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Saturday, July 28, 2012

LDS Church response to Businessweek

Businessweek, published by Bloomberg, is the one responsible for an attention-getting story of the LDS Church financial practices that I've talked about before. Check out these headlines from Deseret News.

No more Mr. Nice Mormon? LDS scholars speak on reaction to Bloomberg story
"The Businessweek cover is in such poor taste it is difficult to even find the words to comment on it," said LDS spokesman Michael Purdy. "Sadly, the cover is a reflection of the bias and speculative nature of the article itself. It is narrow and incomplete, omitting, for instance, a good deal of information given on how church resources are used. The article misses the mark and the cover is obviously meant to be offensive to many, including millions of Latter-day Saints."
Out of bounds: Businessweek cover story distorts

Criticism follows Businessweek cover on Mormon Church finances
"Sadly, the cover is a reflection of the bias and speculative nature of the article itself. It is narrow and incomplete, omitting, for instance, a good deal of information given on how church resources are used.
LDS Church shares financial history, philosophy
"The church is not a capitalist enterprise; it is a religious endeavor that uses the tools of capitalism to achieve religious ends," he said. "In a nation obsessed with wealth, the distinction is hard to appreciate, but to Mormons it is all-important."
In fact, the church's statement emphasized the charitable and religious purposes of all its investments.
LDS Church issues statement on Mormon businesses, finances

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