![]() ![]() In 1962, the church ran a $32 million deficit. If he had failed, the church’s credit rating would have been ruined and debtors would have sued to seize church assets, according to the late historian Ronald Walker. He awoke despondent that morning, aware that a run on the two banks owned by the church threatened to wipe out the last of its deposits. ![]() ![]() That’s saying something for a church with a storied past of economic distress.įor example, an apostle once secured new loans in New York City hours before the church would have defaulted on a large payment with a San Francisco bank. Sixty years ago, a financial crisis engulfed the church and threatened to become the worst in the faith’s history, one historian wrote. Church statement: What did it say about the ‘60 Minutes’ report?.Opinion: What’s behind American media’s unhealthy fixation on ‘Mormons, Inc.’?. ![]()
0 Comments
Leave a Reply. |