In the British media, the Daily Mail, We found a recent article about a new financial scandal at The Church of Jesus Christ of Latter-day Saints (IJSUD), whose members are known as Mormons, based in Salt Lake City, Utah, USA. We collect the most important information in a translation by José Antonio Gómez Castro, which adds some clarifications on the functioning of the sect.
Millionaire numbers
In this new report, he claims that the Mormon Corporation has amassed the largest millionaire’s fund since the days of the “skinny cows”.for times of crisis that outperform the tech giants as they prepare for the second coming of Jesus Christ.
The estimated fortune is now at an astounding level of $236,000 million, which could increase to $1 trillion by 2044, according to a recent report.
It is believed that this crisis fund is larger than that of the tech giants, including Google, Apple, and Microsoft (as seen in the chart above), while its value is comparable to that of Bank of America.
The data leave no doubt: the IJSUD, through his mutual fund Ensign Peak, estimates more than $175,000 million, while Microsoft has $106,000 million, Google $100,000 million, and Apple $57,000 million.
The same money as all of South Korea
The IJSUD was hit despite its secrecy by a federal investigation into whistleblower allegations that the company misused its vast reserves by redirecting religious donations to such Company private investment funds. Recently, there was a million-dollar fine for it.
That’s what he said, according to Roger Clarke, who was CEO of IJSUD investment fund Ensign Peak until his retirement in 2020. Cash reserves are saved for the next economic disaster and for expansion into poorer continents like Africa.
The IJSUD confirms that this is the case about 17 million members, although the number is not real Comparison of active members and attendance at their meetings and the fact that in many countries, local congregations—so-called branches or neighborhoods, the equivalent of Catholic congregations—had to close or merge because of a lack of members or eventually no longer coming.
As explained by the Daily Mail, The estimated value of your wealth fund is equivalent to South Korea’s sovereign wealth fund, a country with 52 million inhabitants.
Religious donations are converted into shares
His money machine is his secret investment arm, Ensign Peak Advisors, which uses donations—such as tithing and fast offerings—by investing them in causes and requires its employees to sign NDAs (Non-Disclosure and Confidentiality Agreements) for life.
When it became known that these secret investments were donations such as tithes, which according to the laws governing investments and for what purpose the donations should not legally be used for this purpose, donations began to come to religious to light organizations and hide their great wealth. Many members decided to stop making donations.
According to the rules of the IJSUD, Each member must give up one tenth of the income they receive. There is an obligation to give this money even before you can make basic personal or family payments like housing and food.
It is used as coercion so that every Mormon must pay this tithe. Each year, Mormons have a tithing settlement with the local leader.
When the member wishes to visit the temples where rituals for the dead and living are performed, they interview the local leader (a kind of parish) and the leader of what they call a stake (a kind of diocese). If the member does not pay a full tithe, even if he is observing all the commandments, he will be denied entry to the places where these secret rituals are performed.
In this way, Mormons not only know about each member’s personal life but also what each individual earns Keep records of whether each member pays full, partial, or non-tithing.
