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The Archdiocese of Chicago may sell bonds as it looks to raise money after spending for construction, clergy wrongdoing and running parishes, according to a report.
No one would confirm a bond sale is planned, but Moody’s Investors Service Inc. gave the archdiocese its highest rating Wednesday night for a proposed $151.5 million sale, according to the Chicago Tribune.
Officials insist there is no final decision, and the archdiocese is looking at other options to bring in money, the Tribune said.
However, this is somewhat misleading since Moody did not give this rating as the Archdiocese would have you believe out of the goodness of their heart, on the contrary such a rating must have been eagerly sought after, and all your financial ducks must be in order, including the participation of the Archdiocese legal team to get such a rating.
According to the Tribune the Moody’s rating also says that a sale is not guaranteed, and church officials insist no decision has been made. The Rainbow Sash Movement finds this public posturing on the part of the Archdiocese to be ethically misleading, and yet another example to what lengths Cardinal George will go to prop up his financial house of cards that appears to be quickly crumbling.
Clearly the Archdiocese is trying to ward off a massive closing of Catholic Schools at the end of this fiscal year. The ongoing financial drain of the clergy sexual abuse is taking its toll on Archdiocesan Finances. This public tap dance that Moody and the Archdiocese of Chicago are engaged in certainly is not in the best interest of the people of the Archdiocese of Chicago, and even calls into the question the part that Moody is playing in this shell game.
Many financial investors must now be asking themselves why Moody would be supporting an institution that is publically promoting discrimination against Chicago’s Gay/Lesbian/Bisexual/Transgender Community in the name of financial gain.
The Rainbow Sash Movement is asking the Moody to reevaluate its rating of the Archdiocese certainly the issue of priestly sexual misconduct cannot be removed from their radar screen, and one wonders what part the Knight’s Columbus are playing in this financial smoke and mirrors game.
Rainbow Sash Movement