FAIR *Finally* Posts Video of "Church Finances" Conference Presentation

[Doctor Scratch]

As longtime followers of Mopologetics are well aware, the annual FAIR Mormon Conference takes place each summer--normally in the first week or so of August. Shortly after this, it's commonplace for the organization to post videos of each conference presentation, often to the organization's YouTube page. Sometimes, though, for reasons that are unclear, some talks take way, WAY longer to appear on YouTube. Perhaps unsurprisingly, one of these was the talk given by BYU Professor of Public Service and Ethics at the Marriott School of Business. The videos appears to have been posted just two days ago.

Now, I feel the need to pause for a second. Doesn't it seem kind of strange that you'd need a professor of "Ethics" to speak on Church finances? Maybe it would be better to get a lawyer, or an expert on PR? Well, given the audience, I suppose it makes sense: the whole point here is to reassure the FAIR Conference attendees that the Church has never done anything amiss with its finances, that it never will do anything amiss with the finances, and that, in fact, it is literally impossible for the Church or any of its leaders to ever, EVER do anything amiss with the finances. If you want to watch the video for yourself, it can be found here. Equally interesting (IMVHO) are the Comments, which anyone with a halfway decent familiarity with Church "group think" could have written--e.g., "I sure am thankful that the Church is wealthy!" or "I bet other Churches and businesses are jealous of how wealthy the LDS Church is!" Along with all kinds of explanations for how Church financial secrecy is okay or even laudable, etc., etc., etc. You've seen all this before, but sometimes it's worthwhile to revisit the familiar.

Meanwhile, there has been quite a provocative thread on Reddit critiquing the presentation. The OP seems to make it quite clear that, rather than being a reliable expert on Public Service and Ethics, that Professor Miller has instead found himself fulfilling the role of full-blown Mopologist.

On a sidenote: I engaged in a hearty round of loud laughter at Scott Gordon's introduction of Miller: Gordon notes that the topic of Church finances is "near and dear to my heart." LOL! Oh, I've no doubt that that's true, Brother Gordon! If it weren't for Church finances, FAIR wouldn't be able to function! Very interesting, in any case, to see the Mopologists stumbling as they attempt to diffuse the massive problems posed by the Ensign Peak scandal.

[drumdude]

There was almost nothing of substance in the talk. Because the person giving the talk has no formal training or expertise at all in the area.

His only job was to minimize the settlement and spin it as a product of “creative lawyering” to keep church finances private.

[Everybody Wang Chung]

I found this part very interesting:

33:30 - “Had the LLCs controlled the investments, there would have been no issue." While technically correct, this is another way of saying, “if they hadn’t knowingly broken the law then they would not have broken the law.” An ethics professor who has studied the issue ought to be capable of acknowledging the violations of law at face value, without equivocation. Over 650,000 instances of information were attested as true by Ensign Peak leadership, while they unquestionably knew that the information was untrue. The SEC’s investigation found that Ensign Peak, under direction of the First Presidency, violated the law deliberately and repeatedly, despite (a) being experienced and informed investment professionals, (b) flags raised after 2 internal audits and (c) two Ensign Peak employees resigned from participation in the scheme to falsify federal 13F filings. We examined the SEC’s cease and desist Order here: http://thewidowsmite.org/sec-order.

[Dr Moore]

Something strangely familiar about the scope and depth in his talk. It’s like he read one of DCP’s finance-related blog posts or one of the DesNews’ church finance puff pieces, and that was the extent of his research. He demonstrates no familiarity with the abundance of state and federal financial reporting which is online, freely accessible, audited and uploaded by the church itself. What a hack.

This is the BYU business school standard of preparation to speak as an expert on a topic such as Mormon Church finances? I know it isn’t Harvard, but come on. How embarrassing.

Also, why can’t a professor of ethics call a spade a spade? They broke the law. Didn’t think they would get caught, but they did. Let’s all learn a lesson from it.

[Doctor Scratch]

The notion of apologizing or seeking forgiveness is totally, strikingly, completely absent from Mopologetics. The notion of repentance seems like it does not exist in the Mopologetic version of the Restored Gospel. Individual members are expected to do it, but weirdly, this doesn’t seem to apply beyond that level.

[Markk]

So far in listening, he ethically said at about 15:55 speaking of the 13f form... " this is a SEC discloser that is required by law..." Then at around 34:40 he un-ethically spun that it was creative lawyering to conceal the LLC's (shell companies) even using generic company names and generic managers on the forms. Without being ethically clear that for 20 years, 4 times a year, the church had real people with real names falsely sign the the forms that they were actually managing the LLC, and from a different state they were being managed from. He called this again, "creative lawyering" for the wisdom of legal purposes to obscure the funds. Yet again unethically, he failed to mention that Roger Clarke, who with the 1st presidency and PBR, managed the funds under the pretense that the brethren did not want the membership to know they were investing much of their tithes, for the fear some would not pay tithe or give less. I think it is safe to say that creative lawyering in this case is using lawyer's math... 1+1= whatever Hinkley, Monson, and Nelson pay me to say and do.

