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The Mormon Church Owns Bain Stocks and Billion Dollar Businesses

Posted by on Sep. 9, 2012 at 10:21 PM
  • 45 Replies
The Mormon Church is a mystery to most christians, catholics and evangelicals but let even more mysterious is the church’s financial dealings and businesses. To shed some light on the billion dollar business known as the Mormon Church you have to look towards Salt Lake City Utah and the mega malls they are building in Mormon country.

Firstly, you buy into the Mormon Church by paying 10 percent of your salary each year to the Mormon Church, those are basically your union dues. Already, one can see a pyramid racketeering operation but it is called tithing to worshippers of the Mormon faith.

The Mormon Church a Church of Rituals, Secrecy, No Tax Status and Billions in Revenue

The Church of Latter Day Saints, or the LDS church for short, is a religion of rituals and monolithic temples dating back to the 1950′s in Idaho, Iowa and Arizona to name a few states.

The temples are closed to the public, and in some cases forbidden to unworthy members. This is however not a church today, it is a mega business with tax free shelters just like Mitt Romney’s offshore tax free status accounts. It is a church that invests in stocks, makes trades, buys and sells stocks for profit and gain and pays no taxes on the returns.

Mitt Romney takes his faith seriously from the man who talks to God

There is a ritual called an Endowment which is forbidden to be discussed outside the church.

Another ritual is the Baptism for the Dead, where proxies dressed in white gowns are stand ins for the dearly departed who are then baptized.

The secrecy, the rituals, the strict laws are often identifiers of a cult or another Scientology secret religion.

The Admission Fee is Called Tithing and the Church Makes Billions

It is estimated that the Mormon church collects 8 billion dollars a year in this way from its members and avoids paying taxes due to its status as a church.

Seriously, 8 billion dollars that we know of and no taxes is this a church running like a profitable business?

The Mormon Church like other religious groups pays no real estate property taxes, even if they are earning revenue as commercial properties. The church pays no taxes on donations, or holdings such as stocks or bonds or any other assets.

Mitt Romney gave the Mormon Church millions of dollars through Bain Capital in stock holdings so they could also profit from Bain. (Bureau Investigates)

Romney gave the Mormon church the following stocks between the years of 1999 when he was to have left Bain Capital through to 2009:

1 million dollars worth of Domino Pizza shares (DPZ)

2 million dollars of Burger King shares (BKW)

Mitt Romney gave these stocks to the Mormon Church between the years 1999 and 2009 when he claims he quit Bain Capital, quit being their CEO, and was running for President of the United States for ten years in a political career. Romney claims he was “not” running Bain Capital but we are to believe he was giving Bain stocks to the Mormon Church.

In this way, the Mormon church could buy and sell stocks, legally without paying any capital gain taxes, and this benefits the church but also Mitt Romney.

The Mormon Church Pays No Capital Gains on Stocks donated from Mitt Romney

There are no laws that require the Mormon Church to open their books to anyone, including investigators, the Dept of Justice, the FBI or any government agency, which makes a church a perfect place to launder money.

On Feb. 9, 2012 four priests in the Catholic Church have been charged with laundering money, in secret accounts with no names, and it seems the criminality of this system of no accountability to a country’s tax system allows churches to operate like the mob. So, if one were to want to hide a lot of money, the Mormon Church would be a perfect place to run an operation and all tax free, including the church’s investments.

Bloomberg has reported that the Mormon Church owns a whole slew of businesses worth billions of dollars including:

11 radio stations, a TV station, an insurance company worth 3.3 billion, one million acres of land in the USA, 7,000 acres in Oahu, Hawaii, parking lots, malls, a college, residential buildings, office parks, a hospitality business, a publish and distribution company, a news paper and a 2 billion dollar mega mall in Salt Lake City, Utah.

Of all of these holdings, the tax shelter status and where the donations are really going is nobody’s business, no one is accountable to the US government for the profit center business this church has been allowed to accumulate and pay no tax.

The Mormon Church is not a Church it is a Business Enterprise and therefore the “tax Free Status” should be stripped from it completely. This church is not about the business of charity, it is about profiteering through the guise of a church status.

15 Mormons in the US Government in Key Positions and Now a Possible President

There are 15 mormons serving in the US Congress, and many others that are silent about their religious beliefs, mostly they represent districts with a large Mormon population. Both Jon Huntsman and Mitt Romney have downplayed their religion as having any importance in their political careers.

