Retail Mogul Says Papal Rhetoric on Rich Could Dampen Giving

The billionaire founder of retail chain Home Depot said in a CNBC interview that Pope Francis’ critical words on wealth and income inequality could have an impact on giving to Catholic charitable causes.

Ken Langone is spearheading a $180-million fundraising campaign for the restoration of St. Patrick’s Cathedral in New York. He told the cable network that a potential seven-figure donor to the project expressed concern to him about papal statements assailing a “culture of prosperity,” terming market economies “exclusionary,” and urging the rich to address economic inequality.

Mr. Langone said he has raised the issue with New York’s archbishop, Cardinal Timothy Dolan, stressing the charity of America’s wealthy. “I’ve told the cardinal, ‘Your Eminence, this is one more hurdle I hope we don’t have to deal with. You want to be careful about generalities. Rich people in one country don’t act the same as rich people in another country,’” he said.

Read a Chronicle of Philanthropy article on Pope Francis’ preaching on the poor.