0:00 he literally said that like hey when you go to church you better kick me back 10 because whatever you made is already mine to begin with yeah Jesus sounds like a pin you better give him a tempest yeah the big yeah The Vig [Music] this article right here is submitted by one of our loyal patrons Antonio Lopez who hey I like that guy Antonio every week Yep this is actually about a Mormon who left Wall Street to work for quote-unquote charity but ends up blowing the whistle on what he says is his Church's clandestine hedge fund so he's talking about the Church of Jesus Christ of Latter-day Saints and he was a former manager at the church's investment firm the church has an investment firm triggers make money whoa
0:51 churches make real good money even the small Church plants yeah his name is David Nielsen he even says that during his nine years managing money at the church firm the value of its Investments ballooned past a hundred billion dollars billion what the ████ we gotta get a church you guys which makes it the largest Treasurer held by any religious Fund in America oh so Mormons are the richest holy ████ but he said instead of spending that money to do good he alleges it was used in ways that bent the law and broke his faith I thought I was going to work for a charity I thought that's what my skills were going to do was help build the charity and do good things and the funds were never used for that it was really clandestine hedge fund those funds weren't used the way that they were appropriated to be used once the money went in it didn't go out so basically they're what's that word where everybody's supposed to give like 10 of your tithing time yeah
1:42 everybody and you know like churches like of this magnitude kind of like the mega churches they have ████ tons of fun they have 17 million members oh dude those and the hardcore ones they they do auto time yeah whoa no I think my family did that where like you're like the paycheck they get from work before they see the money it gets automatically deducted to the church like they have your ████ routing number wait wait is it is it from your paycheck or is it from your bank from your paycheck they do it from a paycheck like a freaking tax because what time is supposed to be it's everything you make ten percent of that every time so they'd look at it like oh here's what I made for this that's a crazy rule isn't it ten percent go straight to church yeah I feel like there's so so much human manipulation and everything like how did we come up with a 10 it's a good number Jesus said it apparently yeah he said in the New Testament he literally said that
2:32 like hey when you go to church you better kick me back 10 because whatever you made is already mine to begin with yeah is like 10 or some ████ no I guess it's like the yeah it's Gonna Keep dripping includes interest when you don't pay it right passive income baby Jesus is all about that passive income that's what he's about I always thought that was so funny where's my money ████ when I go to church and I drop like a 20 or 100 like in the basket River I feel pretty good I'm like okay cool I hope this goes through a good cause bro no it's it's like I've been talking like years of Auto deductions from millions of people 17 million yeah so every year 10 bucks each that's already 170 million in a year or ████ this church collects an estimated seven billion dollars in contributions from its tax-free by the
3:23 way because it's the church this is a church church expects it attacks them a little bit so the church expects members to contribute about 10 of their income a practice known as tithing tithing is what's used to build buildings this was used to pay light bills tightening is what's used to operate some of the church's programs whatever's left over about a billion dollars or so is put into a reserve fund at Ensign Peak which is the name of this particular establishment and invested because Ensign Peak is registered as a non-profit it all grows tax-free he says that since it was created in 97 the reserve fund has swelled Beyond 100 billion dollars twice the size of Harvard's endowment or the Bill and Melinda Gates Foundation wait twice the size of the bill in Melinda Gates Foundation yeah oh my God here's the thing though he says you could even saw you know a lot of big problems with 100 billion dollars right I thought we were going to pretty much all of them and they don't
4:14 have to clean it that's crazy but when asked did any of your former bosses explain how the money was going to be used one day he says the answer was always quote the second coming and it's a bit tongue-in-cheek but deep down I think a lot of employees really did believe that so basically it's all just meant to be saved until Jesus Walks again the second coming where things like everything gets flipped over and then now they have you know Reserve money to rebuild what is supposed to happen when Jesus comes back I think the world's supposed to end is that yeah there's like a long list there's that Seth Rogen movie about it oh yeah yeah this is the end so like that was it right that was just a really demented version of that yeah we'll go up to heaven you can say that it depends like they don't some Bibles don't have the Rapture segment oh so that's what the Rapture is well the Rapture is that people just magically are gone that go to heaven and then all the bad stuff the senators stay on Earth they're supposed
