By Daniel Burke
Religion News Service
(RNS) The Presbyterian Church (USA) has removed Citigroup Inc. from its list of businesses probed for possible ties to violence and oppression in the Palestinian territories, saying it found no “improprieties.”
The Louisville, Ky.-based denomination had looked into whether the financial conglomerate was helping terrorist groups launder money. The church’s Mission Responsibility Through Investment Committee announced the end of its investigation of Citigroup at its meeting Nov. 8-10.
The committee continues to scrutinize four other companies to determine if their dealings with Israel and Palestine comply with the church’s peacemaking policies. Those companies are: ITT Industries of White Plains, N.Y.; Motorola Inc. of Schaumburg Ill.; United Technologies Corp. of Hartford, Conn.; and Caterpillar Inc. of Peoria, Ill.
In a controversial move, the Presbyterian Church, which counts 3 million members in the U.S., promised in 2004 to divest from companies it believed contribute to violence in Israel and Palestine. Under pressure from conservatives and Jewish groups, the church changed plans in 2006, and now works to ensure that its money “be invested only in peaceful pursuits.”
Copyright 2007 Religion News Service. All rights reserved. No part of this transmission may be distributed or reproduced without written permission.
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posted November 16, 2007 at 9:43 pm
Wow! ITT Industries, Motorola Inc., United Technologies Corp., and Caterpillar Inc…did someone spray Parnoia around the Presbyterian Churches CEO offices???
posted November 17, 2007 at 6:40 pm
I must be very innocent about churches and investments. Who would have thoght that the Presbyterians (USA)and I guess other churches would stuff their money into things like Motorola Inc.,Caterpillar Inc., etc. Now they have to investigate and make sure that their money isn’t being used by companies for non-peaceful purposes? Interesting.
posted November 17, 2007 at 6:52 pm
If they are so worried about their investments, maybe they shouldn’t invest in any company. I just thought of something they probably don’t even pay taxes on their investments, since they are church-tax exempt.
posted November 17, 2007 at 8:41 pm
As a dyed in the wool Presbyterian from birth, the thing that amazes me is the assumption on the part of denominational leadership that their actions would have any effect on how the companies “under scrutiny” do business. I’m willing to bet that the CEOs took one look at the PC(USA) vote in 2004, shrugged their shoulders, and went right back to doing business as usual.
FYI, in theory, the PC(USA) has a representational form of government, so it shouldn’t be too shocking if some knuckleheaded notions find their way into the public square.
posted November 18, 2007 at 7:00 am
Well, they are trying. Can you imagine a Pat Robertson or Jerry Falwell or such worrying about the morality of where their millions go?
posted November 18, 2007 at 12:48 pm
nnmns:
“Can you imagine a Pat Roberson or Jerry Falwell or such worrying about the morality of where their millions go?”
No, as their only worry is how much of it goes into their pockets!
posted November 18, 2007 at 8:17 pm
I can’t imagine anyone worrying over the morality of where their money in stocks is going, I would think they are just happy they haven’t lost it yet! Like after 2002!
posted November 18, 2007 at 11:50 pm
As a Son of Connecticut (though I left long ago) I can state with confidence that United Tech will not pass the peacemaking mark. The bulk of the business is in a very non-peaceful products. I expect that less than 25 percent of what they do can be assigned some peaceful purpose.
Motorola is less clear because much of their tech can be adapted for all manner of reasons(unless you count peaceful as being mobile phone free – in that case there is no peace with Motorola products). I am sure that ITT is quite similar.
I wish the Presby’s well in this lofty pursuit. The next question is with whom they will be investing? Our own UCC is trying the same and it is never as easy as one might hope. International networks and corporate lines are difficult to trace. But it is worth they try, most certainly.
posted November 26, 2007 at 12:17 am
I am so inspired by Presbytery and always have been. We think about the ramifications of our actions. For those who don’t know about how things are done in church business even if you continue in your lack of knowledge rest assure that Presbyterians what to do what is good and right. Big-businesses are put on notice when entities like P.C. USA divest (which by the way I thought was brilliant) and only invest in peaceful pursuits. I am proud to be a part of such a community of faith.