Tuesday, October 25, 2011

Vatican officials see agreement in church teaching, Occupy Wall Street

Monday, October 24, 2011

By Cindy Wooden,  Catholic News Service

VATICAN CITY (CNS) -- Catholic social teaching and the Occupy Wall Street movement agree that the economy should be at the service of the human person and that strong action must be taken to reduce the growing gap between rich and poor, Vatican officials said.

"The basic sentiment" behind the protests is in line with Catholic social teaching and the new document on global finance issued Oct. 24 by Pontifical Council for Justice and Peace, said Cardinal Peter Turkson, council president.

The U.S. protesters have focused on Wall Street because "Wall Street is considered to be a big engine house -- a big financial structure whose power extends all over the world," the cardinal told Catholic News Service.

People who suffer from the way the financial markets currently operate have a right to say, "Do business differently. Look at the way you're doing business because this is not leading to our welfare and our good," he said.

"If people can hold their government to account, why can we not hold other institutions in society to accountability if they are not achieving or not helping us live peacefully or well," Cardinal Turkson said.
"The Vatican is not behind any of these movements, but the basic inspirations can be the same," he said.

Bishop Mario Toso, secretary of the justice and peace council, told reporters the Vatican's new document "appears to be in line with the slogans" of Occupy Wall Street and other protest movements around the globe, but "even more it is in line with the previous teaching of the church," including Pope Benedict XVI's 2009 encyclical, "Charity in Truth" ("Caritas in Veritate").


for the full story, go here: 
http://www.blogger.com/blogger.g?blogID=8009484025319372088#editor/target=post;postID=7092675309423520016

Thursday, October 20, 2011

ANOTHER "GOVERNMENT REGULATOR" MESSING WITH A "JOB CREATOR"

October 19, 2011


Citigroup to Pay Millions to Close Fraud Complaint

By EDWARD WYATT

WASHINGTON — As the housing market began its collapse, Wall Street firms and sophisticated investors searched for ways to profit. Some of them found an easy method: Stuff a portfolio with risky mortgage-related investments, sell it to unsuspecting customers and bet against it.

Citigroup on Wednesday agreed to pay $285 million to settle a civil complaint by the Securities and Exchange Commission that it had defrauded investors who bought just such a deal. The transaction involved a $1 billion portfolio of mortgage-related investments, many of which were handpicked for the portfolio by Citigroup without telling investors of its role or that it had made bets that the investments would fall in value.

...

“The securities laws demand that investors receive more care and candor than Citigroup provided” to investors in the security, said Robert Khuzami, director of the S.E.C.’s enforcement division, referring to Wednesday’s action. “Investors were not informed that Citigroup had decided to bet against them and had helped to choose the assets that would determine who won or lost.”


for the full story, go here: 
http://www.nytimes.com/2011/10/20/business/citigroup-to-pay-285-million-to-settle-sec-charges.html

Tuesday, October 11, 2011