News Archives » Faith Responsible Investing
Hedge Funds Win/Global Poor Lose August 23rd, 2013
Argentine Bonds Surge. Ruling Delayed as U.S. Supreme Court Considers Taking Appeal
WASHINGTON, DC – In the landmark case of NML Capital, LTD v. The Republic of Argentina, the New York based U.S. Circuit Court upheld a previous ruling ordering Argentina to pay $1.33 billion to hold out hedge funds. Argentine bonds soared and antipoverty advocates held their breath as the 2nd Circuit Court delayed the ruling until the U.S. Supreme Court decides if they will take appeals on the case.
“Our eyes are on the U.S. Supreme Court. We pray the court will not forget the world’s poor as they consider taking the case,” asserted Eric LeCompte, Executive Director of the religious antipoverty campaign known as Jubilee USA.
Click here to read more »
A Strong Dose of Mo Needed August 23rd, 2013
Five years after the near meltdown of the global financial system, federal regulators are still struggling to institute reforms, and build in protections for the millions of ordinary consumers exposed to risk due to a lack of regulation. They are up against the banks and other financial firms, which have spent billions on lobbying against the proposed regulations.
In this recent blogpost, Fr. Seamus Finn, OMI calls on everyone to remember how close the global system came to utter disaster, and how much the lives of ordinary people were turned upside down.
He argues, “We need to get the rules and regulations that respond to real needs and to the needs of communities across the country. The social purpose of the financial system and the institutions that operate in that space must be given priority over quarterly profit goals and expectations.”
“This would be a good time for all banks and their trade associations to work more constructively with regulators to keep the momentum going in the right direction, to restore confidence and rebuild trust.”
Follow Rev. Seamus P. Finn, OMI on Twitter: www.twitter.com/SeamusPFinn
Oblate JPIC Applauds Court Decision to Uphold Congo Minerals Disclosure August 13th, 2013
On July 23, the DC District Court ruled in favor of the Securities and Exchange Commission’s (SEC) rules which upheld section 1502 of the Dodd–Frank Wall Street Reform and Consumer Protection Act against the National Association of Manufacturers, Chamber of Commerce and the Business Roundtable. Section 1502 requires companies registered with the SEC to carry out due diligence and to disclose whether or not their products contain conflict minerals from the Democratic Republic of the Congo (DRC) and adjacent countries. The Missionary Oblates JPIC office applauds this decision as a victory for the people of the Democratic Republic of Congo. For more information, read the investor’s letter (download PDF) or visit www.iccr.org.
Credit: Image from the Puget Sound Business Journal (http://www.bizjournals.com/seattle/news/2012/10/11/new-sec-rule-forces-manufacturers-to.html)
For Nuns and Analysts Alike, Bank Commodity Earnings are a Mystery August 11th, 2013
The Oblates are concerned about the lack of disclosure by banks of their commodities market activities. Fr. Seamus Finn, OMI dialogs on behalf of the Oblates with major financial institutions like Goldman Sachs and JP Morgan Chase. He was quoted extensively in a Chicago Tribune article that does a good job of describing the issue. (Read the article)
“Driven by a determination to invest in a socially conscious way, Finn’s group has been concerned about banks’ commodities activities since 2008, when a spike in energy and agricultural products caused food riots in Africa. The issue is whether banks’ trading activities artificially drive up food prices. … While the country’s largest banks are required to disclose their activities in some consumer-facing businesses such as mortgages, there is no similar requirement for them to do so on the commodities side.”
Diverse Coalition Calls for Transparency as the Senate Undertakes Comprehensive Tax Reform July 26th, 2013
The Missionary Oblates joined a diverse group of civil society organizations concerned about reports that Senate correspondence on comprehensive tax reform would be kept secret for 50 years. The groups called for greater transparency in the Senate deliberations, arguing in a letter sent to Senate Finance Committee leaders, that “transparency is essential for your final product to have credibility with the public…. Taxpayers across the United States have a right to know what their elected officials are advocating and what their justification is. We strongly urge you to reconsider this approach that smacks of backroom deals. The House Ways & Means Committee urged lawmakers and outside interests to submit their priorities and made them public. We urge a similar approach.”
