A moral case for financial reform

Writing for The Washington Post, John Gehring of Catholics in Alliance for the Common Good says:

Faith, labor and community groups will march through San Francisco’s financial district today to attend Wells Fargo’s annual shareholder meeting. A delegation will address the bank’s top executives and demand changes to corporate practices that have bankrupted families while enriching a privileged few. Tomorrow, faith and labor leaders will gather at Bank of America’s shareholder meeting in Charlotte, N.C. and urge the bank’s leadership to do a better job helping distressed homeowners refinance troubled mortgages.

The Interfaith Center on Corporate Responsibility, a coalition of faith-based investors, recently challenged Citigroup to provide greater transparency about its derivatives trading. The Maryknoll Center on Global Concerns produced a You Tube video and web site – Stop Gambling on Hunger – that shines a spotlight on how Wall Street speculation and greed drove up food prices around the world. Catholic social justice leaders issued statements yesterday highlighting financial reform as an urgent moral issue, and called for prudent financial regulation that protects families from corporate abuse. PICO National Network, made up of faith-based community organizations in 150 cities and 17 states, has launched an Our Money, Our Values campaign with the online advocacy group Faithful America.

Here is the video:

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