Filthy Lucre

Well, it took them long enough— but maybe the Church was waiting for Newscorpse to repent…

The Church of England has sold all shares in News Corporation held in its investment portfolios on ethical grounds, after a phone hacking scandal at the media empire’s UK operations.

The Church, which has three national investing bodies, sold the shares worth 1.9 million pounds ($2.97 million) after its Ethical Investment Advisory Group (EIAG) was not satisfied with the level of corporate governance reform at Rupert Murdoch’s media conglomerate following a year of dialogue.

“Last year’s phone hacking allegations raised some serious concerns amongst the Church’s investing bodies about our holding in News Corporation,” Andrew Brown, Secretary of the Church Commissioners said in a statement on Tuesday.

The Murdoch scandal isn’t totally old news, two more arrests today– a reporter and a police officer.

It’s been said that the remedy for speech is more speech. Letting one corporation build a media monopoly works against the free flow of information. That money corrupts so deeply is the real scandal.

If it turns out that News Corp stock loses value the Church will be thanking its voice of conscience, but that probably won’t happen. The Corp will just throw a few more reporters under the bus and polish their public image for the next marketing move.

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