Monday, July 11, 2011

Church of England Calls For Accountability in News Corp. Scandal

From DealBook:

The Church of England has entered the debate about phone-hacking scandal at The News of the World – as an investor.

The Church, whose investment arm owns shares in News Corporation, sent a letter to Rupert Murdoch on Friday asking for senior executives to be held accountable for failures at the News of the World newspaper. The Church’s shareholding in News Corp., whose British subsidiary published The News of the World, is worth about $6 million.

“We cannot imagine circumstances in which we would be satisfied with any outcome that does not hold senior executives to account at News Corporation for the gross failures of management at the News of the World,” the Church wrote in the letter, published on its web site.

Some clergy questioned the Church’s investment in News Corp. and suggested a sale of the shares. News Corp. shares fell more than 7 percent last week....MORE
Mr. Murdoch was not immediately available for comment:
See also:
What would Jesus short?
From FT Alphaville:
Or perhaps more appropriately: Money lenders in the temple?
From PA:

By Paula Fentiman, PA

The Church of England was accused by a think-tank today of using short-selling tactics to maximise profit on its £5 billion investments.

Ekklesia weighed into the debate on the ethics of financial investments and stock market speculation in response to comments made by senior clerics in the wake of the recent banking crisis....
Archbishop of Canterbury Tells Bankers to Repent

Short-Sellers `Clearly Bank Robbers,' Says Archbishop

Church of England accused of short-selling after its attack on 'bank robbing' traders
Hedge funds win Church of England blessing (no new comments on 'Bank Robbing Traders')