Voters are Concerned about the Romney Mormonism

Now that Mitt Romney is the key front man for the Republican party, his faith plays a major factor in how he would run the country if elected.

The Romney business dealings, which are just as secretive as the Mormon church business dealings could be a deal breaker for the voting public. Mormons believe in polygamy, and magical pants and outside it’s walls the church remains a private secret business organization. We know that Mitt Romney’s grandfather escaped the jurisdiction of the United States and fled to Mexico so he could practice his polygamy in the open.

Net Worth of the Mormon Church Today

As of last year, in 2011, according to Newsweek Magazine the Mormon Church is worth 30 Billion Dollars.

The Mormon Church votes republican and of course the republicans carry the State of Utah every election by a majority,including the 2008 Presidential Election which went 63% to McCain.

The Bureau of Investigative Journalism Mormons and Money

Mitt Romney and the Mormon Church- the Faith that He will Become a God, and be Directed to do Anything by the leader of the Mormon Church, Thomas S. Monson who is chosen by god.

We know that Mitt Romney is a devout Mormon, he tithes, he goes to church every sunday and he is religious as they get, in the Mormon Church. Mitt Romney served as a bishop at one time, and a stake president which are in the heirarchy of the church’s leaders.

From The Bureau Investigates:

“Enterprise is in Mormonism’s DNA, Winter says: the church’s original prophet, Joseph Smith, had 112 revelations, 88 of which relate directly to financial matters. This makes him perhaps the world’s first genuine business guru. Next month, former Mormon bishop –and multi-millionaire businessman – Mitt Romney will receive the Republican presidential nomination, which will place the church’s dealings under scrutiny as never before.”


http://www.politicolnews.com/the-mormon-church-owns-bain-stocks-and-billion-dollar-businesses/#ixzz260wHew4q
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by on Sep. 9, 2012 at 10:21 PM
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Replies (1-10):
_Kissy_
by on Sep. 9, 2012 at 10:22 PM
Most religions exhort their members to take care of their eternal souls; the unusual thing about Mormonism is that it also urges its members to profit in more earthly ways, too. A lengthy article in Bloomberg Businessweek unpicks the business dealings of the Church of Latter-Day Saints, showing how the faith’s emphasis on profitable enterprise has spawned a sprawling, multi billion-dollar business empire.

‘We look to not only the spiritual but also the temporal, and we believe that a person who is impoverished temporally cannot blossom spiritually,’ Keith B McMullin, CEO of the Mormon church’s holding company, tells Businessweek’s Caroline Winter.

And when members flourish in the temporal realm, this helps the church to prosper, too: congregations are expected to pay 10% of their income in tithes into the central coffers – adding up to an estimated $8bn (£5.1bn) a year. The church as a whole is worth an estimated $40bn. But a recent report estimated that the church gives just 0.7% of its income to charitable causes; what becomes of the rest is not entirely clear, even to members.

Enterprise is in Mormonism’s DNA, Winter says: the church’s original prophet, Joseph Smith, had 112 revelations, 88 of which relate directly to financial matters. This makes him perhaps the world’s first genuine business guru. Next month, former Mormon bishop – and multi-millionaire businessman – Mitt Romney will receive the Republican presidential nomination, which will place the church’s dealings under scrutiny as never before.

Businessweek traces the church’s sprawling business empire, which takes in for-profit ventures as varied as agricultural holdings in Britain, Brazil, Argentina, Mexico, and Australia, a sewage system, a university, a publishing company, a TV station and 11 radio stations, vast property holdings, and two cemeteries. The church is currently spearheading a $5bn regeneration of Salt Lake City, Utah.

The Mormons also run a number of non-profit organisations, including, bizarrely, a Polynesian cultural centre in Hawaii and a university.

And as a religious organisation, the church can claim tax breaks – for example, it is often exempt from paying tax on properties it leases out, even when the properties are rented to commercial businesses. Winter quotes a Reuters report that Romney and other senior staff at Bain Capital donated millions of dollars worth of stock, including holdings in Burger King and Pizza Hut, which the church would then have been able to sell on without paying capital gains tax.

The business holdings are run by senior Mormons, and like individual members the businesses pay 10% of their income in tithes. McMullin tells Winter that occasionally the businesses can turn to the church as a source of cash. He says this rarely happens, but gives ‘recession’ as an example of a time when the church’s for-profit enterprises might receive such support.

