Part 7/8 – Mitt Romney & Corporate Mormonism – Insider Trading
In the last edition we observed the Mormon Church unite in matters of competitive-cooperative capitalism. Now we’ll look at LDS (Latter Day Saints) cronyism, to further the mission of material gain and secular governance. The first item on the agenda is strategy because without enough money, hands and unquestioning minds there isn’t much an apostle can accomplish. Even Joseph Smith knew thissince the days of Kirtland Bank in Ohio.
Enter Brigham Young University (BYU), a Church covenant to educate a Mormon battalion of financiers, legal giants and defense personnel. Classes commenced in 1875 with the nod of Romney prophets in support of the theocratic governor. They say less than two percent of Americans subscribe to the Mormon faith and yet they account for a formidable concentration of power in the country.
Amid business fodder, today’s leaders explain,
“The reason for this superb organization is not that LDS Church (school) is run on sound business principles, but because it is led according to revealed truths directly from God.”
A BYU education is not to be mixed with pernicious atheistic influences or alternate religious doctrines. The Book of Mormon laid the foundation for the Romney Institute of Public Management to teachsecular degrees in politics. A secular judge, secular legislator, secular police and secular president pose a mountain of challenges in separating church from state.
These scriptures also shape the BYU Military Science program. But what can God Nephi or King Nebuchadnezzar teach to those in the Chemical Corps and Air Defense Artillery? Isn’t that more killing in the name of _____ and what anti-terrorism is trying to stop? They acknowledge taking human life with the righteousness of their Lord as a means of recruitment to the program.
Ninety-eight percent of BYU students subscribe to the Mormon way and the remainder have beensurveilled by administration to rid the unfaithful from their university troops. Tuition is heavily subsidized by the amounts collected from tithes, so it’s the cheapest place to earn a degree if you’re willing to accept it’s based on the vision of a 23-year-old, his business partners and the unrecognized languages of Reformed Egyptian or Deseret.
Since the days of Grandpa Parley every Romney has graduated from BYU. The University of Utah is part of the establishment and focuses on Mormon Studies, with Church apostles occupying their various boards of directors too. Currently they’re looking at the Word of Wisdom and foodways, in keeping with Church industry pursuits. This is the reason Mitt can’t drink coffee because he practices the fundamentalist tenets of his religion by the book.
Another item in the recent fellowship newsletter fetes a professor of History for editing text about their supernatural roots. Planet Kolob was by no means a joke, nor is the belief there are three layers of Heaven that a prophet or lesser people could inherit through their works on earth (see additional information). More challenging to absorb is a project about Samuel the Lamanite and cases involving the “literal whitening of dark skin”. We’ve been over the theology enough to let it go, but it lays relevant foundation for the kinship shared between higher ranking Mormons like Mitt Romney and his alumni from the Church or BYU.
Meet Robert C. Gay, a Mormon General Authority and managing director of Bain Capital for sixteen years. He co-founded the Brigham Young University’s Center for Economic Self Reliance. Recently he formed Huntsman Gay Global Capital but was called to the first Quorum, in which case he resigns his newly created company to dedicate himself to the Church. Mr. Gay has become an apostle, revelator, seer and spokesperson of God. Instead of earning income from his own ventures, he will now receive a percentage of all LDS corporate ventures as an executive Saint. In this way the Mormon faith operates similar to a pyramid. All General Authorities profit from Church holdings and the higher your rank, the better you earn. It’s a de facto stockholder’s bonus of sorts.
Next is Gary Crittenden who is set to take Robert’s place. He’s been an LDS bishop, stake president and sits on the Quorum of the Seventy (which grew from the original fifty explained earlier in the series). Gary has also been the CFO of Monsanto and CFO for Citigroup. At the latter he was fined $100,000 for making false statements in SEC filings that related to subprime mortgages. It’s water under the bridge now that he’s been given a new lease on life and rewarded with promotion to CEO of Huntsman Gay Global Capital.
