Or perhaps more appropriately: Money lenders in the temple?
From PA:
CHURCH OF ENGLAND ACCUSED OF SHORT-SELLING TACTICS
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 York Dr John Sentamu branded the traders who cashed in on falling share prices in troubled bank HBOS as “bank robbers” and “asset strippers”, while Archbishop of Canterbury Dr Rowan Williams called for fresh scrutiny and regulation of the financial world.
But the religion and society think-tank Ekklesia claimed that in 2006, the Church Commissioners, which manages the Church of England’s investments, set up a currency hedging programme that hedged against a fall in the value of sterling, effectively short-selling the British pound to guard against rises in other currencies.
Yes, the Church of England shorted the pound.
Here’s the underlying Ekklesia statement. And also, the church commissioner’s report, which details the CoE’s financial operations.
It’s not really shorting the pound of course - it’s hedging. But then Rowan Williams and John Sentamu weren’t making that distinction earlier. Let he who is without sin and all that, chaps.
Perhaps the CoE’s leadership will come to realise that not all shorting is bad. Things are rarely so black and white - good and evil - in the markets.
In the meantime, from Rowan, a prayer (genuine):
Prayer for the current financial situation
Lord God, we live in disturbing days:
across the world,
prices rise,
debts increase,
banks collapse,
jobs are taken away,
and fragile security is under threat.
Loving God, meet us in our fear and hear our prayer:
be a tower of strength amidst the shifting sands,
and a light in the darkness;
help us receive your gift of peace,
and fix our hearts where true joys are to be found,
in Jesus Christ our Lord. Amen.
God God! It’s working!
