Showing posts with label Hobby Lobby. Show all posts
Showing posts with label Hobby Lobby. Show all posts

Saturday, July 05, 2014

The Hypocrisy of Hobby Lobby

In what has to be a textbook definition of hypocrisy, Hobby Lobby invests money in the very companies they take exception to for religious reasons.

Hobby Lobby's founders have made it clear that any abortion and certain contraceptives are unacceptable in their eyes, yet the company's 401(k) plan has millions of dollars invested in funds that own the companies that make birth control methods including Plan B, the so-called "morning after" drug. Like many companies, Hobby Lobby offers its employees a 401(k) plan. 

Over 13,000 past and present employees have taken advantage of that plan, according to the latest documents filed with the Department of Labor. Employees have the option to put their retirement dollars -- and the money that Hobby Lobby contributes on their behalf -- into over a dozen different mutual funds. 

At least eight of those funds have been invested in companies that produce contraceptives such as Teva Pharmaceutical (TEVA), Bayer (BAYRY), and Pfizer (PFE), according to a CNNMoney analysis. Teva makes Plan B. At least one fund also held Forest Laboratories, which makes a drug that is used to induce abortions.

Clearly, their reluctance to pay for women's birth control was not motivated by religious objections. It was motivated by financial objections.

They were simply being cheap.

Wednesday, July 02, 2014