Baptists and Thar' Booze

In the late 70’s leaders of the Conservative Resurgence in the SBC referenced issues related to Segram's stock that was being used to generate foundation revenue within the SBC. At that time, that was exculpatory evidence about the way the Moderates had run the Convention.

Then, Carnival Cruise Lines was also an investment of the Annuity Board criticised by these same men in the 90's/early 00's, when somebody remembered that Carnival also hosts cruises for Gay Men and Lesbians, some of which are associated with their party circuit.

Lest we forget, we now have SBC Resolution 5, passed this year at the Convention, in which we are told:

Resolution No. 5
ON ALCOHOL USE IN AMERICA

WHEREAS, Years of research confirm biblical warnings that alcohol use leads to physical, mental, and emotional damage (e.g., Proverbs 23:29-35); and

WHEREAS, Alcohol use has led to countless injuries and deaths on our nation's highways; and

WHEREAS, The breakup of families and homes can be directly and indirectly attributed to alcohol use by one or more members of a family; and

WHEREAS, The use of alcohol as a recreational beverage has been shown to lead individuals down a path of addiction to alcohol and toward the use of other kinds of drugs, both legal and illegal; and

WHEREAS, There are some religious leaders who are now advocating the consumption of alcoholic beverages based on a misinterpretation of the doctrine of "our freedom in Christ"; now, therefore, be it

RESOLVED, That the messengers to the Southern Baptist Convention meeting in Greensboro, North Carolina, June 13-14, 2006, express our total opposition to the manufacturing, advertising, distributing, and consuming of alcoholic beverages; and be it further

RESOLVED, That we urge that no one be elected to serve as a trustee or member of any entity or committee of the Southern Baptist Convention that is a user of alcoholic beverages.

RESOLVED, That we urge Southern Baptists to take an active role in supporting legislation that is intended to curb alcohol use in our communities and nation; and be it further

RESOLVED, That we urge Southern Baptists to be actively involved in educating students and adults concerning the destructive nature of alcoholic beverages; and be it finally

RESOLVED, That we commend organizations and ministries that treat alcohol-related problems from a biblical perspective and promote abstinence and encourage local churches to begin and/or support such biblically-based ministries.

Lest we forget, if you did not support Resolution 5, some in the leadership of the SBC will label you a libertine and, worst yet, a Presbyterian! Dr. Paige Patterson was one of those engaging in such argumentation shortly after the resolution was passed in June. He's President of Southwestern Seminary, whose trustees are meeting. More on that below.

Also, my brethren at the Joshua Convergence issued a statement recently stating,

“we oppose the sale and consumption of alcoholic beverages. Throughout its history, our Convention has stood against the evils of alcohol. The present generation can in good conscience do no other.”

Of course, this overlooked Mrs. John Broadus who asked James Boyce to bring back some of that KY bourbon, because she couldn't take the local blend. It also overlooks Dr. James Boyce's own proclamation to the SBC in the late 19th century that stated quite clearly that resolutions regarding alcohol were "not germane to the business of the Convention." I hope in light of the events below, the folks who agreed with the Convergence will be consistent.

Well, my brother, Marty Duren at SBC Outpost has brought some fun facts to light:

Second is an interesting proposal concerning the transfer of assets held in the Southwestern Seminary Foundation from management authority of the Baptist Foundation of Texas. (The Southwestern Seminary Foundation was started in 1998 “for the sole purpose of encouraging financial support for the mission and ministry of Southwestern Baptist Theological Seminary”. The Foundation serves as the trustee of charitable trusts, provides estate planning services for seminary donors, and issues charitable gift annuities.) At the request of Dr. Paige Patterson, president of Southwestern Seminary, the seminary board will move approximately $90 million in endowment funds from management with the Baptist Foundation of Texas to the SSF. The transfer is scheduled to occur on October 30, 2006. In order to manage the funds, Southwestern Seminary Foundation has retained The Investment Fund for Foundations, headquartered in Virginia.

According to the TIFF website, it functions as a “member-controlled not-for-profit cooperative.” However, while each of its 600 claimed non-profit foundations is a member, they “neither approve or disapprove the TIFF investment vehicles.” It is to these investment vehicles that we now turn.

TIFF features five “investment vehicles,” each of which functions as a type of mutual fund, with holdings in stocks, bonds, REITS and other instruments. If I am understanding the website correctly, members can choose to place their assets in one or more of these vehicles which are, on the very conservative side, the Short-Term Fund and the Government Bond Fund, and the more growth oriented vehicles, the Multi-Asset Fund, the International Equity Fund and the US Equity Fund. While no single holding reaches the level of even 1% of each portfolio, it is very revealing to see some of the stocks held in these three vehicles:

British American Tobacco Malaysia
Carlsberg Brewery Malaysia
Foster’s Group (You know, it’s Australian for Resolution No. 5 beer)
Heineken NV
Kirin Brewery Co.
Tsingtao Brewery Co.
Japan Tabbaco, Inc.
PartyGaming (the world’s leading online gambling company)
International Game Technology (online gambling machines and monitering systems)
Molson Coors Brewing Co.

Given that several of these are held in two or three of the funds, the total asset shares number in the hundreds of thousands for some of these holdings. I wonder if the Baptist Foundation of Texas is a little more careful in its exposure to “sin stocks”?

By the way, "sin stocks" is the term that these leaders were using about these types of investments when they complained in the past. So, they have only themselves to blame for the choice of words.

Incidentally, this coming weekend, Dr. Jerry Vines, past SBC President is due to deliver a sermon at FBC Woodstock called "A Baptist and His Booze" or somesuch. Two weeks ago, the evil he discussed was Calvinism, by the way, and before that it was theological liberalism. Yeah, I know, evangelical Calvinists are just a bunch of theologically liberal antinomians. I'm now waiting with baited breath to hear what he has to say about this, if anything. Pardon me while I go check my cornsqueezuns in the basement...