After what it must have deemed a decent interval since triggering a furore over its attack on traders and bankers as “robbers and assassins” last year, the Church of England is shamelessly seeking more yield.
Just to refresh your memory, Rowan Williams, the archbishop of Canterbury and head of the Anglican Church, last September said it was right to ban short selling, while John Sentamu, archbishop of York, called traders who cashed in on falling prices “bank robbers and asset strippers”.
But the Church Commissioners had a tough year in 2008, as the Church’s total assets dropped from £5.7bn to £4.4bn, a 23 per cent fall over the period. Clearly, faith alone was not enough.
To lose 23% of your assets in a year is quite an achievement.
By the way how DID the Commissioners’ “green” investment of £150 million of our relatively safe cash and treasury bills in Al Gore’s “environmentally minded investment firm, Generation Investment Management” perform?
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