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3 mentions found


☆ Church of England urged to build a $1.3 billion fund to tackle its legacy of slavery
  + stars: | 2024-03-04 | by ( Hanna Ziady | ) edition.cnn.com   time to read: +3 min
London CNN —The Church of England has welcomed a report that calls for it to spearhead the establishment of a £1 billion ($1.3 billion) fund to address its historical ties to slavery. The Church Commissioners group, which manages the church’s £10.3 billion ($13 billion) investments, has accepted the report “in full,” the church said in a statement. The report also calls for the Church Commissioners to build up the value of the fund by bringing in co-investors while also increasing its own allocation. The Church of England is the established church in the United Kingdom. It also urged the Church Commissioners to deliver the full sum committed to the fund sooner than over the nine years originally envisaged.
Persons: ”, Archbishop of Canterbury Justin Welby, Bishop Rosemarie Mallett, Canterbury Justin Welby, Toby Melville, Welby, George Floyd Organizations: London CNN, of, “, for, Commissioners, South Sea Company, REUTERS, National Archives, Bank of Locations: of England, Black, United Kingdom, Barbados, London, REUTERS Britain, Historic England, Caribbean, Bank of England, United States
☆ FTX flop evokes history’s great financial swindles
  + stars: | 2022-11-18 | by ( Edward Chancellor | ) www.reuters.com   time to read: +7 min
As Walter Bagehot wrote in “Lombard Street” in 1873, “The good times too of high price almost always engender much fraud. As cryptocurrencies declined in value, FTX provided a line of credit to BlockFi, a stricken crypto-lender. He talked about Three Arrows Capital, the failed crypto hedge fund, as engaged in “punting”. His firm launched a product based on a basket of crypto assets that it called Shitcoin Index Perpetual Futures, with the unsubtle ticker SHIT-PERP. He commissioned an advertisement, aired during the Super Bowl, in which the comedian Larry David casts doubt on the viability of FTX.
☆ University of Cambridge says it gained from slave trade
  + stars: | 2022-09-22 | by ( ) www.nbcnews.com   time to read: +4 min
Cambridge said an investigation it commissioned had found no evidence that the university itself ever owned slaves or plantations directly. Those came from university benefactors who had made their money from the slave trade, the university’s investments in companies that participated in it, and fees from plantation-owning families, according to the investigation’s report. Researchers found that fellows from Cambridge colleges were involved with the East India Company, while investors in the Royal African Company also had links to Cambridge — two companies both active in the slave trade. “Such financial involvement both helped to facilitate the slave trade and brought very significant financial benefits to Cambridge,” the Legacies of Enslavement report said. The university said it had also received a donation to commission a Black British artist to memorialize Black Cambridge scholars, and will install explanatory plaques to contextualize older statues of those associated with the slave trade.
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