Earlier this month, the Chicago Tribune ran a story by Cezary Podkul on concerns raised by the Missionary Oblates Catholic community regarding commodities trading. Titled “For Nuns and Analysts Alike, Bank Commodity Earnings Are a Mystery,” the story focuses on Rev. Seamus Finn, the Oblates’ top dog, and his fears that Goldman Sachs’ trading practices negatively impact energy and food prices.
Driven by a determination to invest in a socially conscious way, Finn’s group has been concerned about banks’ commodities activities since 2008, when a spike in energy and agricultural products caused food riots in Africa. The issue is whether banks’ trading activities artificially drive up food prices.
The Missionary Oblates are but one group affiliated with the Interfaith Center on Corporate Responsibility, which has dialed-up efforts to bring to heel any company run afoul of its decidedly progressive agenda – lack of spiritual underpinnings for these efforts notwithstanding. The Oblates and fellow ICCR members the Maryknoll Sisters and the Tri-State Coalition of Responsible Investing casually ignore all theology and doctrine as well as science and economics to further their efforts to promote what, for them, falls under the “social justice” rubric.
From the Summer 2012 issue of the ICCR’s The Corporate Examiner: The Company We Keep:
[F]ood commodities markets have surfaced as a potential red flag for responsible investors. ICCR members are concerned about reports that over-speculation or excessive hedging in food commodities markets may create global food price bubbles as these price spikes have been linked to malnutrition and famine in the world’s most economically vulnerable communities. (more…)