Pax-Bank: Bank of Church and Caritas

Pax-BankClaim to fame: German bank founded in 1917 “for institutions and employees in the Catholic Church.”

Moral apex: Busted for investing in arms, tobacco, and — most hypocritical of all — birth control pills. Details at the BBC.

Memorable quote:

“The Church needs excellent performance for their investments that cannot be contrary to their Christian values. Since 1917, Pax-Bank has achieved the balance between high performance and Christian values through its own philosophy: concentrating exclusively on Catholic institutions as its customers, Pax-Bank orientates its business objectives and products following Christian ideals. The entrusted capitals are invested with the Catholic Church in mind, with maximum responsibility and transparency. Investments which contravene Christian principles are excluded. This we guarantee with our name.”
— “12 good reasons to cooperate with Pax-Bank”
Pax-Bank Web site

Anything else? Yep; the bank practically screams: “Foreign tax shelter! Get yer foreign tax shelter right here!”

“Foreign institutional clients which invest their money at Pax-Bank through a German ecclesiastical legal entity will profit from the unique German tax privileges for the Church. Income from interests and dividends will be credited without any tax withdrawal.”
ibid.

Suggested Bible reading for Pax-Bank:

Woe unto you, scribes and Pharisees, hypocrites! for ye pay tithe of mint and anise and cummin, and have omitted the weightier matters of the law, judgment, mercy, and faith: these ought ye to have done, and not to leave the other undone.

Ye blind guides, which strain at a gnat, and swallow a camel.

— Matthew 23:23-24
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Posted Sunday, August 02, 2009 | Permalink | Trackback

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