Wednesday, July 30, 2008

Pax World fined for making socially irresponsible investments

From Blogging Stocks:
The SEC announced that it will fine Pax World Management $500,000 for violating its own restrictions on buying stocks. Pax World is a 'socially responsible' investment company, operating mutual funds that do not invest in companies which produce harmful things like weapons, alcohol and tobacco.

I guess the return on cluster bombs and cancer sticks was just too tempting....MORE

From the Reuters story:
Pax World Management Corp, a mutual fund company that touts its socially responsible investment policies, has settled with regulators who charged it violated its own guidelines with investments that included companies that derived income from gambling and liquor....

Talk about your sector drift.
Oh well, there's always:
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