Romney and His Investments
Last week, Bob Jones the Third caused quite a stir in the Carolinas, around the blogosphere and even in a few news outlets with his endorsement of former Massachussetts Governor, current Mormon and sometimes pro-lifer/anti-gay marriage candidate Mitt Romney for the Republican nomination for President. I find it personally ironic, that a man who headed an institution who likes to criticize fellow believers for everything from their choice of orchestra instruments (percussion bad/brass good) to whom they would invite to their “Independent” and autonomous local church, would take such a blind leap of political pragmatism to endorse a man with the questionable conservative credentials as Mr. Romney.
In a recent editorial for EP News, Warren Smith reveals that when it comes to how Mitt invests his many millions of dollars, there is a certain consistency of expedience that mirrors his evolving political positions as well. Here’s Mr. Smith’s article…
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Romney’s Money Not Where His Mouth Is
By Warren Cole Smith
Republican presidential candidate Mitt Romney has had trouble explaining his past views on abortion, pornography, and homosexuality to religious conservatives. While he was governor of Massachusetts, a number of gay-friendly laws were enacted. And his close ties to the Marriott Corporation - as a shareholder and board member - have brought criticism from Phil Burress with Citizens for Community Values. Burress said, “The fact that Marriott hotel chain was dealing in the worst kind of hard core pornographic material and Mr. Romney was sitting on the board at the time is extremely disturbing.”
Rusty Leonard, president of Stewardship Partners, says Romney might have yet more explaining to do. According to Leonard’s analysis of Romney’s financial disclosure statement, the Republican - who is aggressively courting “religious right” voters - owns stock in at least a dozen companies with active ties to abortion, pornography, and pornography.
“Romney’s financial holdings are much worse than the other presidential candidates,” Leonard said. “That’s partly because he is far richer than the other candidates and has more holdings, but it’s also because he apparently uses no screening process whatsoever.”
Romney, whose Mormon faith forbids alcoholic beverages, owns brewers Boston Beer and Anheuser-Busch and distiller Brown Forman. In a recent speech at Regent University, a Christian college, he called pornography “poison,” but he owns companies - Real Networks, News Corp. and Time Warner - that distribute pornography. “He calls himself pro-life,” Leonard said, “but he owns Pfizer and Johnson & Johnson, whose drugs are used to induce abortions.” The Associated Press reported that his blind trust owns stock in Novo Nordisk, which is involved in embryonic stem-cell research.
Leonard’s conclusion: “I don’t know why anyone who calls himself pro-family or pro-life would be involved with these companies.”
The investment portfolios of presidential candidates have come under new scrutiny during this election cycle. Some have been proactive. Republican Sen. Sam Brownback, who has been outspoken about the genocide in the Darfur region of Sudan, held a press conference to announce he was divesting his stock in companies that did business in Sudan.
“What Sen. Brownback did was commendable and should be an example to all the presidential candidates,” Leonard said.
Leonard’s company, Stewardship Partners, invests in companies after closely examining them to ensure they are not involved with or funding activities that Christians would find objectionable. He calls the approach Biblically Responsible Investing, or BRI. His company manages about $250-million in assets and over the past five years his fund has outperformed the S&P 500.
“You don’t have to sacrifice returns to invest in a biblically responsible way,” Leonard said. “That makes it all the more telling that Romney has chosen to ignore these considerations in his own investment portfolio.”
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