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Catholic bank invests in tobacco, defense, and birth control companies

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posted on Aug, 4 2009 @ 07:53 PM
First the article:

A Roman Catholic bank in Germany has apologised after admitting it bought stocks in defence, tobacco and birth control companies.

Der Spiegel newspaper discovered the bank had invested 580,000 euros (£495,310, $826,674) in British arms company BAE Systems.

It also invested 160,000 euros in American birth control pill maker Wyeth and 870,000 euros in tobacco companies.

The bank apologised for behaviour "not in keeping with ethical standards".

Pax Bank has previously advertised ethical investment funds, specifically claiming to avoid arms and tobacco companies along with organisations that do not adhere to Catholic beliefs.

The Catholic Church has historically condemned the use of contraception, for breaking the link between sex and procreation - a view emphatically upheld by current Pope Benedict XVI.
In the past he has called birth control a "grave sin".

A spokesman for Pax Bank said: "We will rectify the mistakes immediately without negative consequences for our clients.

"Unfortunately in a few internal reviews, the critical investments in question were overlooked - we deeply regret this."

Mmm, I guess the recession is tough all over eh?

Nothing like selling out one's most fundamental principles for a buck ...

That's the problem with intransigent dogmas, no wiggle room for hypocrisy.

And to think, there we all thought that peddling sin for prophet was so middle ages ...

The spokesman thanked journalists for bringing the controversial investments to its attention.

I'm sure ...

edit to fix tags

[edit on 4 Aug 2009 by schrodingers dog]

posted on Aug, 4 2009 @ 07:55 PM
reply to post by schrodingers dog

Which is why I don't like the Being a christian I think the Church is a huge scam
Needs to be revamped like the governments. But hey, not everyone agrees with everyone and I guess somethings can be justified if the money is their. What a rip off...

Good find S-Dog. S and F.

posted on Aug, 4 2009 @ 07:58 PM
reply to post by schrodingers dog

"Pax Bank" invests in armament company ...

Good find !

posted on Aug, 4 2009 @ 08:02 PM
My apologies, it has been brought to my attention that this has already been posted:

My apologies to the original poster.

posted on Aug, 4 2009 @ 08:04 PM
reply to post by schrodingers dog

Dang, SD.


Nicely stated, though.

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