Jon Huntsman Sr. is the other namesake and co-founder. His wife is the daughter of David B. Haight, who was the oldest living apostle in the Quorum. He assumed this position after Mitt’s founding family passed away and vacancies opened in the highest level of the Church executive. Haight also worked in the president’s office of BYU and moved to become the mayor of Palo Alto, California.
Jon Sr. was in the Mormon Seventy and president of packaging at Dow Chemical. He departed from Dow to found Huntsman Chemical with diverse applications including aspirin and pharmaceutical bases. They manufactured food containers for Burger King, McDonalds, Sara Lee and egg companies, in addition to casings for General Electric products like telephones and televisions. Factories were purchased in a cooperative effort with Monsanto, in a move that added ownership of Texaco to expand the fuel additive market with increased output of benzene. The Huntsman headquarters are located in the World Trade Center Utah (Church owned and operated) and his family was amongst the Mormon pioneers who followed behind the Romneys. The COO for Huntsman Chemical is also a General Authority within the Church. Ronald Rasband doubles as a friendly partner and President of the Seventy with seniority over Huntsman.
A prominent Mormon lawyer recommended Jon Sr. to the Nixon White House, where he worked under Haldeman who spent 18 months in prison for Watergate. His job was to monitor documents passing through the Oval Office while George Romney served as Secretary of Housing, whose office was also rocked by scandal resulting in criminal charges. Both men departed before investigations could include them. Jon Huntsman Sr. then ran in the primaries as a Republican candidate for governor, but conceded to a higher ranking Mormon and accepted a token place as Ambassador of Economic Development for stepping down.
In contrast, Jon Huntsman Jr was successful in his bid for Governor of Utah in addition to serving four presidential administrations. He is the grandson of a high ranking apostle. He is also a descendant of Grandpa Parley (founding apostle) and technically Mitt Romney’s cousin through polygamous relations. Although the practice eventually ceased it still makes for awkward family reunions.
The two have shared an everlasting rivalry and Mitt always comes out on top as the official heir and orthodox example of Mormon. Jon Jr. tried to distance himself from the religion and is considered moreliberal than his counterpart by the clan. It was his downfall in losing the Olympic bid to Mitt and a source of controversy when he switched teams to support McCain in 2008.
There is so much bad blood between the boys that it nearly damaged the Republican brand. It did however succeed in giving the party no choice about selecting a Latter Day Saint to represent their interests. In frustration and fallout, Jon Jr. went on record suggesting there should be a third party and by the looks of things Mitt’s ecclesiastic powers have trumped his ambitions completely. Jon wasdisinvited from a Republican event where he was scheduled to be the guest speaker. This who-is-more-Mormon battle had consequences for his father’s new finance company as well. The Church intervened and elevated Robert Gay, causing him to abdicate his working partnership in Huntsman Gay Global Capital. In LDS you either support the plan or move out of the way.
In lieu the younger Huntsman was appointed to the board of directors of Ford Motor Company and Caterpillar Inc. He also accepted the Chairman position from Jon Sr., to oversee operations at the Huntsman Cancer Institute.
A similar situation played out with the Udall family. David King Udall was ordained a bishop and stake president by Brigham Young, to settle Arizona as a Mormon state akin to Utah. These were polygamous times and he had children with two wives as well, all of whom became career politicians. On one side of the family the Udalls ran as Republicans and on the other they were Democrats. Altogether the family accounted for 3 senators, 2 congressmen, 2 mayors of Phoenix (father and son), 3 Supreme Court Justices, 2 Chief Justices and 1 Secretary of the Interior. Sometimes they ran against each other for the same position.
David himself did a few months in prison for committing perjury on behalf of Grandpa Miles Romney, over his disputed land claim. Fellow patriarch Levi attended the School of Prophets under the guidance of Grandpa Parley and through marriage the Udalls are related to an original apostle. Much of the family became LDS bishops and stake presidents and all are registered Mormons.
In an effort to protect the next prophetic heir, Mitt’s son Tagg Romney benefitted from the old boys’ club true to form. He’s a BYU graduate, served his Mormon mission in France and sponsors the National Advisory Council for the university to earn his rewards. The up and coming son used his family’s Mormon connections to establish Solamere Capital, named after the location of their Utah winter home.
