corporate greed - CathNews New Zealand https://cathnews.co.nz Catholic News New Zealand Mon, 23 Apr 2012 02:34:16 +0000 en-NZ hourly 1 https://wordpress.org/?v=6.7.1 https://cathnews.co.nz/wp-content/uploads/2020/05/cropped-cathnewsfavicon-32x32.jpg corporate greed - CathNews New Zealand https://cathnews.co.nz 32 32 70145804 Kevin Barr on greed and the economic crisis https://cathnews.co.nz/2012/04/24/kevin-barr-on-greed-and-the-economic-crisis/ Mon, 23 Apr 2012 19:30:03 +0000 http://cathnews.co.nz/?p=23633

Fiji based social justice advocate, Father Kevin Barr, has launched a new booklet in which he argues that greed, individual and corporate, lies at the heart of the current global economic crisis. Key issues discussed in the booklet include: The "scandalous" aspects of wealth and poverty in the US and other countries; The current growing Read more

Kevin Barr on greed and the economic crisis... Read more]]>
Fiji based social justice advocate, Father Kevin Barr, has launched a new booklet in which he argues that greed, individual and corporate, lies at the heart of the current global economic crisis.

Key issues discussed in the booklet include:

  • The "scandalous" aspects of wealth and poverty in the US and other countries;
  • The current growing uprising against capitalism in many parts of the world;
  • The benefits for everyone of having greater equality in a society;
  • The need for greater sharing, compassion and concern for the common good and how this message is affirmed in the major religious traditions of the world; and
  • The need to rethink what real development is all about and what economic system will best promote authentic development.

Source

Kevin Barr on greed and the economic crisis]]>
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The Parable of Whistleblowing https://cathnews.co.nz/2012/02/03/the-parable-of-whistleblowing/ Thu, 02 Feb 2012 20:52:31 +0000 http://cathnews.co.nz/?p=18956

Whistleblowing in the corporate world, or in any organization, demands courage. The personal cost can be enormous. Since loyalty is often the pre-eminent virtue in corporate and other institutions, the pressure to maintain silence is considerable. People daring to break the code of secrecy and silence to reveal unethical behaviour are in danger of automatic Read more

The Parable of Whistleblowing... Read more]]>
Whistleblowing in the corporate world, or in any organization, demands courage. The personal cost can be enormous.

Since loyalty is often the pre-eminent virtue in corporate and other institutions, the pressure to maintain silence is considerable. People daring to break the code of secrecy and silence to reveal unethical behaviour are in danger of automatic expulsion from the group. It is rare indeed for a whistleblower to survive without significant personal cost to themselves. They may suffer severe consequences for their integrity.

The responsibility for exposing ethical cover-ups increases as one moves higher in the hierarchical structures of an organization. All ordinary avenues for dealing with unethical practices need to be followed before a person reveals them to outsiders. However, whistleblowers may have no option but to go public, especially when they reasonably judge they will not be listened to by the appropriate internal authorities. This is especially a challenge when the whistleblower encounters a culture of corruption so that no one in the organization can be trusted.

Jesus sets the Scene

Jesus confronted the problem of whistleblowing in one of his parables, the parable usually referred to as ‘the parable of the talents.' The parable begins simply with a nobleman about to leave for a distant country in order to be crowned king, despite the fact that his citizens hate him so much that they do not want him back as their ruler (Luke 19: 14). So he calls three of his slaves and gives them each one pound (‘talent') which in the currency of the day is a considerable amount, equal to one hundred days' wages for a common labourer. They are commanded to invest this money: "Do business with these until I come back"(Luke 19: 12).

The central stage of the drama begins when the king returns. How will the king and the slaves react when summoned to give an account of their investments. And how will the king question them? Two of them have been very active and are extravagantly rewarded: the first has made ten pounds, so is given charge over ten cities; the second made five pounds and is to govern five cities (Luke 19: 16-19).

But the third, who in fact is the whistleblower in the story, comes to the king and responds in vivid contrast to the previous slaves. He has buried the pound which evokes an incredibly harsh punishment from the angry king: "…you wicked slave! You knew…that I was a harsh man, taking what I did not deposit and reaping what I did not sow? Why then did you not put my money into the bank? Then when I returned, I could have collected it with interest" (Luke 19: 23). The pound was immediately taken from him and given to the one who had ten and he would have suffered the same fate as the enemies of the tyrannical: "as for these enemies of mine who did not want me to be king over them - bring them here and slaughter them in my presence" (Luke 19: 27).

