Archbishop of York Attacks High-paid Executives

THE DAILY TELEGRAPH: Dr John Sentamu has attacked the salaries of top executives saying that huge differences between the rich and poor "weaken community life and make societies less cohesive".

Archbishop Sentamu, the second most important figure in the Church of England, said that excesses in the financial sector have helped to create huge inequalities in wealth, "demonstrating how scandalously unfair our society is".

Writing in the Yorkshire Post, Dr Sentamu called for a change in public attitudes towards excessive personal wealth as profound and rapid as moves against racism, homophobia and sex discrimination in recent decades.

He said: "If they [FTSE 100 chief executives] have a responsibility to their staff, it is hard to imagine a more powerful way of telling someone that they are of little value than to pay them one-third of one per cent of your salary.

"Top pay has been found to bear little or no relation to company performance, but even if it did, isn't the performance of a company dependent on the work and well-being of all its staff?

"Among the ill-effects of very large income differences between rich and poor are that they weaken community life and make societies less cohesive." » | Saturday, November 05, 2011

YORKSHIRE POST: Sentamu hits out at greed culture of fat cats: THE Archbishop of York has urged the Government to introduce a radical overhaul of the tax system and called for greed to be made as socially unacceptable as racism and homophobia. ¶ Dr John Sentamu claimed many of the wealthiest in society are avoiding paying their dues in a stinging attack on the growing divide between Britain’s rich and poor. » | Saturday, November 05, 2011

Dr John Sentamu: Our Unequal, Unjust Society... the Richest Are Getting Richer and the Poorest Lose All Hope
YORKSHIRE POST: WITH renewed public outrage at the excesses of the financial sector and the huge inequalities in wealth it has helped to generate, we are being confronted daily with new evidence of extremes of wealth and poverty, demonstrating how scandalously unfair our society is.

But how is this to be addressed? This is the urgent task for us all. The news that chief executives (CEOs) of the FTSE 100 companies last year received average pay increases of almost 50 per cent adds urgency to our cause.

Typically, these CEOs receive 300 times as much as the least well paid British employees in their companies. If they have a responsibility to their staff, it is hard to imagine a more powerful way of telling some people that they are of little value than to pay them one-third of one per cent of your own salary.

Top pay has been found to bear little or no relation to company performance, but even if it did, isn’t the performance of a company dependent on the work and well-being of all its staff?
Among the ill effects of very large income differences between rich and poor are that they weaken community life and make societies less cohesive.

If the concept of the Big Society is to become a reality, so that people come to know and take more care of each other, income differences must surely be reduced. No one wants a “dog eat dog” society in which people feel obliged simply to fend for themselves.

But over the last few decades, the gains from economic growth have gone disproportionately to those who already have most. In contrast, forecasts suggest that child poverty will increase. The danger is that rather than increasing equality of opportunity, social mobility will slow down and people will become more divided by class and status. » | Dr. John Sentamu | Saturday, November 05, 2011

The Migrants Who Just Don't Belong, by the Archbishop of York
MAIL Online: Immigrants to Britain in the past four decades have acted like hotel guests who 'do not belong', the Archbishop of York said today.

Dr John Sentamu said the failure of migrants to integrate had contributed to the collapse of a common British culture and the lack of a national sense of direction.

He called for recognition of the Christian heritage which once bound the nation together and for a revival of the civic values once represented by a myriad of local clubs, societies, associations, churches and trade unions.

The Archbishop's powerful attack on uncontrolled immigration and on 'multiculturalism' - the left-wing doctrine that encouraged migrants to ignore traditional British values - was made in a speech to Gordon Brown's think tank, the Smith Institute.

Dr Sentamu, who is a trustee of the Institute, has in the past criticised multiculturalism and official neglect of the importance of Christian thinking and history.

But his speech today was the first admission from a senior Church of England figure that large-scale immigration since over the past five decades has brought serious problems as well as benefits. >>> By Steve Doughty | Tuesday, January 13, 2009

The Dawning of a New Dark Age (Paperback & Hardback) – Free delivery >>>

Unadulterated Greed!
THE TELEGRAPH: The two most senior figures in the Church of England have launched outspoken attacks on the excesses of capitalism which they claim have led to the current global financial crisis.

The Archbishop of York, Dr John Sentamu, condemned the financial traders who made millions by driving down the share price of leading banks as "bank robbers and asset strippers".

In a powerful speech to City bankers on the effects of the credit crisis on Wednesday, he denounced the "Alice in Wonderland" world of global finance where short-sellers profited by laying bets that shares in HBOS would fall in price.

Meanwhile the Archbishop of Canterbury, Dr Rowan Williams, warned in a magazine article that modern devotion to the free market is a form of idolatry and that Karl Marx was right in his analysis of the power of "unbridled capitalism".

The pair's attacks came following a tumultuous week in which four major financial institutions went bust or were taken over, triggering multi-billion pound government rescue plans to steady the markets, after traders targeted banks that had been weakened by exposure to unrecoverable mortgage debts and a reduced ability to borrow money.

The billionaire Wall Street hedge fund manager John Paulson was one of those who made money by betting that the share price of HBOS, Britain's largest mortgage lender, would fall. The activities of such short-sellers - now temporarily banned - led to a collapse in the bank's shares last week and it had to be bought out by Lloyds TSB.

Speaking to the Worshipful Company of International Bankers, Dr Sentamu said: "Those who made £190million deliberately underselling the shares of HBOS, in spite of its very strong capital base, and drove it into the bosom of Lloyds TSB, are clearly bank robbers and asset strippers.

"We find ourselves in a market system which seems to have taken its rules of trade from Alice in Wonderland, where the share value of a bank is no longer dependent on the strength of its performance but rather on the willingness of the Government to bail it out, or rather on whether the Government has announced its intentions so to do." Archbishops of Canterbury and York Blame Capitalism Excesses for Financial Crisis >>> By Martin Beckford, Religious Affairs Correspondent | September 24, 2008

YAHOO! NEWS (UK & IRELAND):
Church Accused of Short-selling >>> PA | September 25, 2008

The Dawning of a New Dark Age – Dust Jacket Hardcover, direct from the publishers (UK) >>>
The Dawning of a New Dark Age – Paperback, direct from the publishers (UK) >>>