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ICCR Shareholders Engage JP Morgan Chase at Annual Shareholder Meeting November 24th, 2013
L to R: Fr. Seamus Finn, OMI (Missionary Oblates); Sr Valerie Heinonen, OSU (Mercy Investments); Cathy Rowan (Maryknoll Sisters); Sr. Nora Nash (Sisters of St Francis of Philadelphia); Sr. Barbara Aires, SC (Sisters of Charity of St. Elizabeth, NJ); Fr Joe La Mar, MM (Maryknoll); Mariela Vargova (Rockefeller Brothers); Sr Pat Daly, OP
Shareholders from the Interfaith Center on Corporate Responsibility engaged JP Morgan Chase at a meeting last Monday in New York on a broad range of issues from risk management to foreclosures and other business practices. On November 19, the bank finalized a $13 billion settlement agreement with the US Justice Department over “alleged bad behavior relating to mortgages and mortgage-backed bonds,” as Marketplace reports.
Brief background:
JP Morgan Chase bought up Washington Mutual and Bear Stearns after they went under in the financial crisis of 2007-08. All three institutions, along with other banks, had bundled hundreds of home loans into securities and marketed them as investments that could be traded like stocks. When millions of homeowners defaulted on their mortgages and the housing market collapsed, the value of the securities took a nose dive and the economy went into a tailspin. Responsibility for the meltdown is still being apportioned, while hundreds of thousands of families lost their homes. ICCR investors hope that some of those who suffered in the financial crisis will benefit from the settlement.
Part of the $4 billion for consumers would go toward helping some homeowners whose mortgages are handled by JPMorgan. Unusually for such settlements, another share would be used to reduce blight in neighborhoods peppered by rundown and abandoned homes.
Top US Banks Disappoint in Investor Study November 22nd, 2013
Five years after the crisis that rocked the financial world, seven leading U.S. banks scored a disappointing 60 or fewer out of 100 possible points in a benchmarking study released today by the Interfaith Center on Corporate Responsibility (ICCR), which represents 300 faith-based and socially responsible institutional investors with $100 billion in assets under management. The top banks were evaluated in terms of four key shareholder concerns: executive compensation, risk management, responsible lending and investing, and political contributions.
The financial institutions included in the ICCR report are: Goldman Sachs (60, which scored highest on responsible lending and investment and tied for highest on political contribution practices); Bank of New York (59.02, which scored highest on risk management and tied for highest on political contribution practices); JP Morgan Chase (56.5, which tied for highest on political contribution practices); Morgan Stanley (55.40); Bank of America (55.35); Citi (54.90, which tied for highest on political contribution practices): and Wells Fargo (50.73, which scored highest on executive compensation practices.).
You can find the full report on the ICCR website or download directly here.
Rev. Séamus Finn, director, Justice, Peace and Integrity of Creation for the Missionary Oblates of Mary Immaculate and ICCR board vice chair, said: “Five years after the U.S. financial meltdown, some of the banks are beginning to address their risk management protocols, but have much more work to do when it comes to responsible lending and investment. Overall disclosures are also weak, particularly related to both executive compensation and political contributions. What we see in these findings is a somewhat timid group of banks clustered in the average-to-below-average range with no single institution distinguishing itself as a leader for shareholders in the post-financial crisis era.”
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Pope Francis to launch “Food for All” campaign November 20th, 2013
On December 10, Pope Francis will launch a worldwide movement to respond to the needs of the poor and vulnerable by acting to end hunger. Access to adequate and nutritious food is a global problem of immense proportions, even for families in the U.S.
At noon local time, a global wave of prayer will begin in Tonga and will progress around the world until it reaches American Samoa some 24 hours and more than 164 countries later.
Please join Catholic Charities USA, Catholic Relief Services, and the network of Caritas Internationalis agencies providing relief to people suffering from hunger around the globe in participating in the wave of prayer. This is the beginning of a much larger campaign to combat hunger.
In addition, please check out the faith-based resource on poverty and hunger available from Catholic Rural Life, called Food Security and Economic Justice.
Philippine Plea for Action on Climate November 19th, 2013
In the wake of Supertyphoon Haiyan, Yeb Sano, Philippine delegate to the international climate negotiations in Warsaw, made an impassioned plea to take action and “stop the madness” that is climate change. Below is an edited video of his address, with scenes of the devastation in the Philippines alongside. It is a powerful video in this second week of the climate negotiations, a major focus of which is financing for climate friendly investments for developing nations.
Vatican Seminar on Human Trafficking November 15th, 2013
The following is taken, with our thanks, from the Stop Trafficking!, the newsletter opposed to human slavery supported by a broad coalition of organizations of Catholic Sisters.
Following a wish expressed by Pope Francis, the Pontifical Academies of Sciences and of Social Sciences (PASS) and the World Federation of Catholic Medical Associations (FIAMC), organized a seminar entitled, “Trafficking in Human Beings: Modern Slavery. Destitute Peoples and the Message of Jesus Christ”.
The November 2-3, 2013 seminar, held in Vatican City, brought together some seventy delegates from Argentina, Australia, Austria, Belgium, Brazil, England, France, Guatemala, Ireland, Mexico, Nicaragua, Nigeria, Singapore, Spain, Switzerland, and the USA. The UN Special Rapporteur on Trafficking in Persons, especially Women and Children, Joy Ngozi Ezeilo from Nigeria, was among the twenty-two speakers.
The sixty observers in attendance were asked to contribute concrete proposals through which the global Church could better respond to the plight of millions of enslaved peoples.
Pope Francis was directly involved in combating modern day slavery in Buenos Aires, where he actively supported the work of the Fundacion Alameda, an Argentinian organization headed by Gustavo Vera, another of the speakers. The Pope’s first trip after his election was to Lampedusa to pay tribute to the hundreds who had recently died at sea, trying to reach this island half-way between Sicily and Tunisia where many victims of human trafficking end up.
Read more about this conference and efforts to stop human trafficking in the November issue of Stop Trafficking!
