Church Attacks Short Selling
Church of England Supports Attacks Short SellingHere is an interesting article about the Church of England, their support in banning short selling tactics while also profiting from lending stock from their investment pool to short sellers.
Hedge fund managers reacted with fury yesterday to an attack on short selling and debt trading by leaders of the Church of England yesterday, pointing to the contradiction between what they say and how they invest their vast assets.
Rowan Williams, the archbishop of Canterbury and head of the Anglican church, 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".
Hedge funds and religious critics pointed to the willingness of the Church commissioners to lend stock from their £5.5bn ($10.1bn) of investments - a key support for short selling - and derided the pair for not understanding the role of shorting.
"They are trying to shoot the messenger and they are massively deflecting attention away from the dramatic incompetence of bank executives," said Hugh Hendry, co-founder of Eclectica Asset Management, a London hedge fund. "Short selling is the pursuit of truth." Read more...
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