Oh dear. Yesterday the Archbishops of Canterbury and York condemned London-based brokers who indulged in short selling as “bank robbers and asset strippers” and accused them of “generating unimaginable wealth … by equally unimaginable levels of fiction”.
But now it turns out that the Church of England has been quite willing to sell short and hedge currencies when doing so suited its purposes.
Tsk, tsk. Looks like the fiction isn’t entirely localized. (Someone will mention “whited sepulchres” fairly soon, I’m sure.) These guys should really find out what their financial managers are doing before issuing these pronouncements.
(A Pythonesque touch here: the FT also reports that the CoE “[has] £5.6bn under management, mostly in a mix of equity, property and vast tracts of land.”)