Hobby Lobby still invests in birth control

[kpete]

Source: CNN

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.

Read more: http://money.cnn.com/2014/07/01/investing/hobby-lobby-401k-contraception/index.html?hpt=hp_t2

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Hobby Lobby has not responded to CNN requests for comment about its retirement plan. Mother Jones broke the story about the company's 401(k) plan in April.
http://www.motherjones.com/politics/2014/04/hobby-lobby-retirement-plan-invested-emergency-contraception-and-abortion-drug-makers

[SummerSnow]

1. When it rains it pours.

[Trillo]

2. These are folks who care about one thing:

Last edited Wed Jul 2, 2014, 02:20 PM - Edit history (1)

Money.

They don't care about religion, their argument was a lie.

[Cha]

3. So what is it.. Obamacare they don't like? Figured they could get out of paying for contraceptives

if they whined to the SC 5?

[davidpdx]

7. It's not Obamacare, it's President Obama they don't like

The rest is pretty much a given.

[Cha]

9. I think you're right.. We know they don't mind doing business with China where abortion is rampant..

But, here in America where Obamacare is paying for Contraceptives that would help eliminate any need for that heartbreaking decision .. they want nothing to do with.



http://www.democraticunderground.com/10025181224#post56

[Orsino]

16. Or Democrats in general...

...but Scalia has pimped himself on their street corners often enough that they knew the timing was right for a power grab.

States'-rights nullification may not fly, but the Roberts court will make up other excuses to step and fetch.

[icymist]

4. Sincere, deeply held religious beliefs my ass! nt

[Solly Mack]

5. K&R

[progree]

6. Just to be clear, Hobby Lobby isn't against all birth control, only "abortifacient" ones

that prevent implantation of the developing embryo or cause it to be expelled. But yes, they do have investments in manufacturers of "abortifacients" (and yes, having recourse to emergency contraception is very important):

Hobby Lobby Invests in Abortion-Inducing Drugs -- A reporter for Mother Jones revealed in April that Hobby Lobby’s retirement plan holds $73 million in mutual funds with a wide range of pharmaceutical companies that produce the very birth control drugs and devices they say cause abortions.

The companies in Hobby Lobby’s retirement fund portfolio include Teva Pharmaceutical Industries, which makes Plan B and ParaGard; Actavis, which makes a generic version of Plan B and distributes Ella; Pfizer, which makes Cytotec and Prostin E2—both drugs used to induce abortions; Bayer, which manufactures the hormonal IUDs Skyla and Mirena; AstraZeneca, which manufactures Prostodin, Cerviprime, and Partocin—three drugs used in abortions; and Forest Laboratories, which makes Cervidil, a drug used to induce abortions; and, finally, Aetna and Humana—health insurance companies that cover surgical abortions, abortion drugs, and emergency contraception. - page 6, Population Connection magazine, 6/2014 http://issuu.com/popconnect/docs/june2014

The company owners involved in litigation around the country do not all oppose every type of birth control. Some, including Hobby Lobby and Conestoga, object only to emergency contraceptive methods, such as Teva Pharmaceutical Industries Ltd's Plan B morning-after pill, and ella, made by the Watson Pharma unit of Actavis PLC.
http://news.yahoo.com/u-top-court-rules-companies-over-birth-control-142601238.html

[Justice]

10. But the result is the same - SC said companies may cut ALL contraception from health plans

[progree]

17. True. Thanks for the clarification to the clarification :-)

For anyone who hasn't seen this yet --

http://news.yahoo.com/justices-act-other-health-law-mandate-cases-133633160--politics.html

The Supreme Court on Tuesday confirmed that its decision a day earlier extending religious rights to closely held corporations applies broadly to the contraceptive coverage requirement in the new health care law, not just the handful of methods the justices considered in their ruling.

The justices did not comment in leaving in place lower court rulings in favor of businesses that object to covering all 20 methods of government-approved contraception.

...

Tuesday's orders apply to companies owned by Catholics ((or any other religious nuts -Progree)) who oppose all contraception. Cases involving Colorado-based Hercules Industries Inc., Illinois-based Korte & Luitjohan Contractors Inc. and Indiana-based Grote Industries Inc. were awaiting action pending resolution of the Hobby Lobby case.

....

The justices also ordered lower courts that ruled in favor of the Obama administration to reconsider those decisions in light of Monday's 5-4 decision.

Clarification to the clarification to the clarification: I'm not saying all Catholics are religious nuts, just the ones who would deny their employees all birth control methods

[davidpdx]

8. Hypocritical assholes

[blkmusclmachine]

11. A typical rightwing Christian: Do as I say, and not as I do.

[tanyev]

12. So which right wing group went plaintiff shopping and landed Hobby Lobby for this case?

They should have looked into the retirement investments a little closer.

[Ineeda]

13. So employees get screwed twice.

Stock in those companies could be seriously, negatively affected, causing a drop in the value of the employees' 401(k) balances. Of course, the hypocrisy of the actual investments is obvious.

[hedgehog]

14. I think the most significant aspect of this is that a main stream media

outlet (CNN Money) has picked up a story from the left-wing Mother Jones. We're not the only ones ticked off by this!

[Orsino]

15. I think we've established which is their true faith.

And that their entire case is proven to have been a lie.