While campaigning with his father Tagg partnered with Spencer Zwick, himself a fellow Mormon of the hierarchy and Romney-for-President coordinator. Zwick’s father Craig sits in the Quorum of Seventy and acts as a General Authority for the Church, as the underling of a current ruling prophet. I’m compelled to reiterate an apostle is little different than a disciple of Jesus from back in the day. It’s expected they may receive visions that form new religious canon because the Mormon faith sees the Bible as continually being written as demonstrated by the Book of Mormon (see third entry). They’re the chosen ones and middle management from Heaven, who receive updates whenever God has something important to append.
The third partner and founder of Solamere Capital is John R. Miller. He was mentored by Mormon guruStephen Covey at the Jon Huntsman School of Business within the University of Utah. His family was a major part of the LDS beef empire since the beginning, setting the stage for Miller to form the National Beef company and become a top supplier to Walmart. He registered the Black Angus brand and this corporation is celebrated as the number one supplier to Japan.
In a final boost for Tagg Romney, they invited Karl Rove to flirt with campaign legislation by hosting a fundraiser for Solamere that went largely unreported. In one moment he was organizing for Mitt and in the next he was prying funds from party supporters to help the next in line get a foothold. Now the CEO from Ebay plays a major role with investments.
The National Advisory Council (NAC) is a staple for Brigham Young University. It’s a rolodex of the who’s who in the Mormon business kingdom and is designed to keep the family helping one another. You must pay to be involved and vetted by the Mormon committee to participate. Every name on the list has either graduated from BYU, is employed by the Church or shares an LDS connection. Curiously, most have only earned a bachelor degree to obtain these positions in the ever growing network.
A good example is the COO for Deutsche Bank UK. Mitch Mason possesses a Bachelor of Computer Science and departed on spiritual mission for the Church to Tokyo, where he assumed a position in the LDS stake presidency (see pg. 3). While visiting Japan he became an executive with the bank, so missionary destinations are not solely for the purpose of winning church converts. Coincidentally the institution was convicted of irresponsible mortgage lending and was hit with a substantial fine. It was then implicated in the LIBOR scandal in the UK and Japan.
The next gentleman is president of Dell Computers, Kevin Rollins. A fellow graduate of BYU, he got his start as partner and vice president of Bain and Company. This is not the same organization as Bain Capital, although Mitt Romney served as CEO and founded his investment firm with partners from the former. Rollins has a Mormon business school named in his honour and he sits on the United States Advisory Committee for Trade Policy and Negotiation.
There are numerous Mormon family partners with titles ranging from Chairman to CEO, CFO, COO, President, VP and Director; but the company list is even more impressive. The Church is keenly represented in Credit Suisse, Deutsche Bank, Zions Bank, Goldman Sachs, Morgan Stanley, Deloitte and Touche, Ernst and Young, KPMG, PricewaterhouseCoopers, American Express, Walmart, Safeway, Sam’s Club, Kimberley-Clarke, General Mills, Procter and Gamble, Fisher Price, Eastman Kodak, Caterpillar, Alcoa, Ford Motor Company, General Motors, American Airlines, Black and Decker, Honeywell, Huntsman, Solamere, Bain and Company, Bain Capital, IBM, AOL Time Warner and Nortel. There are many more in gas, oil, chemicals, real estate, minerals, food, banks, investment and hospitals; as well as judges, legislators, governors and city controllers. Even Mitt Romney sits on the board of directors when he’s not busy with political pursuits.
The NAC spring and fall reunions are invaluable to Latter Day Saints. To keep their end of the bargain, Mormon executives at Goldman Sachs hired 31 BYU students in relation to the agreement but this only represents a single partner on the list. Greater still is the roster of well placed members who may be called upon for a helping hand despite the lack of binding contract. Their service rotates through these councils and they’re obligated by the Church through the Doctrine and Covenants to stand side by side, everywhere including the business world. Currently 15 hold government positions but the goal continues with every passing election. In the meantime they’re dominating markets integral to everyone’s daily life.
