Justita said: The WTBTS is the named beneficiary of a trust. The trustee (probably a bank) has sole discretion as to how to invest, subject to any limitations that the settlor (the decedent, Ms. Riley) placed on trustee. With that said, the argument can be made that the WTBTS should reject ALL the money because it is tainted by the Phillip Morris stock.
Agreed. But I believe these documents go a long way is showing the hypocrisy of the Organization, given their hard stand on tobacco products over the last 40 years. They have lawyers and accountants by the score who would have scrutinized the trust and would have been all too aware that some of the monies had been invested in Philip Morris. It would be their moral obligation to inform the investors that they do not support the use of tobacco and did not want the trust to include any shares in companies in the tobacco industry. The company managing the trust would have to respect those wishes. As well, Philip Morris pays quarterly dividends so the Watchtower Society would receive them and their accountants would be all too aware of what the money was being invested in.
While the objection could be made that it is not actually the Watchtower Society itself making the investment, but just receiving the cash, is this a valid defense? Especially in light of their own words on investing in the stock market:
"...How a Christian puts his money to work is for him to decide personally, just as how he works for a living is for him to decide. There is nothing contrary to Scriptural principles for him to let his money help him earn a livelihood. If he invests in stocks, no one should criticize him. He should, of course, be discreet about what stocks or bonds he buys. When he knows that a corporation is devoted entirely to manufacturing merchandise that is used for a morally wrong purpose, it would be improper for him to violate his conscience by investing money in the stock of that company.---Awake!, February 8, 1962, p. 23
Many investors consult with financial planners before purchasing stock. By considering the background of a company, an investor can also ensure that his money will not be used to support an unethical enterprise."----Awake! October 8, 2000, p. 27
The Watchtower has long regarded smoking as an unchristian activity and a disfellowshipping offence. A Witness is not permitted to be employed in the tobacco industry and after '73, could not sell tobacco products in their stores. There can be no doubt that if an individual Witness invested in the cigarette industry, the Watchtower would consider this an ‘unchristian' investment and that individual would most likely be disfellowshipped from the congregation.
Yet at the same time, a trust which exists for the primary reason of generating income for the Watchtower Bible and Tract Society, invests in a cigarette company! While the amount of the investment is small, it is not the amount that is the issue, but the principle: the Organization has knowingly benefited from an investment made in the tobacco industry.
The October 22, 1981 Awake! quotes Medical World News editor Reginald Rhein, Jr., as saying:
"Smoking is a clear, present, and proven danger that kills 320,000 Americans every year through heart disease, cancer, and emphysema." He noted, however, that both the federal government and the American Medical Association loudly proclaim the dangers of smoking while at the same time "quietly supporting the production of cigarettes." Rhein said that at its annual meeting in Chicago, AMA delegates did come out "against federal subsidies for tobacco growers," but then they "turned around and refused to order the Board of Trustees to divest the association's pension fund of $1.4 million in tobacco-company stock." The editor then asked: "Who is going to take the association-or even individual doctors-seriously now?" [emphasis added]
Indeed the same question could be asked about the Watchtower Society.
