Trust Digest 91 (April 6, 2015) 

Pope Francis and the New Rome
One Saturday last month, Pope Francis celebrated Mass at Ognissanti (All Saints’) Church in one of Rome’s working-class neighborhoods. Little known to tourists or art historians, Ognissanti was the site of a momentous event in the modern history of the Catholic Church: Exactly 50 years earlier, Pope Paul VI had gone there to celebrate the first papal mass in Italian rather than in the traditional Latin.
Key Words: Pope, Transformation
Trust Issues: Stewardship, Alignment of Interests, Benevolent Concern

As China Expands Its Navy, the U.S. Grows Wary
China’s navy chief, Adm. Wu Shengli, strolled the Harvard University campus in a tweed blazer and slacks during a visit to the U.S. last fall, joking with students and quizzing school officials about enrolling some of his officers.
Key Words: US-China Relations, Competition
Trust Issues: Relative Power, Security

The Trader Who Donates Half His Pay
MATT WAGE was a brilliant, earnest student at Princeton University, a star of the classroom and a deep thinker about his own ethical obligations to the world. His senior thesis won a prize as the year’s best in the philosophy department, and he was accepted for postgraduate study at Oxford University. Instead, after graduation in 2012, he took a job at an arbitrage trading firm on Wall Street.
Key Words: Effective Altruism
Trust Issues: Benevolent Concern, Capability

The Justice Department says HSBC has 'cultural deficiencies'
HSBC needs to do more to clean up the way it does business and overhaul the culture that exists in some of its operations, according to a report for the US authorities. A monitor installed by the US Department of Justice found that deep-rooted cultural problems inside Britain’s largest bank continue to exist despite the efforts of the new management, led by chief executive Stuart Gulliver, to reform the way the bank operates.
Key Words: Cultural Deficiencies, DOJ
Trust Issues: Stewardship, Integrity

Facebook Privacy Controls Face Scrutiny in Europe
Facebook Inc. is confronting a wave of probes in Europe into its privacy practices, escalating tensions between European authorities and a handful of U.S-based technology giants. Government privacy watchdogs from France, Spain and Italy have in recent weeks joined a group of regulators investigating the social-networking company’s privacy controls, officials said, doubling the number of European countries analyzing the way Facebook handles the personal information and connections gleaned from more than 300 million users in Europe.
Key Words:Facebook, Privacy
Trust Issues: Regulation, Antitrust, Benevolent Concern

Binning the Ban
INTRODUCED to help enforce price controls in the fuel-hungry 1970s, America’s ban on crude-oil exports was all but forgotten when the economy boomed and imports soared. Now it is in the news again. It keeps American crude, measured by the West Texas Intermediate benchmark, around $10 below the world price (see chart). Cash-strapped oilmen would like to sell their product abroad—just like any other industry—and are lobbying to lift the ban. A study by IHS, a consultancy, says that free trade in crude would boost output, investment, jobs, pay, profits and tax revenues—and GDP by $86 billion. It would not raise petrol prices: these are set in the (freely traded) world market. Most likely they would fall a bit.
Key Words: Crude Oil, Exports Ban
Trust Issues: Alignment of Interests

EU Lays Groundwork for Antitrust Charges Against Google
Europe’s competition regulator is preparing to move against Google Inc. in the next few weeks, a person familiar with the matter said Wednesday, setting the stage for charges against the U.S. Internet-search giant in a five-year-old investigation that has stalled three times and sparked a political firestorm.
Key Words: European Commission, Google
Trust Issues: Antitrust, Regulation, Benevolent Concern