By now you’ve heard, Hobby Lobby doesn’t want to pay for its employees to buy certain birth control products, like “Plan B” and “Ella,” because it considers them to be abortion pills.
But Hobby Lobby doesn’t seem to mind setting up its employees to invest in the very companies that sell those drugs.
A report earlier this year in Mother Jones found Hobby Lobby’s 401(k) plan holds more than $73 million in mutual funds.
Some of those funds invest in Teva Pharmaceutical Industries, which makes “Plan B,” and Actavis, which distributes “Ella.”
They even invest in Pfizer which makes drugs that are used to induce abortions.
So they won’t pay for you to use those products, but they will set you up to invest in them. The National Catholic Reporter calls that “political hypocrisy.”
Financial experts say creating a mutual fund that specificially excludes certain products might be too expensive to be practical.
“You can probably count on one hand the number of companies that try to invest eliminating what they consider sin stocks,” said Tom Phillips of T.S. Phillips Investments in Oklahoma City, also home to Hobby Lobby.
This information was first reported back in April, and so far hobby lobby won’t talk about it.