The Mormon church is far from alone in opaque business holdings: the Catholic church is far from open about its fortunes. Those who run the church’s businesses insist that they have a mission beyond generating profit, and that they turn to Mormon principles for their business decision-making. But as Winter points out, the lack of transparency surrounding the relationship between Mormonism’s business arms and the central church funds is problematic, even for some Mormons.

‘McMullin insists that not one penny of tithing goes to the church’s for-profit endeavors, but it’s impossible for church members to know for sure,’ Winter writes.

In March, the church completed the City Creek Center, a $2bn mega-mall in Salt Lake City, a structure with over 100 shops, a retractable roof and elaborate fountains. Facing the Mormon church’s main temple, and linked by walkways to the church’s headquarters, it is a near-perfect illustration of the religion’s comfortable relationship between faith and commerce.



http://www.thebureauinvestigates.com/2012/07/19/mormons-and-money-the-business-of-a-religion/
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Carpy
by Platinum Member on Sep. 9, 2012 at 10:29 PM

Kind of old news to me. 

_Kissy_
by on Sep. 9, 2012 at 10:30 PM
“There are religious groups that own radio stations, but they don’t also own cattle ranches. There are religious groups that own retreats, but they don’t also own insurance companies.” ~Ryan Cragun, a sociology professor at the University of Tampa

There is so much to dislike here. You’ve got a church that operates itself completely like a business. They market their business to others and sell you the benefits of their services. You have a required payment of at least 10% of your income to be a member and the church uses that estimated $8 billion in tithing each year to buy more businesses. The church is able to avoid paying all federal taxes and most state and local taxes on most of those businesses under protection of church tax laws. And to top all of that off … it’s estimated that they are using about .7% of all of their untold billions on “charity”. Seriously.

Well – at least we know that Mitt is just being a good Mormon every time he tries to avoid paying taxes with his offshore tax havens and lack of transparency on his earnings (source). Maybe this guy should run the church; he sounds tailor made.

Literally – only in America would a church like this be created. Every Mormon I’ve ever met was a genuinely awesome, decent and caring person. I can not differentiate between the insanity of the Mormon religion with that of the “religion” of Scientology. At what point can we just start calling it a cult?

Blockbuster article by Bloomberg HERE:

As a religious organization, the LDS Church enjoys several tax advantages. Like other churches, it is often exempt from paying taxes on the real estate properties it leases out, even to commercial entities, says tax lawyer David Miller, who is not Mormon. The church also doesn’t pay taxes on donated funds and holdings. Mitt Romney and others at Bain Capital, the private equity firm he co-founded in 1984, gave the Mormon Church millions’ worth of stock holdings obtained through Bain deals, according to Reuters. Between 1997 and 2009, these included $2 million in Burger King (BKW) and $1 million in Domino’s Pizza (DPZ) shares. Under U.S. law, churches can legally turn around and sell donated stock without paying capital-gains taxes, a clear advantage for both donor and receiver.

According to U.S. law, religions have no obligation to open their books to the public, and the LDS Church officially stopped reporting any finances in the early 1960s. In 1997 an investigation by Time used cross-religious comparisons and internal information to estimate the church’s total value at $30 billion. The magazine also produced an estimate that $5 billion worth of tithing flows into the church annually, and that it owned at least $6 billion in stocks and bonds. The Mormon Church at the time said the estimates were grossly exaggerated, but a recent investigation by Reuters in collaboration with sociology professor Cragun estimates that the LDS Church is likely worth $40 billion today and collects up to $8 billion in tithing each year.

Even though the Mormon church has stopped providing transparency around it’s financial holdings and balance sheets … Bloomberg reports that the Mormon church owns at least the following businesses and many more:

$2 billion megamall in Salt Lake City A Newspaper 11 radio stations A TV station A publishing and distribution company A digital media company A hospitality business An insurance business with assets worth $3.3 billion 1 million acres in the continental U.S. Properties in Britain, Canada, Australia, Mexico, Argentina, and Brazil worth untold hundreds of millions 7,000 acres on Oahu Malls Parking lots Office parks Residential buildings A 42-acre tropical theme park A business college 11,000 acre hunting preserve

And with ALL of this money … not only does it not have to be shared publicly despite it’s tax shelter status … even regular Mormons have no idea where this money is going. But it doesn’t seem to be going to charity work – according to Bloomberg:

A study co-written by Cragun and recently published in Free Inquiry estimates that the Mormon Church donates only about 0.7 percent of its annual income to charity; the United Methodist Church gives about 29 percent.

