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Clothing Retailers Pressed on Safety Issues May 12th, 2013
Photo credit: Emma L. Herman
The Rev. Seamus Finn, OMI (OMI JPIC Office Director) was quoted in a recent New York Times article on the building collapse and fires in the Bangladesh garment industry, saying: “What happened in Bangladesh is a game-changer because of the gravity of the situation and the tremendous loss of life,” Father Finn said. “People are really coming to life about this and saying, ‘We need to do something.’ ”
Rev. Finn is circulating a letter among other faith-based and socially responsible investors – groups that control more than $100 billion in assets — expressing displeasure with U.S. retailers. He says the retailers have not done nearly enough to improve workplace safety for the more than three million garment workers in Bangladesh.
Bangladesh labor costs in the garment manufacturing industry are the lowest in the world. Decent factory operations there are under tremendous pressure from their purchasers to lower costs, with the buyers threatening to ‘take their business down the road’ unless their terms are met.
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
