Submitted by patrick on Sun, 08/02/2009 - 00:15
Posted in Economics
Headline: "Catholic church invests in tobacco, arms and birth control pills".
Sounds too unbelievable to be true? Well, not entirely. According to this article on spiegel.de, the German Pax bank, one of the four catholic church banks in North Rhine-Westphalia did exactly that.
According to the article, the following investments were made:
In march, 158,867 Euro were invested in stocks of Wyeth pharmaceuticals. A drug company, which among other things produces birth control pills.
Also in march, 577,970 Euro went to BAE systems, an arms manufacturer with an impressive product portfolio.
Furthermore, 870,950 Euro were held in shares of British American Tobacco and Imperial Tobacco.
All three investments violate the Pax Bank's own code of ethics, a written statement of conduct, highlighting Christian values, the financial institute prominently uses to advertise it's services with. Given the strong emphasis on this promise and the fact, that the ethics advisory board currently consists of 14 people, clients might not be very happy with this discovery.
Also in march, 577,970 Euro went to BAE systems, an arms manufacturer with an impressive product portfolio.
Furthermore, 870,950 Euro were held in shares of British American Tobacco and Imperial Tobacco.
All three investments violate the Pax Bank's own code of ethics, a written statement of conduct, highlighting Christian values, the financial institute prominently uses to advertise it's services with. Given the strong emphasis on this promise and the fact, that the ethics advisory board currently consists of 14 people, clients might not be very happy with this discovery.
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