Catholic Bank Invests In The Contraceptive Pill
PAX Bank is a Roman Catholic bank in Germany. It buys stocks in BAE Systems, tobacco and Wyeth.
Wyeth? You know, the American firm that make the contraceptive pill.
Pope Benedict XVI, a Catholic, has called birth control a “grave sin“.
The bank - Pax means peace - seeks to make profit for its members and has a code of ethics:
PECUNIA ET PAX - THE ETHICS CODEX OF THE PAX BANK - An independent ethics advisory board for the Pax Bank was formed in 2002.
The Pax Bank works with the knowledge that money is a resource which must be earned, expertly administered, and responsibly multiplied, but whose purpose is not fulfilled until it is used for goals beyond the profit motive of the individual and that serve the common good.
The Pax Bank must hence mediate between Church missions, commercial dealings, and ethical requirements. It recognizes its Church origins to the same degree as its economic tasks, viewing corporate responsibility and ethical commitment as a unified whole.
A spokesman for the ethical bank thanked journalists for bringing the controversial investments to its attention.
As the code states:
The goals and benchmarks of personal conduct and cooperation with partners and clients must be made transparent.
Amen.
Posted: 5th, August 2009 | In: Money Comment (1) | Follow the Comments on our RSS feed: RSS 2.0 | TrackBack | Permalink
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August 6th, 2009 at 8:36 pm
Catholic Church in business conflict shock?
Well I never.
In Cologne, Germany, the arch diocese spent €35m converting a church into a museum to house their collection of modern art.
(They own Andy Warhol screen prints of crucifixes, I kid you not.)
You can see where the money went - the 3 metre high toilet door hewn from a single piece of Canadian timber, the soft leather curtains.. It’s a design-fetish fantasy. The priests assigned to the task must have swooned in delight as they signed off on the architect’s vision.
And in the chapel attached, you’ll find the little collection boxes. For the poor.
Suffer little children, etc.