If hypocrisy is a craft, Hobby Lobby has this one down. While the company fights in the Supreme Court to deny workers birth control for religious reasons, they’re investing in manufacturers of not just contraceptives — but abortion pills.
Mother Jones broke the story, and boy is it a juicy one. According to paperwork filed well after Hobby Lobby started their campaign against Obamacare, the arts and crafts retailer has more than $73 million worth of investments in companies that make IUDs, emergency contraceptives and yes, even abortion pills.
These investments are all part of mutual funds for employee retirement, and make up 75 percent of the retirement plan’s total assets, according to Mother Jones.
So will this affect the Supreme Court Decision? Hobby Lobby is claiming they should be exempt from providing employees with insurance that covers the cost of certain birth-control products, because their firm Christian beliefs don’t approve of this contraception. But at the same time, Hobby Lobby is investing in AstraZenica, which is developing drugs used not just for birth control, but for abortion.
Also on Hobby Lobby’s “no-no list” is Plan B, a morning-after pill that is not used for abortions, and won’t even accidentally cause them even though the company is saying they will. But Hobby Lobby has invested in Teva Pharmaceuticals, the company that makes Plan B. They’ve also invested in Actavis, which makes the generic version and distributes Ella, a drug that does the same thing.
The information comes from Hobby Lobby’s 2013 disclosure to the Department of Labor, a report that companies file each year. The report reveals holdings through the end of 2012, so it isn’t clear whether the retailer still has these investments. Both Hobby Lobby and their lawyers wouldn’t answer any questions, so we don’t know if they dumped these stocks before starting their lawsuit.
One thing is certain, though: Hobby Lobby can’t pretend that they had no control over their holdings. If they really wanted to protect their Christian values, they could have turned to services that filter out “questionable” investments, avoiding any ties with birth control, pornography or stem-cell research. But they didn’t. So could it be that they care more about fighting Obamacare than about preserving their religious ideals? Methinks that is the case.