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Seamus Finn, OMI on Nightly Business Report: Discusses Impact of Derivatives on the Poor June 7th, 2010

How does the financial system affect the poorest of the poor? Watch the June 7th issue of the Nightly Business Report for a segment on faith-based investors and efforts to rein in the derivatives market – a cause of the recent instability that has affected nearly everyone.

In an interview with Darren Gersh, Seamus Finn, OMI clearly draws the connections between decisions made by bankers and the lives of the poor. Fr. Finn talks about the need for greater disclosure of derivative risk – disclosure that a significant number of other shareholders have favored in recent Resolutions with Citibank, JP Morgan Chase, and Goldman Sachs. Up next is legislation on Capitol Hill that could force banks to spin off their derivatives business.

Watch the Nightly Business Report from June 7, 2010

The segment on derivatives begins14 minutes into the program

Haiti : Vatican Radio Interview March 1st, 2010

In an interview with Vatican Radio,  Séamus Finn, OMI – Director of the US Oblate JPIC Office – talks about the situation in Haiti and  re-development needs of the devastated country. The Oblates are the largest male religious congregation in the country. In the interview, he touches on important Haitian realities: the poverty, the stranglehold of Haiti’s debt and a process for re-building.

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Call Congress today: Follow Haiti’s example and drop the debt February 19th, 2010

The most impoverished countries in the world still pay $100 million per day in debt service to the wealthiest countries. Because they can’t invest those resources in health, education, services, and infrastructure, they are more vulnerable to catastrophes like the one Haiti has suffered.

Please help us flood Congress with calls to support expanded debt cancellation for the poorest countries.

Learn more and take action using our Action Alert

Oblate Superior General’s Meditation: The African Synod – “A breath of fresh air” November 10th, 2009

The Second Special Assembly for Africa of the Synod of Bishops took place in Rome on 4-25 October on the theme The Church in Africa in Service to Reconciliation, Justice and Peace. Missionary Oblates Superior General Rev. Fr. Wilhelm Steckling OMI looked at the African Synod in his November missionary reflection statement, which we would like to share here.

Oblates have been present in Africa since Saint Eugene’s time and its importance for our Congregation keeps increasing. What do we know about Africa? While the Continent occasionally appears on the world news there is still too much silence about it. Very recently we got an opportunity to hear what our African Church leaders are saying about their Continent and I invite us all to lend them listening ears.

The first Synod for Africa was held 15 years ago. I still remember the opening ceremony, I had just settled here in Rome. As it seems, that synod was mostly a time to become acquainted. The post-synodal document, “Ecclesia in Africa”, inspired us with the image of “the Church as God’s Family” which it took “as its guiding idea for the evangelization of Africa” (EIA 63).

The “Second Special Assembly for Africa of the Synod of Bishops” ended a week ago. It focused on “The Church in Africa in service to reconciliation, justice and peace”. Among the 240 participant bishops, eight were Oblates, and among the almost equal number of auditors, experts, fraternal delegates and helpers we had, for the first time, five of our scholastics involved, offering different services.

We will have to wait a few months for the main document to appear but the message given at the conclusion is already out. I found it particularly outspoken and striking, and to read the whole text is worthwhile. Let me highlight just a few points, in three steps. While the message tells us how the African Synod sees its continent, it may also offer us inspiration for our mission in other parts of the world.

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Lift the Debt Burden on Poor Countries September 21st, 2009

Without debt relief, the developing world has little hope of economic progress, say the Rev. John Welch* and Ruth Messinger*.

The two members of Jubilee USA argue for debt cancellation in the poorest countries in a compelling article published in the Pittsburgh Post Gazette on the eve of the G-20, the international financial summit being hosted by President Obama.

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Stop Vulture Funds Bill Supported by Broad Array of Faith Groups and NGOs August 21st, 2009

The Oblate JPIC Office joined a broad array of faith groups and Non-Governmental Organizations in sending a letter to US Congressional Representatives asking for their support for the Stop Vulture Funds Act. This is newly introduced legislation that would prevent vulture funds (often a type of hedge fund) from making this excessive profit at the expense of poor countries struggling under the burden of debt.

Read the letter here.

‘Vulture fund’ is a name given to a company that seeks to make profit by buying up debt that is in default on the secondary market for pennies on the dollar, then sues the country in US or European courts once creditor countries forgive the debts owed them by a struggling country. As the value of the remaining debt rises, the Vulture Fund can often recover up to ten times the purchase price.

Some vulture funds target failing companies, but the ‘vulture fund’ campaign is focused on those that target the sovereign debts of impoverished countries.

Learn more about the vulture funds campaign

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