Hobby Lobby invests in abortion pill manufacturers
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Thread: Hobby Lobby invests in abortion pill manufacturers

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    Posting Addict Spacers's Avatar
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    Default Hobby Lobby invests in abortion pill manufacturers

    The owners of Hobby Lobby, a Christian-owned craft supply chain, were so offended by the idea of having to include emergency contraceptives and intrauterine devices in their health insurance plans that they sued the Obama administration and took the case all the way up to the Supreme Court. But Mother Jones reported on Tuesday that the company's retirement plan has invested millions of dollars in the manufacturers of emergency contraception and drugs used to induce abortions.

    Hobby Lobby's 401(k) employee retirement plan holds $73 million in mutual funds that invest in multiple pharmaceutical companies that produce emergency contraceptive pills, intrauterine devices, and abortion-inducing medications.

    The companies Hobby Lobby invests in include Teva Pharmaceutical Industries, which makes the Plan B morning-after pill and ParaGard, a copper IUD, as well as Pfizer, the maker of the abortion-inducing drugs Cytotec and Prostin E2. Hobby Lobby's mutual funds also invest in two health insurance companies that cover surgical abortions, abortion drugs, and emergency contraception in their health care policies.

    Hobby Lobby's attorneys argue that the provision in the Affordable Care Act that requires most employers to cover contraception in their health plans infringes on the company's right to exercise religious freedom because the company's owners believe that emergency contraception and IUDs are actually forms of abortion. Medical studies have debunked this claim.

    Mother Jones reported that all nine of the mutual funds Hobby Lobby's retirement plan holds include investments that clash with the owners' religious beliefs about abortion.

    Hobby Lobby Invests In Abortion Pill Manufacturers


    Hypocritical or not? If these companies are good enough to invest Hobby Lobby employee retirement savings in, then why aren't their products & services good enough to provide to Hobby Lobby employees?
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    Super hypocritical.
    Mom to Elizabeth (6) and Corinne (4)

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    Posting Addict Spacers's Avatar
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    Quote Originally Posted by Jessica80 View Post
    Super hypocritical.
    Agreed. A quick Google search for "pro life mutual funds" shows that there are many, many options out there so it's not like they didn't have any other choice about where to put their money.
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    I do not have a lot of information on this, but everything I have seen on this says that they were not aware of the situation. I know that I do not know of all the companies that DH' s 401k participates in.
    Rivergallery likes this.

    ~Bonita~

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    Put this in the "I don't care" category for me. Yep, technically its hypocritical, but i can totally see how a company might overlook that. Wouldn't be surprised if in the future they change it up.

    Oops they made a mistake according to their beliefs. I wouldn't bother criticizing them for this.

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    See, I think it's pretty huge since they were so invested in what their health insurance covered that they didn't feel the need to make sure that any money the put out there wasn't as fully researched to make sure it went towards their beliefs.
    myyams likes this.
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    Posting Addict Spacers's Avatar
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    There are definitely other things to criticize Hobby Lobby over, such as taking a ridiculous case to the Supreme Court (corporations are not people and therefore can not have religious rights) but the fact that their main argument in that case was that the owners' religious beliefs about abortion prevented them from providing legally-mandated health coverage to their employees says to me that these owners should have made very very sure to not have anything to do with anything abortion in any way.

    And with all due respect, Bonita, I think if you don't know what you're investing in, then you shouldn't be investing in it. With the exception of blind trusts -- where the whole point is that you're *not* supposed to know what's in them, to prevent conflict of interest concerns -- everyone should know this information about their money.
    David Letterman is retiring. Such great memories of watching him over the past thirty-two years!

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    Quote Originally Posted by Spacers View Post
    (corporations are not people and therefore can not have religious rights)
    But the owners of those corporations are. I strongly disagree that corporations do not have religious freedom. Whether or not the Hobby Lobby made a mistake in the investments, this is still an extremely important case to determine the religious freedoms of this country with other corporations besides the Hobby Lobby partisipating. The Hobby Lobby is just the most well known company partisipating.

    ~Bonita~

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    I am just not sure how I feel. My first gut reaction is that this is very hypocritical, but then I remember how many different ways that the PERS my husband's money is invested in is spread out.
    Lisa
    Molly, Morgan, Mia and Carson

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    Super hypocritical and even more ignorant if they had no idea where their money was being invested. How can a business be run without having a close eye on investments??
    Aisha

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