Features Features > Capital concerns

16 January 2014 | by Michael Sean Winters

Capital concerns Premium

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Is the Pope discouraging major benefactors?

 
A leading American Catholic philanthropist has claimed that Pope Francis’ remarks in his recent apostolic exhortation about unbridled capitalism is discouraging big donors from giving to the Church. Others say they breathe new life into the home of institutionalised charity St Patrick’s Cathedral in New York City was, as Coadjutor Bishop Patrick Ryan of St Louis noted in his sermon when the cathedral was dedicated in 1879, built with the “pennies of the poor”. Now, 135 years later, in the middle of a ­renovation expected to cost US$180 million (£110m), fund-raising is still a subject of concern. Billionaire Ken Langone, founder of the hardware chain Home Depot and a big donor to Republican Party candidates, has been leading the fund-raising effort at St




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