Don’t expect to get the whole story from the Church though. In a directive to BYU instructors the apostles make it crystal clear there will be no disloyalty to General Authorities and no such thing as academic freedom. Orthodox material is the only truth they need to tell and intellectual prowess is the enemy. In fact it was Grandpa Parley who played a great role in deciding when truth was appropriate, as he taught the ranks to believe you do not bring questions upon the Church (see fourth entry) and fibbing, even under oath, is necessary to protect the mission (see additional fourth section). This famous Romney progenitor then declared there would be no Democratic president promoting truth so long as the Saints shall live.
Mormons built on this doctrine by deciding no ill would be spoken, no matter how true, if any living Saint could be negatively affected. Dallin Oaks became a ruling apostle in 1984 and relinquished his position as a Utah Supreme Court Justice to accept the honour of exaltation. Before giving speeches about the subjectivity of truth, downplaying its importance to the Church and Brigham Young University (PDF actual document or non PDF transcript), he penned important opinions about constitutional rights and attempted to change parameters for the exclusionary rule pertaining to search and seizure. Now Fourth, Fifth and Sixth Amendment rights may not hold up if the ends justifies the means.
No one would know the repercussions of Mormon truth better than an LDS teacher of 27 years. Hewrote of this great epiphany upon severing himself from the organization. So too did a faithful Mormon blogger who faced excommunication for studying the historical basis of his religion.
Perhaps this is what led to the Boy Scouts scandal, when the public learned of sexual abuse allegations and their private, extensive catalogue of unsavoury suspects. Still they kept the data hidden, because the subjects of complaint may well be members of the Church. Many are familiar with this heartbreaking revelation, but most do not realize that Latter Day Saints are the predominant sponsor of the program, equally responsible and named foremost in associated litigation (including multiple suits). The national president is from the Mormon Church, the LDS president is the longest serving executive and Mitt Romney has served on the board of directors with them.
In so far as Boy Scouts and gay rights are concerned, Mitt professed his support for equality to GLAADand other associations along the campaign trail. The groups were excited to hear they could count on Republicans in addition to Democrats, but Mitt had the power to vote and the organization reaffirmed their prejudice to the contrary. Instead Scout executives have gone all the way to the Supreme Court to uphold the tenets of Mormon. No gays, no atheists and the Church continues to control the vast majority of satellites. The organization offered,
“Contrary to media reports, the Boy Scouts of America has no plans to change its membership policy. The introduction of a resolution does not indicate the organization is ‘reviewing’ a policy or signal a change in direction…. The BSA is a voluntary, private organization that sets policies that are best for the organization. The BSA welcomes all who share its beliefs but does not criticize or condemn those who wish to follow a different path.”
It just goes to show the importance of actions and the subjectivity of truth when matters could damage the Church. Furthermore LDS considers the program a stepping stone for their lay, Aaronic Priesthood and a pathway into the Church for children they strive to convert. In no uncertain terms, Mormons operate the program as a religious recruitment center. The current Church president offered his official sentiments and sent them out via newsletter as recently as this month, October 2012 (PDF or non PDF).
Joining the concept of truth with corporate matters, the Latter Day Saints have legal teams studying constitutional arguments to keep their books sealed. A number of lawsuits have been settled to avoid discovering the Church’s assets but they’re preparing for additional injured parties to come forward. This necessitated thorough study by Rutgers in an effort to help them maintain privacy on the issue of profits and payability (see conclusion PDF or non PDF).
In the final installment Church Power, we’ll look at the bigger picture from their highest office and absorb what it means if Mitt Romney becomes the president. The military industrial complex will set a reoccurring theme.
Posted on February 13, 2014, in US Politics and tagged Corporate Mormonism, Democrats, GOP, insider trading, LDS, Mitt Romney, mormon, part 7, POTUS, presidential election, US politics. Bookmark the permalink. 1 Comment.