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Why would an organization such as Mormonism own a bank? My inclination is that it is to further the elites credit rating and ammount of money they can borrow. Its a vehicle for the real purpose of Mormonism, promotion of the financial future of those connected and party to the generational wealthy who gain such status upon being born.

Temples, meetinghouses, malls and "perpetual education funds" build up the borrowing power said elite have access to. Its cultural, ingrained and should be illegal.

Why does a religion even need a bank?

Mercury wrote:Why would an organization such as Mormonism own a bank? My inclination is that it is to further the elites credit rating and ammount of money they can borrow. Its a vehicle for the real purpose of Mormonism, promotion of the financial future of those connected and party to the generational wealthy who gain such status upon being born.

Temples, meetinghouses, malls and "perpetual education funds" build up the borrowing power said elite have access to. Its cultural, ingrained and should be illegal.

Why does a religion even need a bank?

I am not sure the LDS Church owns a bank. Zions Bank is publicly traded. The church may own some stock, but they have no controlling interest as far as I know.

What bank are you thinking of?

I remember hearing the some of the GBH's son's run Zion's. Technically they wouldn't own it since it is a publicly traded company, but still.

GoodK wrote:I remember hearing the some of the GBH's son's run Zion's. Technically they wouldn't own it since it is a publicly traded company, but still.

Clark Hinckley works for Zions but does not run the bank as far as I know. He is about the most mild mannered person you would ever meet. I believe the Simmons family runs Zions.

I worked with (not for) Zions Bank for many years. The LDS influence is waning as Zions has purchased banks in California, Colorado, Arizona and other western states. More of Zions management is coming from these other banks. Pretty good company in my opinion.

Yong Xi wrote:

GoodK wrote:I remember hearing the some of the GBH's son's run Zion's. Technically they wouldn't own it since it is a publicly traded company, but still.

Clark Hinckley works for Zions but does not run the bank as far as I know. He is about the most mild mannered person you would ever meet. I believe the Simmons family runs Zions.

I worked with (not for) Zions Bank for many years. The LDS influence is waning as Zions has purchased banks in California, Colorado, Arizona and other western states. More of Zions management is coming from these other banks. Pretty good company in my opinion.

Looks like Harris H. Simmons is the CEO. I don't know if he is LDS or not. I wonder if Merc meant Zion's bank in his OP.

Mercury wrote:Why does a religion even need a bank?

This is so obvious: As a place to put all their money.*


*Where is Charity when such answers are called for?

Part of our plan for world domination. I'd tell you more but all I know is that the plan involves lots of party balloons, staples, and rubber bands.

"What does God need with a starship?"

John Larsen wrote:"What does God need with a starship?"

It's a style thing.

My guess would be as general diversification.

But as far as historically why it might have, I have no idea. I could imagine back then, fewer financial professionals and it might have seemed like a way to exercise its control in a specific way.