And only one person OWNS all of these unknown billions in businesses and corporations. Only one person is the sole shareholder with complete control of ALL these businesses. That person is the head of the Mormon Church - Thomas S. Monson. Mormons consider him to be a living prophet; myself – I consider him to be a living profit.

Andrew Sullivan chimes in HERE:

If you were to construct a religion as a business, it would be hard to beat the LDS Church. From its mandatory tithing for access to sacred Temples to its spiritual blessing on business and wealth accumulation and its tax-friendly admixture of for-profit and not-for-profit enterprises, it is the Prosperity Gospel with better accountants. And that makes it the quintessential religion for America –giving the New World a place in the Gospels, bringing the Garden of Eden to Missouri, and providing a divine blessing for American free enterprise. All it needs is a president of the United States to broaden its appeal in a fusion of faith and country. It’s been trying since Joseph Smith ran for the highest office in the land – not a typical path for a “spiritual” leader. Now, as the unofficial religion of American capitalism in its least regulated and most rapacious form, it has its chance.




http://www.classwarfareexists.com/how-the-mormon-church-owns-billion-dollar-businesses-and-avoids-paying-taxes/#axzz217bHSLmZ
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gsprofval
by Gold Member on Sep. 9, 2012 at 10:35 PM
1 mom liked this

Most churches have to adopt an accounting cycle which is the same as a business.  Many churches are even incorporated as non profits.

If Romney wants to give the church stock as a GIFT, what is wrong with that? I would give stock to my church if I could because it would possible bring in money for them.

Are you just upset that Romney isn't afraid to admit he goes to church and supports his church which helps many people?

I know of many bigger churches which take in millions, so this really is old news.

29again
by Gold Member on Sep. 9, 2012 at 10:43 PM
1 mom liked this

And how is this different from the Catholic Church?  The Mormon Church seems like it takes pretty good care of its members in all aspects, which I think is not all that bad.  Personally, I think there are some good things about that church, as I do with a lot of other denominations of Christianity.  

If the Church is satisfied with only 10%, why isn't the government??  10% from every member (taxpayer) doesn't seem like it would be that much of a hardship...

lorenska
by Member on Sep. 9, 2012 at 10:47 PM
5 moms liked this

 Their members also give millions to charity, do missionary work in godforsaken places to try to make the world a better place, and teach their members to live clean, honest, God fearing lives and to always treat everyone with dignity and respect (no, I'm not a Mormon, but I have been close friends with several, so I know firsthand what kind of people they are). They are family oriented, love their kids, and I never knew a single one who was so much as divorced or had any kind of scandal in their lives.

Sign me up for a president who goes to a church with these teachings, rather than one that sits in front of Preacher "GodDamn America" for 20 years. And then claims he wasn't listening.

GardenerArtist
by Bronze Member on Sep. 9, 2012 at 10:48 PM
1 mom liked this

they also believe only 144,000 get into heaven.  And believe that their magic underwear will protect them from harm.  I find that just odd. 

Ann Romney's parents were not allowed to attend her wedding to MittWitt in the tabernacle.  So inclusive, don't you think?

Sisteract
by Socialist Hippie on Sep. 9, 2012 at 10:51 PM
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And recruit future members...more dollars.


Quoting lorenska:

 Their members also give millions to charity, do missionary work in godforsaken places to try to make the world a better place, and teach their members to live clean, honest, God fearing lives and to always treat everyone with dignity and respect (no, I'm not a Mormon, but I have been close friends with several, so I know firsthand what kind of people they are). They are family oriented, love their kids, and I never knew a single one who was so much as divorced or had any kind of scandal in their lives.

Sign me up for a president who goes to a church with these teachings, rather than one that sits in front of Preacher "GodDamn America" for 20 years. And then claims he wasn't listening.


Sisteract
by Socialist Hippie on Sep. 9, 2012 at 10:52 PM

Again 2 wrongs, never make something right-

Quoting 29again:

And how is this different from the Catholic Church?  The Mormon Church seems like it takes pretty good care of its members in all aspects, which I think is not all that bad.  Personally, I think there are some good things about that church, as I do with a lot of other denominations of Christianity.  

If the Church is satisfied with only 10%, why isn't the government??  10% from every member (taxpayer) doesn't seem like it would be that much of a hardship...


lorenska
by Member on Sep. 10, 2012 at 7:52 AM
2 moms liked this

 Oh, and by the way....one of your liberal heroes, Harry Reid, is also a Mormon. I'll bet you wouldn't be such a tenacious little cub reporter with regards to the church if he were running for president.

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