The popular TV newsmagazine show “60 Minutes” has released a 30-second video preview of its hotly anticipated report, airing Sunday, on finances within The Church of Jesus Christ of Latter-day Saints.
The segment will feature an interview with whistleblower David A. Nielsen, a former senior portfolio manager with the faith’s investment arm who filed a complaint in late 2019 with the IRS accusing the church of amassing a $100 billion reserve fund intended for, but never spent on, charity in potential violation of tax laws. He also has called for a U.S. Senate investigation of the church’s wealth.
Nielsen previously has declined interview requests, including with The Salt Lake Tribune.
The brief clip, posted Saturday on Twitter, includes part of an interview with Christopher Waddell, first counselor in the Presiding Bishopric, which provides ecclesiastical oversight to the 17 million-member church’s vast financial, real estate, investment and charitable operations.
A whistleblower says the Church of Jesus Christ of Latter-day Saints’ investment firm has over $100 billion – more than any religious fund in America. Instead of doing good, the church is bending the law, said a whistleblower. 60 Minutes reports, Sunday. pic.twitter.com/oOidUm7vCU
— 60 Minutes (@60Minutes) May 13, 2023
Correspondent Sharyn Alfonsi notes that the Utah-based faith “collects $7 billion” every year (mainly through tithing) from the faithful, while pointing out that questions have arisen about how the “famously private church” uses that money.
“What about, you know, the idea that secrecy builds mistrust?” Alfonsi asks.
“Well, we don’t feel it’s being secret,” Waddell responds. “We feel it’s being confidential.”
In February, the church and its investment arm, Ensign Peak Advisors, settled a case with the Securities and Exchange Commission, agreeing to pay $5 million in penalties for failing to properly disclose past stock holdings and going to “great lengths,” regulators said, to deliberately “obscure” the church’s vast investment portfolio.
In settling the SEC matter, church leaders affirmed in a news release their “commitment to comply with the law,” adding that they “regret mistakes made.”
CBS’ “60 Minutes” will be broadcast Sunday at 6 p.m. on CBS/Channel 2 and will also stream on Paramount+.
from The Salt Lake Tribune https://ift.tt/FboLrmA
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