The traditional understanding of this parable stresses the duty that everyone has to use to the fullest the gifts given us by God.

However, this interpretation has been seriously questioned in light of contemporary social science research. Scripture scholar Luise Schottroff writes that to see the "third slave as the embodiment of people who reject God's righteousness and God's Torah is simply unbearable." In Matthew's text (Matt 25: 14-30) the parable is immediately followed by the great vision of the Last Judgement. The ultimate test before the judgment seat of God will be whether or not we have fed the hungry and clothed the naked (Matt: 25: 31-46). The investments of the two first slaves result in exorbitant monetary returns. To have achieved this they would have had to exploit peasants by demanding increases in such things as rents over property. Or the peasants would have had to take out loans from banks at ridiculously excessive interest rates to save their crops or properties with the consequence of further enslaving them. It was normal to torture and imprison defaulting debtors (Luke 12: 58; Matt 18: 28-34).

Whistleblower

But it is the third slave who refuses to collude in the financially corrupt behaviour of the king and the other two slaves. In other words, the third slave is a whistleblower and suffers the fate of one who refuses to participate in the economic oppression of the poor. The parable, therefore, is a scathing condemnation of contemporary free market economies where unrestrained greed for profits by investment bankers is considered an esteemed virtue.

Contemporary followers of Occupy Wall Street may well be reminding us of the incredible relevance of this parable of Jesus Christ, the Master ethicist (and whistleblower).

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Gerald A. Arbuckle, sm, is the author of Violence, Society, and the Church (2004).

The Parable of Whistleblowing]]>
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Another way to occupy Wall St — meet the Sisters of St Francis https://cathnews.co.nz/2011/11/15/another-way-to-occupy-wall-st-meet-the-sisters-of-st-francis/ Mon, 14 Nov 2011 18:31:25 +0000 http://cathnews.co.nz/?p=15968

The Sisters of St Francis are finally getting their due, in the pages of the New York Times, for demonstrating another way to occupy Wall St. Not long ago, an unusual visitor arrived at the sleek headquarters of Goldman Sachs in Lower Manhattan. It wasn't some C.E.O., or a pol from Athens or Washington, or even a sign-waving occupier Read more

Another way to occupy Wall St — meet the Sisters of St Francis... Read more]]>
The Sisters of St Francis are finally getting their due, in the pages of the New York Times, for demonstrating another way to occupy Wall St. Not long ago, an unusual visitor arrived at the sleek headquarters of Goldman Sachs in Lower Manhattan. It wasn't some C.E.O., or a pol from Athens or Washington, or even a sign-waving occupier from Zuccotti Park. It was Sister Nora Nash of the Sisters of St. Francis of Philadelphia. And the slight, soft-spoken nun had a few not-so-humble suggestions for the world's most powerful investment bank. Way up on the 41st floor, in a conference room overlooking the World Trade Center site, Sister Nora and her team from the Interfaith Center on Corporate Responsibility laid out their advice for three Goldman executives. The Wall Street bank, they said, should protect consumers, rein in executive pay, increase its transparency and remember the poor.

In short, Goldman should do God's work— something that its chairman and chief executive, Lloyd C. Blankfein, once remarked that he did. (The joke bombed.) Long before Occupy Wall Street, the Sisters of St. Francis were quietly staging an occupation of their own. In recent years, this Roman Catholic order of 540 or so nuns has become one of the most surprising groups of corporate activists around. The nuns have gone toe-to-toe with Kroger, the grocery store chain, over farm worker rights; with McDonald's, over childhood obesity; and with Wells Fargo, over lending practices. They have tried, with mixed success, to exert some moral suasion over Fortune 500 executives, a group not always known for its piety.

"We want social returns, as well as financial ones," Sister Nora said, strolling through the garden behind Our Lady of Angels, the convent here where she has worked for more than half a century. She paused in front of a statue of Our Lady of Lourdes. "When you look at the major financial institutions, you have to realize there is greed involved."

The Sisters of St. Francis are an unusual example of the shareholder activism that has ripped through corporate America since the 1980s. Read more

Source: The Deacon's Bench
Image: Practikel

 

 

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