The Catholic Church on Thursday issued a blistering critique of the global financial industry, arguing that not enough has been done in the wake of the 2008 housing market crash to stop unethical, risky and reckless behavior.
In a 10,000-word document approved by Pope Francis, the Vatican attacked everything from CEO compensation to the rise of the payday lending industry. It said derivatives, the complex securities contracts that fueled the market meltdown, were still “a ticking time bomb.” The document said the crisis presented an opportunity to move toward a world economy that is “more attentive to ethical principles, and a new regulation of financial activities that would neutralise predatory and speculative tendencies and acknowledge the value of the actual economy.”
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Pray always for purity and love