5:05 to be a horn a horn I think oh yeah that's my man that's what I meant is that the same thing no no you know there's the politicians I always want to ████ tax the billionaires yeah you should attack the ████ churches the churches are supposed to try to help out anyways they can't it's unconstitutional is it though separation of church this world got 100 billion dollars that's why I think Scientology is the most genius thing I think it's so funny that like some dude probably was like all right we're just gonna say this is a church yeah and we're gonna make it about the most ridiculous premises but
5:55 as far as like their Church goes like at least they're doing therapy or some ████ don't they do their bunch of therapies is that called brainwashing should we start whatever but what is it what is I don't know we should start a church okay Google how to start church we could yeah let's let's start Church Church speed the Church of believing in the bettering of lies of others that's pretty solid hey that's kind of gangster in any means necessary the Church of nine percent tithing Chapel De Los Chavez Velasquez what if we did the Church of hustle culture dude and it's all about hustle Culture Rising grind you know what I mean like self-development Fitness we could do bro that's easy it's just the red pill actually yeah everybody loves garyvee everybody else ████ Alex hermosi but we make a church version of that to get people to hustle yeah Church of hustle and they get us to pay ten thousand ten percent of whatever they make because
6:45 isn't it really difficult to have a church now that's new like you just can't do that right because it don't you have to like survive cult status to attain Church status yeah you got to go past Waco yeah how do you survive cold that's the thing it takes freaking forever how long does it take not all of them die oh yeah yeah so if we don't kill our members we're good it's crazy publicly church leaders called it a rainy day fund but in 2013 uh Nielsen says one of his bosses shared this document at a meeting that showed 1.4 billion dollars from the fund went to a all being built on land owned by the church and 600 million dollars was used to prop up a for-profit church-owned insurance company called beneficial life I thought you say Adriana's oh yeah 600 million dollar Adriana this year killing it dude that's how they could be on the buses
7:36 who are his bosses are these bosses like pastors or they're like CEOs Cardinals yeah like Horrors ████ British people they gotta be businessmen with some sort of religious background they call it a rainy day phone I should make a rain fun yeah exactly when the world ends you need a place for people to go which is a giant mall right and what if you die you need insurance to cover your death you know what's funny is like if they were biblically accurate about this like end times money doesn't the bible say that at some point you can't buy or sell unless you have the mark of the beast anyways what does that mean you would know by yourself yeah anything good service oh it's bartering yeah according to the the last age is that like they wipe out all ability to have Financial transactions unless you get the mark of the beast which is what they're calling the digital like chip oh interesting I think
8:26 that's a joke so it's not face tattoos I think that's a good thing so that it seems kind of backwards that like it doesn't make sense yeah it seems like contradicting with her I think you should send a letter 11 was like hey I think you've been misappropriating your funds I think you should donate to us I have this other church that is for the benefit of other people oh wow he talks about he hit his breaking point in 2018 after a website called Mormon leaks linked church members to companies that existed only on paper those shell companies held billions of dollars in stocks and bonds what nobody knew outside Church leadership was those assets were actually controlled by enzyme Peak Nielsen says the firm called an emergency meeting code these entities were to hide the assets from the members the chief investment officer said that if we were to change and start reporting the Securities in our own name it would bring undue attention to the firm and that that attention would be potentially
9:16 damaging and after the meeting I went and confronted him what do you mean potentially damaging and he said Dave we're going to lose our tax exempt status yeah that's laundering right yeah oh that's hot dude wow so they're fully aware the government's really strict on non-profit stuff because seniors fight back we have to track every single expense and it can only be used in very certain categories and they find that we misuse like one dollar we lose our tax exam status but this guy Jesus imagine that if if Ron has to collect receipts of every senior that fought back [Laughter] in the obituary I can't believe you made that joke [Music]
// end of tape