I have a fairly tight circle of friends in secure places at BYU. All of them are disturbed about this new revelation, but afraid to ask for answers. I'm told there is an unwritten "rule" that BYU professors are not allowed to inquire up the chain about anything to do with Ensign Peak. That's odd, for a host of reasons, not least of which is that Ensign Peak is one of the largest captive asset managers in the world. Wouldn't the church want BYU's Marriott School to write case studies about investment discipline and shrewd portfolio management? Evidently, the "light" up at Ensign Peak isn't something they're proud of and must be assiduously hidden under a bushel. Imagine Jesus smiling down with pride.
Well, speaking of BYU, this week I heard through the grapevine that Aaron Miller is utterly shell shocked by the discovery. Those paying attention will recall that Aaron teaches ethics at BYU (oh, the irony!) and has defended the church's SEC violations at FAIR and on a few faithful podcasts, largely by asserting with confidence that Ensign Peak's 20 year practice of carefully orchestrated criminal perjury wasn't a big deal because, according to his authoritative perspective, there was *no* tax fraud or any monetary malfeasance. Looks like Professor Ethics forgot to study the material before taking his final exam. Course grade: F.
Remember back in 2018 when sleuths at MormonLeaks discovered Ensign Peak's secret $32 billion in stock market investments? It's 2025 now, and we're still hearing about ways in which Ensign Peak cherry picked which laws it would abide and which laws it would ignore. How much worse is the full measure of ground truth over there?
I do believe there will be business school case studies written about Ensign Peak someday. Not about portfolio management, but ethics. If there is one lesson to be learned from the story of Ensign Peak, it's that complex incentives, when combined with poorly-designed internal controls, often lead people in power to do bad things when they are "certain" no one will ever know. Ensign Peak would make for an excellent first-year ethics case at HBS.
In closing, a quote from Jesus:
For what is a man profited, if he shall gain the whole world, and lose his own soul?
Matthew 16:26
https://www.churchofjesuschrist.org/stu ... 6?lang=eng