Church comments on SEC settlement

[Dr Moore]

So do you think the church leaders hid the fakery from its inside auditors? The guy that gives the sterling one minute audit report at GC must like he was faked out or he hid this
As he was directed to- how about the auditor revise those 19 years of non-disclosures?

In the SEC's judgment, we see a real failure in controls as pertaining to inside auditors.

The Church and Ensign Peak continued to take the same approach to filing Forms
13F through the Clone LLCs despite two Church Audit Department (“CAD”) internal audits of
Ensign Peak – one in 2014 and one in 2017—that reviewed the LLC Structure. In discussions with
Ensign Peak’s senior management, although CAD did not recommend specific changes to the LLC
Structure, CAD highlighted the risk that the SEC might disagree with the approach.

In other words: internal auditors were concerned about a specific problem, but were too intimidated by internal power dynamics to stand up to the Brethren's scheme. A complete failure at internal corporate controls.

This is at the core of the fundamental problem as with the BYU name-calling scandal last year. Maybe there was no problem at all in that instance, but the church proves time and again that any notion of a sincere "internal audit" cannot be trusted.

[MG 2.0]

Another thread where critics default to nefarious intent.

Nefarious is your word, not mine. And I don't agree with nefarious. This is the garden variety corruption of our time that many large corporate entities engage in precisely because the slap on the wrist one gets from the SEC, etc., means that breaking the law remains too profitable for them to stop.

What’s the endgame?

Regards,
MG

I should hope that the endgame would be an LDS Church that acts more like Christ and less like Mammon.

Maybe I wasn’t clear. What’s the end game that the ‘church’ has in mind if they are wheeling and dealing inappropriately (not saying that they are)?

By the way, this bears repeating:

The church said it wanted to maintain the privacy of its holdings. Some church officials said previously that they wanted to avoid church members following church investments as a roadmap for personal investing because they might not be appropriate to their circumstances.

IHAQ wants to have the First Presidency ‘fired’. The reports are saying that they didn’t even know the ins and outs of what was happening with the way Ensign Peaks was moving the money around.

But, just for fun, let’s say they did.

I ask the question again, what was their end game? What nefarious purpose did they have?

Also, it should be remembered that when the Ensign Peak advisors were notified that they weren’t in compliance with SEC regulations they came into compliance immediately.

There’s a lot of hot air blowing around here which is not surprising knowing that folks in this ‘church’ of unbelievers are out to persecute and ridicule the leaders of the CofJCofLDS. THAT is your ‘church’s’ mission statement and articles of faith.

At some point it will all come back to bite you in the butt.

Regards,
MG

[MG 2.0]

And the proprietor of SeN wonders why Mormonism is one of the most disliked religions.

Love the religion, hate the leaders.

Regards,
MG

[Doctor Steuss]

The reports are saying that they didn’t even know the ins and outs of what was happening with the way Ensign Peaks was moving the money around.

The First Presidency, and Presiding Bishopric were the primary decision makers for the creation of the dishonest LLCs.

It might be beneficial to read the SEC documents.

[MG 2.0]

Dollars to donuts, the church paid more money in attorneys fees than the $5m settlement charges. Kirton McConkie is the real winner here.

Yep, and tithe payers are the losers. Especially the young families. These folks need to find the strength to escape this wretched cult.

It depends. If these young families (and other folks) have a testimony of the restoration of the gospel and that the tithe brings blessings both to themselves and the church I don’t think there is much danger in them leaving the church. On the other hand, if they are cultural Mormons then you might have a point.

As I said earlier, another ‘wheat and chaff’ episode.

Regards,
MG

[Everybody Wang Chung]

I ask the question again, what was their end game? What nefarious purpose did they have?

Profits, prophets and more profits.

Also, it should be remembered that when the Ensign Peak advisors were notified that they weren’t in compliance with SEC regulations they came into compliance immediately.

Yes, kind of like when a police officer pulls a gun on a bank robber, the bank robber is going to immediately stop his illegal behavior.

At some point it will all come back to bite you in the butt.

Really? The church being fined by the SEC is going to bite people in the butt? Please, tell me more about this butt-biting.

[MG 2.0]

In other words: internal auditors were concerned about a specific problem, but were too intimidated by internal power dynamics to stand up to the Brethren's scheme.

Kishkumen, here is at least one person that puts nefarious intent at the feet of the First Presidency.

Moore, you’re making a real stretch in claiming nefarious intent on the part of the Brethren. It will, at some point in time, come back to bite you in the butt.

That’s just my opinion.

Regards,
MG

[MG 2.0]

I ask the question again, what was their end game? What nefarious purpose did they have?

Profits, prophets and more profits.

Why?

Regards,
MG

[Doctor CamNC4Me]

Yep, and tithe payers are the losers. Especially the young families. These folks need to find the strength to escape this wretched cult.

It depends. If these young families (and other folks) have a testimony of the restoration of the gospel and that the tithe brings blessings both to themselves and the church I don’t think there is much danger in them leaving the church. On the other hand, if they are cultural Mormons then you might have a point.

As I said earlier, another ‘wheat and chaff’ episode.

Regards,
MG

Tfw a Mormon refers to human beings as “chaff”.

Google, please define ‘chaff’:

1: the seed coverings and other debris separated from the seed in threshing grain

2: something comparatively worthless

Awesome proselytizing, you bozo.

- Doc

[IHAQ]

The reports are saying that they didn’t even know the ins and outs of what was happening with the way Ensign Peaks was moving the money around.

The First Presidency, and Presiding Bishopric were the primary decision makers for the creation of the dishonest LLCs.

It might be beneficial to read the SEC documents.

MG2.0 Any thoughts on the post by Doctor Steuss and how it relates to your comments?