The Henrietta Riley fund - Watchtower hypocrisy at its best

by teel 12 Replies latest watchtower scandals

• 

  teel

  Thanks to Mary's excellent guide I just found out about the Henrietta M. Riley Trust Fund. There was a heated discussion several years ago, here's the thread: http://www.jehovahs-witness.com/11/54708/1.ashx. Basically it is an investment fund whose sole beneficiary is the Watchtower society. The discussion was that this fund had investments in Phillip Morris tobacco company.

  I'm bringing this back to top to spread the knowledge, because it was just unbelivably hypocritical, so much as I went to search for the fund. http://www2.guidestar.org has them listed, and if you sign up for free on the site, you can check the IRS Form 990s for the last 3 years. I couldn't find Phillip Morris on their portofolio any more, and I didn't wanted a background check on all the unknown companies, but one name stand out: Armor Holdings. Sure enough, it's a weapon manufacturer. http://www.armorholdings.com

  The JW defense would be of course that it's a fund, and they can't control the flow of the money. Funny thing though that the WTS expects this from their loyal followers:

  *** g00 10/8 pp. 25-27 Is It Wise to Invest in the Stock Market? ***

  By considering the background of a company, an investor can also ensure that his money will not be used to support an unethical enterprise.—See Awake!, February 8, 1962, pages 21-3.

  Can you say hypocrisy?
• 

  yesidid

  Can you say hypocrisy?

  You can. But is that strong enough.

  y
• 

  nugget

  When my husband told me about this I was disgusted. There is no justification for holding shares in a weapons firm. An organisation as powerful as the WTBTS have enough qualified accountants and lawyers on their books to know exactly where all their money is invested. Ignorance is no excuse and negligance is worse.
• 

  dozy

  For clarification , the WTS doesn't actually own the stocks concerned and it isn't their money , they receive income from the trust. They don't have any control over the investments held in the trust , whether perceived as "ethical" or otherwise. I know some people get very irate about this situation but I personally can't see any issue as such. In practical terms , what should the WTS do? Determine how much of the income is from Philip Morris dividends and pay the money back to the trust? I don't think that legally they can write a letter to the trustees suggesting that the money should be invested in ethical investments , though it would be a sensible thing to do. Doubtless they would argue that the principle of 1 Cor 10:25,26 would apply.

  It does seem though that in general terms , the WTS is more than happy to receive donations from pretty much any source. They need the cash.
• 

  nugget

  Ask yourself - how would they treat a R&F member who was recieving an income or partial income from a portfolio known to hold stocks in a Tobacco or Arms company?
• 

  teel

  What nugget said. It's my fault that I didn't put in my OP the fact that the fund is indeed in a third party's hand (although I don't find it impossible that it's a WTS puppet company).

  The issue is very similar to the UN debacle. It's not about whether it is ok in itself what they do, it's that they enforce rules on the R&F that they purposely neglect.

  I'm not well versed in the US law, being half a planet away, but I imagine they have at least one option available: refuse the donation.

  For the record, here's the mentioned 1 Cor 10:25,26: 25Eat anything sold in the meat market without raising questions of conscience, 26 for, "The earth is the Lord's, and everything in it." Now try to tell this to the elders when they question you why you're eating blood pudding Or more on topic, buy stocks in a tobacco company, and wave 1 Cor 10:25,26 to the elders.
• 

  TheSilence

  I remember listening to talks that were given saying how aware we should be of our investments and that they were not in such companies. And I specifically remember the words, "even mutual funds," where we might not have control over where the investments are made but that as christians we should be aware of this and if any of the investments were things that would stumble a brother or sister or would bring reproach upon Jehovah we should pull our money out. I can not express to you how vivid the memory of, "even mutual funds," is to me. I did know about this and while I do understand the argument that it's not a big deal because it's a fund where they don't have any power over the investment, that memory makes this an extremely hypocritical thing in my eyes and one that I can't simply dismiss. Perhaps the things I heard came only from an overzealous elder, I really don't know, but to me it's just one more straw that attributed to breaking the camel's back for me.

  Jackie
• 

  dissed

  Would they take money from the mafia? Probably so with this reasoning.

  The WTS needs money and damn should they follow their own counsel and admonishes.
• 

  Scully

  Here's a link to the JWD thread that broke the news regarding the Henrietta M. Riley Trust, the sole beneficiary of which is the Watchtower Society.

  http://www.jehovahs-witness.net/watchtower/scandals/54708/1/The-Watchtower-the-cigarette-company
• 

  dissed

  The marketplace example doesn't fit well.......

  In the marketplace, you couldn't be sure, but with investments you know EXACTLY where it comes from.

  Side note: With Paul's marketplace opinion, wouldn't that apply to used things found at yard sales as well. (so called demon attached stuff)