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Mormons make money; a lot of money

Faith

This lengthy Bloomberg Businessweek story "How the Mormons Make Money" is not an expose on how the Church of Latter-day Saints illegally prints cash. It actually looks at the different business and revenue streams the church owns, including real estate, media companies and insurance businesses.

The Mormon belief in the spiritual value of financial success goes back to 1830, when the religion’s founder, Joseph Smith, announced to his followers that God had told him the following: “Verily I say unto you, that all things unto me are spiritual, and not at any time have I given unto you a law which was temporal.” In other words, historian Quinn translates, “whether it’s investing in a merchandising store, or tannery, or a lumber mill, or a hotel, or a bank—all of which occurred under Joseph Smith’s leadership—according to that 1830 revelation, it’s all spiritual.”

The best quote from the story by Sheri Dew, CEO of a book publishing company owned by the church: "Who wouldn’t want to show up Simon & Schuster? I mean, this is capitalist America, isn’t it?”

The story also includes an estimate of church's total value: $40 billion. Holllyyyy...

[Bloomberg]

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