I don't swear much, but this guy if a bull crapping liar, and he knows the truth.

CF for my assertion above about Roger Clarke

Roger Clarke, the head of Ensign Peak Advisors, told the Journal that church leaders were concerned that knowledge of the fund would discourage regular donations from its members known as tithes.

"Paying tithing is more of a sense of commitment than it is the church needing the money," Clarke said two years ago. "So they never wanted to be in a position where people felt like, you know, they shouldn't make a contribution." https://www.businessinsider.com/Mormon- ... 023-2?op=1

[I Have Questions]

Let’s also remind ourselves of the SEC’s actual findings…

The SEC’s order finds that, from 1997 through 2019, Ensign Peak failed to file Forms 13F, the forms on which investment managers are required to disclose the value of certain securities they manage. According to the order, the Church was concerned that disclosure of its portfolio, which by 2018 grew to approximately $32 billion, would lead to negative consequences. To obscure the amount of the Church’s portfolio, and with the Church’s knowledge and approval, Ensign Peak created thirteen shell LLCs, ostensibly with locations throughout the U.S., and filed Forms 13F in the names of these LLCs rather than in Ensign Peak’s name. The order finds that Ensign Peak maintained investment discretion over all relevant securities, that it controlled the shell companies, and that it directed nominee “business managers,” most of whom were employed by the Church, to sign the Commission filings. The shell LLCs’ Forms 13F misstated, among other things, that the LLCs had sole investment and voting discretion over the securities. In reality, the SEC’s order finds, Ensign Peak retained control over all investment and voting decisions.

“We allege that the LDS Church’s investment manager, with the Church’s knowledge, went to great lengths to avoid disclosing the Church’s investments, depriving the Commission and the investing public of accurate market information,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “The requirement to file timely and accurate information on Forms 13F applies to all institutional investment managers, including non-profit and charitable organizations.”

Ensign Peak agreed to settle the SEC’s allegation that it violated Section 13(f) of the Securities Exchange Act of 1934 and Rule 13f-1 thereunder by failing to file Forms 13F and for misstating information in these forms. The Church agreed to settle the SEC’s allegation that it caused Ensign Peak’s violations through its knowledge and approval of Ensign Peak’s use of the shell LLCs.

https://www.sec.gov/newsroom/press-releases/2023-35

[I Have Questions]

Let’s also remind ourselves of the SEC’s actual findings…

The SEC’s order finds that, from 1997 through 2019, Ensign Peak failed to file Forms 13F, the forms on which investment managers are required to disclose the value of certain securities they manage. According to the order, the Church was concerned that disclosure of its portfolio, which by 2018 grew to approximately $32 billion, would lead to negative consequences. To obscure the amount of the Church’s portfolio, and with the Church’s knowledge and approval, Ensign Peak created thirteen shell LLCs, ostensibly with locations throughout the U.S., and filed Forms 13F in the names of these LLCs rather than in Ensign Peak’s name. The order finds that Ensign Peak maintained investment discretion over all relevant securities, that it controlled the shell companies, and that it directed nominee “business managers,” most of whom were employed by the Church, to sign the Commission filings. The shell LLCs’ Forms 13F misstated, among other things, that the LLCs had sole investment and voting discretion over the securities. In reality, the SEC’s order finds, Ensign Peak retained control over all investment and voting decisions.

“We allege that the LDS Church’s investment manager, with the Church’s knowledge, went to great lengths to avoid disclosing the Church’s investments, depriving the Commission and the investing public of accurate market information,” said Gurbir S. Grewal, Director of the SEC’s Division of Enforcement. “The requirement to file timely and accurate information on Forms 13F applies to all institutional investment managers, including non-profit and charitable organizations.”

Ensign Peak agreed to settle the SEC’s allegation that it violated Section 13(f) of the Securities Exchange Act of 1934 and Rule 13f-1 thereunder by failing to file Forms 13F and for misstating information in these forms. The Church agreed to settle the SEC’s allegation that it caused Ensign Peak’s violations through its knowledge and approval of Ensign Peak’s use of the shell LLCs.

https://www.sec.gov/newsroom/press-releases/2023-35

Aaron Miller may have learned “Ethics” from The Warren Commission.

[Markk]

The notion of apologizing or seeking forgiveness is totally, strikingly, completely absent from Mopologetics. The notion of repentance seems like it does not exist in the Mopologetic version of the Restored Gospel. Individual members are expected to do it, but weirdly, this doesn’t seem to apply beyond that level.

[Moksha]

I found this part very interesting:

33:30 - “Had the LLCs controlled the investments, there would have been no issue." While technically correct, this is another way of saying, “If they hadn’t knowingly broken the law then they would not have broken the law.”

That is what BYU Ethics Professors are for, explaining their way around ethical concerns when asked—that way they earn their ticket to heaven by fulfilling the Lying for the Lord commandment.