PRESS RELEASE from Free Enterprise Action Fund

Obama Advised Against Picking Sam Nunn as Running Mate; Former Senator and General Electric Board Member Allowed GE to Do Business with Iran

For more info contact: Steve Milloy, 301-258-2852,

Washington DC, June 24, 2008 - 2008 - Democratic presidential candidate Barack Obama should not select former Sen. Sam Nunn to be as his vice presidential running mate because of Mr. Nunn’s support for doing business with the terrorist state of Iran.

“Sam Nunn voted to allow the General Electric Company to do business with Iran despite that the U.S. government had labeled Iran as a state sponsor of terrorism,” said Tom Borelli of Action Fund Management, the investment adviser to the Free Enterprise Action Fund, a publicly-traded mutual fund. “Someone who supports doing business with an avowed enemy of the U.S. has no place in the White House,” Borelli added.

When the U.S. Securities and Exchange Commission questioned GE about its failure to disclose its business relationship with Iran in its officials filings, GE responded in a July 14, 2006 letter by stating that, “The issue of whether to conduct business in certain countries is complex; we must take into account not only the views of the U.S. Government but all relevant stakeholders.”

“Sam Nunn agreed with GE’s response, and it’s appalling that he would elevate the interests of a terrorist state to the same status as U.S. national interests,” Borelli said. “Who wants a vice president that considers Iranian President Mahmoud Ahmadinejad to be a GE ‘stakeholder’?” Borelli added.

There’s also an element of hypocrisy in Mr. Nunn’s conduct,” observed AFM’s Steve Milloy.

Mr. Nunn is co-chairman and CEO of the Nuclear Threat Initiative which says that it is working to working to reduce the global threats from nuclear, biological and chemical weapons.

“While NTI and Mr. Nunn say they are working for a nuclear-free world, by approving GE’s business dealings with Iran, Mr. Nunn is helping to prop up the Ahmadinejad regime which has avowed to acquire nuclear weapons and freely talks of the destruction of Israel,” said Milloy.

The FEAOX owns approximately 9606 shares of GE stock.

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