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Latest Huffington Blogpost: The Media and the Dynamic Duo June 19th, 2012
Read the latest Huffington blogpost by Fr. Seamus Finn, OMI who writes scathingly about recent encounters with the CEOs of Goldman Sachs and JP Morgan Chase at their Annual General meetings.
Missionary Oblates in Solidarity with Homeowners Facing Foreclosures June 14th, 2012
The Missionary Oblates have been working in solidarity with homeowners in Prince William County VA on the mortgage foreclosure issue. On June 3rd Virginians Organized for Interfaith Community Engagement (VOICE) gathered more than 400 people at the First Baptist Church in Manassas to negotiate commitments on foreclosures and community restoration from GE, Bank of America and Chase. The Oblates and other members of the Interfaith Center on Corporate Responsibility were instrumental in advancing their agenda. Fr. Séamus P. Finn OMI addressed the assembly.
Watch the video:
At the June 3rd action, GE Capital’s General Counsel represented GE CEO Jeffry Immelt, with whom VOICE had met on May 14th. These meetings came about as a result of coordinated action by the interfaith advocacy organization and religious shareholders who gave the group leverage with the company.
The company committed to negotiate with VOICE on their $300-$500 million Reinvestment agenda and restated Mr. Immelt’s commitment to meet with VOICE again in August/early September.
According to VOICE organizers, “All this would not have been possible without the steadfast support of ICCR”. Father Seamus Finn, OMI pledged ICCR’s continuing support for VOICE’s $300-$500 million reinvestment campaign.
Top executives from Bank of America & JP Morgan also came to the June 3rd action. They committed to implementation accountability on the National Mortgage Settlement in a local place, Prince William County – the first time this is known to have been done in the country. They committed to:
- $60 Million in principal write down in PWCO
- 1,000 Loan Modifications in PWCO
- Negotiate and Sign Reinvestment Deal ($300-$500 Million VOICE proposal) at VOICE October 2012 Action during the heat of the elections.
Learn more about this unique and powerful campaign to help people crushed by the mortgage crisis. Read William Greider’s article in the Nation (published April 27, 2012): http://www.thenation.com/blog/167625/predator-ge-we-bring-bad-things-life
Oblate Questions JP Morgan/Chase CEO Jaime Dimon May 16th, 2012
Fr. Seamus Finn, OMI representing the Oblates of Mary Immaculate at the JP Morgan/Chase AGM yesterday in Naples, Florida, made pointed comments about the latest heavy losses at the company. He questioned Dimon’s opposition to the Volcker Rule and the bank’s lobbying in opposition to other aspects of the financial regulations being developed at the SEC in response to the Dodd-Frank legislation.
He was quoted today by Maureen Dowd in her NY Times column:
The Rev. Seamus Finn, representing shareholders from the Catholic organization Missionary Oblates of Mary Immaculate, did gently press the boss: “We’re wondering, Mr. Dimon, given what we’ve learned, do you still believe a company can self-regulate when trading on their own accounts?” He added: “Furthermore, should our company really be spending shareholder funds on, some $7 million last year alone, on lobbying efforts to thwart the Dodd-Frank legislation and the work of regulators to write the rules stemming from that legislation?” The priest concluded that the shareholders, “weary of mistakes” and pledges to reform, wonder if Dimon is listening.Fr. Finn was also quoted in The Guardian, on CNBC.com, The Telegraph, Crain’s New York Business, and the timesfreepress.com
Socially Responsible Investment Coalition Celebrates 30th Anniversary! April 20th, 2012
The Socially Responsible Investment Coalition (SRIC) celebrated its 30th anniversary in the new Whitley Theological Center Facility on the campus on the Oblate School of Theology in San Antonio recently. Seamus Finn, OMI presented, using a video and powerpoint presentation in a panel titled “Impacting Investments in a Sustainable World.”
SRIC is a non-profit religiously sponsored organization headquartered in San Antonio, Texas. Institutions and individuals belonging to SRIC work to balance their economic policies and practices with their fair and social concerns. As investors and shareholders, members act to influence corporations toward social responsibilty.
Goldman Sachs Heeds Faith-based Investors April 16th, 2012
Sister Nora Nash with Fr. Seamus Finn before a meeting with Goldman Sachs
Goldman Sachs, one of the world’s most powerful financial firms, has been forced to pay attention to faith-based shareholder advocacy.
The Rev. Seamus Finn, OMI, Director of the OMI JPIC Office was quoted in a recent Wall Street Journal article: “It’s been a difficult transition for …[Goldman to figure] out how to be a public company.” The Missionary Oblates of Mary Immaculate owns 286,000 shares of Goldman, and agreed after discussions with the firm’s investor-relations chief Dane Holmes to withdraw its proposal focused on Goldman’s practices with clients and tax secrecy. Fr. Seamus explained, “They finally recognized that we’re not going away and they have to at least engage us.”
Father Finn has met in the past with John F.W. Rogers, Goldman’s board secretary, with Mr. Blankfein and Goldman’s president, Gary D. Cohn.
