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Mormonism's Money is in the hotseat
Posted: Tue Dec 17, 2019 10:10 am
by Arcturus
Wow. This took some serious guts on the part of the former portfolio manager of Ensign Peak. Wonder if this issue will actually get regulatory attention. If so, this could be similar to the fallout from Joseph's Kirkland bank failure.
https://www.washingtonpost.com/investig ... story.html
Re: Mormonism's Money is in the hotseat
Posted: Tue Dec 17, 2019 10:45 am
by Arcturus
If the whistleblower report is valid and the church indeed has broken the law in terms of skirting taxes, it's gonna be interesting to see how they crawl out of this hole. The church's ability to get out of this will really reveal how powerful they are behind the scenes. The church is likely very very politically connected, so I wonder whether the report will really impact Ensign Peak.
Do you think Kirton McConkie will represent the church through this? Or will the church hire some bigger guns?
Re: Mormonism's Money is in the hotseat
Posted: Tue Dec 17, 2019 11:12 am
by Arcturus
https://www.deseret.com/opinion/2019/12 ... k-goodness
This defense is kinda hilarious. Okay, let's allow the church their argument that this $100b is a rainy day fund for when s*** hits the fan in an apocalyptic fashion. Is that decent logic? What good will $100b in currency be in the instance of an apocalypse? Not to mention if this is tied up in the stock market. Unless the church gets advanced warning from Jesus that he's on his way, that value will be destroyed when the markets take the hit before all starts to unwind...
Re: Mormonism's Money is in the hotseat
Posted: Tue Dec 17, 2019 7:01 pm
by w2mz
www.comeuntochri$$$t.org
Re: Mormonism's Money is in the hotseat
Posted: Tue Dec 17, 2019 7:13 pm
by moksha
Put on the sorting hat of deviousness, the hat advises that the best way to avoid fines and sanctions is to do a quid pro quo with Donald Trump who can issue a full pardon and can order the IRS to stand down. There are plenty of favors Trump could receive from the Church to fulfill the quo.
Re: Mormonism's Money is in the hotseat
Posted: Tue Dec 17, 2019 8:35 pm
by Palerider
moksha wrote: ↑Tue Dec 17, 2019 7:13 pm
Put on the sorting hat of deviousness, the hat advises that the best way to avoid fines and sanctions is to do a quid pro quo with Donald Trump who can issue a full pardon and can order the IRS to stand down. There are plenty of favors Trump could receive from the Church to fulfill the quo.
Considering what Mitt Romney has done to Trump lately I have the feeling there could be some allowing of the IRS to have their way with the Mormon lady.
Re: Mormonism's Money is in the hotseat
Posted: Tue Dec 17, 2019 10:34 pm
by JustHangingOn@57
Just watched KSL gaslight the whistleblower. The jist of the news story is that he is just a disgruntled ex-mo out to make a quick buck. "Yea. Thought so" (says reassured full tithe paying TBM DW).
Re: Mormonism's Money is in the hotseat
Posted: Wed Dec 18, 2019 12:00 am
by moksha
t is hard to find a precedent for this situation because there are no other churches which are also mega-billion dollar corporations. The question is whether the Church has evolved into more of a corporate entity hiding behind the original Church facade, or is it mostly a Church with a mega-billion dollar financial empire attached?
Will General Authorities still continue to make their widow's mite pleas of asking for tithing donations from the destitute now that the golden cat is out of the platinum bag?
Re: Mormonism's Money is in the hotseat
Posted: Wed Dec 18, 2019 1:23 am
by BlackMormon
The church sits on over $100 Billion non taxable dollars?
That's worth just ONE Jeff Bezos.
They invested tithing money to make money?
Okay.
Re: Mormonism's Money is in the hotseat
Posted: Wed Dec 18, 2019 9:47 am
by Corsair
Suppose that Nelson converted his $100 billion into U.S. dollar coins. If he stacked them neatly he could have a pile that is 403 feet wide and 30 feet deep. This is
Scrooge McDuck territory for diving into a giant pool of money. (Hilarious calculations available upon request)
In the
First Presidency Statement on Church Finances (December 17, 2019) we get the statement:
President Newsroom wrote:All Church funds exist for no other reason than to support the Church’s divinely appointed mission.
As a private organization, they are welcome to hold this position. However, they have immediately made it quite clear that the
divinely appointed mission of the LDS church appears to be relying on the arm of flesh to support operating as they have become accustomed. I suspect that most of us heard the line from our seminary teachers that "The Lord does not need our money" which appears to be completely true since It would be challenge to attempt to spend this much cash. I had a particularly fervent Sunday School teacher say that if the LDS church
really needed money then God would just tell the prophet where to find an undiscovered gold mine or oil well.
