Hindus and Jews have strongly criticized Church of England over its “overnight reversal of soul” resulting in it becoming robust defender of hedge funds and rushing to their rescue.

Rajan Zed, acclaimed Hindu statesman; and Rabbi Jonathan B. Freirich, prominent Jewish leader in Nevada and California in USA; in a statement in Nevada today, asked how the funds which Church termed as “bank robbers”

in the past had suddenly become saviours, and the mighty Church had become lobbyist for these “former robbers”. A letter in response to European Commission Directive on Alternative Investments Fund signed by Secretary to Church Commissioners (Church’s investment arm) Andrew Brown among others, says: …” We are concerned that the Directive as currently drafted will significantly restrict our ability to generate funds… To maximise the returns on our investments, we must have freedom to select the best investment managers and funds, and to select the investment ideas that best meet our individual needs… The Directive will impact access to private equity funds and to hedge funds… This will significantly limit the scope and potential return of our investment portfolio…”

Zed, who is president of Universal Society of Hinduism, and Rabbi Freirich said that both Archbishop of Canterbury Dr. Rowan Douglas Williams and Archbishop of York Dr. John Sentamu (who are also Church commissioners) strongly criticized the financial system in the recent past, but now the Church which managed about £4.4 billion assets, had criticized European proposals to regulate hedge funds in order to increase the Church’s ability to make money.

Rajan Zed and Rabbi Jonathan Freirich pointed out that Church of England was member of Church Investors Group, an ecumenical gathering of 37 investors connected with the Churches of Britain and Ireland launched in 1973, which encouraged members to “formulate policies relating to investment that are based on Christian ethical principles” and which sought to “reflect the moral stance and teachings of our faith in our investment portfolios”.

What happed to Church’s strictly governed ethical investments policy? It was kind of “conversion” and the Church’s new mission seemed to be “to save hedge funds” instead of “transforming the world” as given on its website. Now the hedge funds, highly speculative financial products charged with inciting instability in financial markets, was claimed to be serving the Church’s compassion cause instead of being a greed source, Zed and Freirich said.

Although Church is reportedly a major hedge fund investor, but in the past, Williams reportedly said that it was right to ban short selling, while Sentamu described traders who cashed in on falling prices “bank robbers and asset strippers”. Williams pointed out last month that the financial sector failed to repent for the crisis. Williams in the past asked for greater scrutiny and regulation of the financial sector.

Rajan Zed and Rabbi Jonathan Freirich pointed out that all the religions condemned greed and he stressed the need to build a new world free from greed. “Greed is a form of pollution. Disappointment is certain if some act is done merely out of greed. Excessive greed blinds the mind,” he added.

Zed quoted ancient Hindu scripture, Bhagavad-Gita, which says: there are three gates to self-destructive hell-greed, anger, and desire. Abandon these three. A person freed from these three gates of darkness, seeks what is best and attains life’s highest goal. Saint Augustine (Letter 211) said, “It is better to need less than to have more.”

Alleging double standards, Rajan Zed and Rabbi Freirich urged the Church of England to “walk the talk”.

-Sampurn Media