The Pope Attacks Derivatives, Says They Are Still “A Ticking Time Bomb”
Vatican condemns financial industry abuses
The 10,000-word document attacks everything from CEO compensation to the rise of the payday lending industry.
by Victoria Guida – original published 5/18/18
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 attacks everything from CEO compensation to the rise of the payday lending industry. It says derivatives, the complex securities contracts that fueled the market meltdown, are still “a ticking time bomb.”