug-2011
General Dynamics General Dynamics Corp 500 19 07-May-2011
500 19 07-May-2011
500 19 07-May-2011
500 21 11-Jan-2012
900 39 11-Jan-2012
1,000 43 11-Jan-2012
Lockheed Martin Lockheed Martin Corp 500 30 09-Jun-2011
600 36 09-Jun-2011
900 54 09-Jun-2011
Northrop Grumman Northrop Grumman Corp 850 26 28-May-2013
950 29 28-May-2013
1,050 32 28-May-2013
Raytheon Raytheon Co 1,100 60 27-Nov-2012

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

“Lodge

Lodge Hill Capital has made an estimated 22 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Lodge Hill Capital (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Lodge Hill Capital

Company Country Total value (US$ mln) % Outstanding Filing date
Gencorp United States 22 1.96 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

“Loews

Loews Corporation has made an estimated 55 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Loews Corporation (United States) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by Loews Corporation

Company Country Total value (US$ mln) % Outstanding Filing date
BAE Systems United Kingdom 25 0.75 31-Mar-2014
Leidos United States 11 0.85 31-Mar-2014
Textron United States 19 0.88 31-Mar-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

“Lombard

Lombard Odier Darier Hentsch has made an estimated 7 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Lombard Odier Darier Hentsch (Switzerland) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by Lombard Odier Darier Hentsch

Company Country Total value (US$ mln) % Outstanding Filing date
Larsen & Toubro India 7 1.17 28-Feb-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

“Longview

Longview Asset Management has made an estimated 3,888 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Longview Asset Management (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Longview Asset Management

Company Country Total value (US$ mln) % Outstanding Filing date
General Dynamics United States 3,888 9.98 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

“Longview

Longview Partners has made an estimated 128 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Longview Partners (United Kingdom) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Longview Partners

Company Country Total value (US$ mln) % Outstanding Filing date
Serco United Kingdom 128 3.12 29-Nov-2013

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

“Loop

Loop Capital has made an estimated 19 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the underwriting of bond issuances by Loop Capital (United States) for the nuclear weapon companies since January 2011.

Underwriting of bond issuances by Loop Capital

Company Subsidiary Total value (US$ mln) Est. participation of this bank (US$ mln) Date
Boeing Boeing Capital Corp 250 9 28-Jul-2011
Boeing Co 350 10 30-Apr-2013

Source: Thomson ONE Banker, “Bond and share issue underwritings”, viewed August 2014.

“Lord,

Lord, Abbett & Co has made an estimated 368 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Lord, Abbett & Co (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Lord, Abbett & Co

Company Country Total value (US$ mln) % Outstanding Filing date
Babcock & Wilcox United States 30 0.85 30-Jun-2014
General Dynamics United States 198 0.51 30-Jun-2014
Jacobs Engineering United States 97 1.36 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

The table below provides an overview of the nuclear weapon companies of which Lord, Abbett & Co (United States) owns or manages 0.50% or more of the outstanding bonds at the most recent available filing date.

Bondholdings managed by Lord, Abbett & Co

Company Country Total value (US$ mln) % Outstanding Filing date
Gencorp United States 28 3.50 31-Jul-2014
Huntington Ingalls United States 15 1.25 31-Jul-2014

Source: Bloomberg, “Aggregated debt”, viewed in August 2014.

“LSV

LSV Asset Management has made an estimated 1,063 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which LSV Asset Management (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by LSV Asset Management

Company Country Total value (US$ mln) % Outstanding Filing date
AECOM United States 19 0.58 30-Jun-2014
Alliant Techsystems United States 51 1.20 30-Jun-2014
BAE Systems United Kingdom 118 0.55 18-Apr-2014
Leidos United States 44 1.53 30-Jun-2014
Northrop Grumman United States 458 1.84 30-Jun-2014
Raytheon United States 330 1.15 30-Jun-2014
URS United States 43 1.36 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

“Luminus

Luminus Management has made an estimated 21 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Luminus Management (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Luminus Management

Company Country Total value (US$ mln) % Outstanding Filing date
Babcock & Wilcox United States 21 0.61 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

“Lyrical

Lyrical Partners has made an estimated 49 million USD available to the nuclear weapons producers listed in this report since January 2011.

The table below provides an overview of the nuclear weapon companies of which Lyrical Partners (United States) owns or manages 0.50% or more of the outstanding shares at the most recent available filing date.

Shareholdings managed by Lyrical Partners

Company Country Total value (US$ mln) % Outstanding Filing date
AECOM United States 49 1.54 30-Jun-2014

Source: Thomson ONE Banker, “Share ownership: most recent filings”, viewed August 2014.

Hall of Shame Methodology

Which financial institutions are involved in the financing of the selected nuclear weapon companies was researched using annual reports, stock exchange filings and other publications of the companies concerned, archives of trade magazines, local newspapers and the financial press as well as specialized financial databases (Thomson ONE, Bloomberg). Used resources are clearly mentioned.

Financial institutions can be involved in financing companies by providing corporate loans, by assisting companies with share- and bond issues, and by (managing) investments in shares and bonds of these companies. For asset managers and pension funds, the only relevant type of financial involvement is (managing) share- and bondholdings of the selected companies.

In this report, we have focussed on the financial institutions which are found to have most significant financing relationships with one or more of the selected nuclear weapon companies. To select these financial institutions, the following criteria are used:

  • All financial institutions involved in loans and underwriting deals for one or more of the companies since 1 January 2011;
  • All financial institutions which own at least 0.5% of the outstanding shares or bonds of at least one of the companies.

What is included

Each section provides the following information for each financial institution:

The types of financial relations which the financial institution has with one or more nuclear weapon companies. The relations are grouped by loans, investment banking and asset management. Financial activities are listed alphabetically by nuclear weapons company for each category.

The name of the receiving company, the amount, the date and (if known) the purpose for each financial relation.

All data is presented in tables. For loans, the first column represents the names of the selected companies that received the loans, the second column shows which subsidiary or part of the selected company has issued the loan. The third column is the purpose of the loan. The fourth column (# FI’s), shows the number of financial institutes participating in loans as loans are often offered by a syndicate of financial institutions. The fifth column represents the value of the total loan offered by the syndicate to the company. The sixth column is the amount for which this specific financial institute participated in the loan. This amount is calculated depending on the role the financial institute plays in the syndicate, as explained below. The last column shows the date the loan was issued.

The tables for underwriting of share and bond issuances have the same columns. The method for calculating these the value per financial institute can be below.

The tables for share and bondholdings managed by the financial institutions show the nuclear weapon producing companies, the country in which this company is situated, the percentage of all bonds or shares outstanding hold or managed by the specific institution, and the total value of the shares or bonds held by the financial institution in the indicated company.

When comparing this report with last years report please keep in mind that we have excluded some Indian sources due to recently identified errors in the Bloomberg databases regarding Indian Mutual Funds.

The financial institutions identified include banks, pension funds, sovereign wealth funds, insurance companies and asset managers from many different countries. They have provided various types of financial services to nuclear weapon companies.