Re: Mormonism's Money is in the hotseat
Posted: Wed Dec 18, 2019 10:17 am
by Hagoth
Palerider wrote: ↑Tue Dec 17, 2019 8:35 pm
Considering what Mitt Romney has done to Trump lately I have the feeling there could be some allowing of the IRS to have their way with the Mormon lady.
Or Romney will have to commit to voting against of removal from office and a career of Hatch-style butt-kissing in trade for a pardon for the church.
Re: Mormonism's Money is in the hotseat
Posted: Wed Dec 18, 2019 12:57 pm
by 1smartdodog
Wish all my rainy day money was tax free.
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Re: Mormonism's Money is in the hotseat
Posted: Wed Dec 18, 2019 12:57 pm
by 1smartdodog
Wish all my rainy day money was tax free.
Sent from my iPhone using Tapatalk
Re: Mormonism's Money is in the hotseat
Posted: Wed Dec 18, 2019 1:02 pm
by 1smartdodog
If the church is a corporation sole as i understand, does this not make RMN guy at the top the richest dude on earth?
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Re: Mormonism's Money is in the hotseat
Posted: Wed Dec 18, 2019 5:54 pm
by Mormon 8
For those who might be wondering why TSCC is hoarding so many widow mites and what it might possibly be stockpiling over $100 billion for...
https://www.theguardian.com/cities/2017 ... in-florida
Everything about the Deseret cattle and citrus ranch, in central Florida, is massive. The property itself occupies 290,000 acres of land – more than nine times the size of San Francisco and almost 20 times the size of Manhattan. It is one of the largest ranches in the country, held by the one of the biggest landowners in the state: the Mormon church.
On an overcast weekday afternoon, Mormon missionaries give tours of the vast estate. Fields, orange trees and grazing animals stretch as far as the eye can see. While central Florida may be best known for Disney World, the ranch – roughly an hour’s drive away – is nearly 10 times bigger. It is home to a jaw-dropping 40,000 cows and has grown oranges for millions of glasses of juice.
Now there are ambitious, far-reaching plans to transform much of this land into an entirely new “city”, home to as many as 500,000 people by 2080. Deseret has said that while nothing will be built here for decades, its plans are necessary because urban growth in the area is inevitable and the alternative is “piecemeal development”. A slide from a 2014 presentation explains: “We think in terms of generations.”
Re: Mormonism's Money is in the hotseat
Posted: Wed Dec 18, 2019 6:11 pm
by 2bizE
Arcturus wrote: ↑Tue Dec 17, 2019 10:45 am
If the whistleblower report is valid and the church indeed has broken the law in terms of skirting taxes, it's gonna be interesting to see how they crawl out of this hole. The church's ability to get out of this will really reveal how powerful they are behind the scenes. The church is likely very very politically connected, so I wonder whether the report will really impact Ensign Peak.
Do you think Kirton McConkie will represent the church through this? Or will the church hire some bigger guns?
They will hire a big attorney firm in DC that specializes in this and have KM manage what is needed locally.
Re: Mormonism's Money is in the hotseat
Posted: Thu Dec 19, 2019 4:40 am
by moksha
Re: Mormonism's Money is in the hotseat
Posted: Sat Dec 21, 2019 3:03 pm
by 1smartdodog
Been thinking about this. It reAlly should bother me the church sitting on all this money. But part of me is rather impressed they are able to save this kind of money and not blow it. It is one impressive rainy day fund.
I would think the leaders believe they are being good stewards. Parable of the talents and all. I think the world in general puts so much value on wealth. The leaders just do it better than most.
I guess if anything bothers me it is the fact it is all tax exempt. Why someone like me who has always worked for wages has had to pay so much in taxes.
Powerful organizations will always do what they want. The rest of us do what we are told.
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Re: Mormonism's Money is in the hotseat
Posted: Sat Dec 21, 2019 4:34 pm
by Random
1smartdodog wrote: ↑Wed Dec 18, 2019 1:02 pm
If the church is a corporation sole as i understand, does this not make RMN guy at the top the richest dude on earth?
Sent from my iPhone using Tapatalk
I'm sure it does.
Re: Mormonism's Money is in the hotseat
Posted: Sun Dec 22, 2019 4:54 pm
by EternityIsNow
Random wrote: ↑Sat Dec 21, 2019 4:34 pm
1smartdodog wrote: ↑Wed Dec 18, 2019 1:02 pm
If the church is a corporation sole as i understand, does this not make RMN guy at the top the richest dude on earth?
Sent from my iPhone using Tapatalk
I'm sure it does.
Only if you combine all the church's assets, but by a wide margin. Probably will also become the first Trillionaire.
Time Magazine should do a story on that angle, the actual richest person is the heir to the Joseph Smith treasure digging. Turns out Joseph found buried treasure after all... but if he tries to spend all that, or transfer the wealth, now that would be interesting to see...