We’re trapped in a game show! 25 September 2008Posted by marisacat in Inconvenient Voice of the Voter.
Did anyone who was ever on daytime TV ever end up looking good? I sort of doubt it. But there we are – trapped.
How have they gone public?
The Archbishop of Canterbury Rowan Williams launched the opening salvo with an article for this week’s Spectator magazine defending Karl Marx’s attacks on “unbridled capitalism”. And on Wednesday evening, during a speech to religiously-minded business folk at the Worshipful Company of International Bankers’ annual dinner, Dr John Sentamu, the Archbishop of York, waded into the row by criticising those involved in the practice of short-selling and lambasting rich governments for failing to live up to their aid promises.
Well, that is nice. But it’s not as if the Church of England is a NON investor. But, carry on, everyone is lecturing everyone else.
What about the Church’s own investments in the City?
Considering the Church of England has enormous amounts of wealth invested in the stock market the Archbishops’ comments certainly risk accusations of “pot calling the kettle black”. According to its own website, the Church oversaw assets worth more than £5.67bn at the end of 2007, much of it invested in the stock market, real estate and private equity investments.
The body in charge of managing the investments has also done rather well. The Church Commissioners made a return of 9.4 per cent in 2007, smashing its benchmark of a 7 percent return for comparable funds.
How has the City reacted?
The Archbishops’ criticism of short-selling drew an angry response from The Association of Private Client Investment Managers and Stockbrokers, the representative body of the stockbroking industry. In a statement sent yesterday the group’s chief executive, David Bennett, said: “It is market abuse which is wrong, and this can occur both when holding either long or short positions. Transparency is the key here.” But the two most senior clergy in the country, who oversee a Church of more than 77 million believers worldwide, may have felt compelled to give spiritual advice at a time of global financial crisis. As Dr Sentamu reminded people in his speech: “Money is the root of all evil.”
HA! Another root is RELIGION. LOL Just another game show!
CSTAR posted this at the end of the last thread…
pleas from a Treasury secretary who knelt before the House speaker and appealed for her support.”
I’m such a romantic.. I’d like to think that the Treasury Secretary got down on his knees and said
Madame speaker let’s run off to the Caribbean somewhere and leave all this mess behind us
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Oh I am working so hard not to envision La Nan and Paulson cavorting on a palm frond. Ew no….