The "Lord's Bank"?

[Ceteris Paribus]

Warned business client about heavy concentration of working capital in one bank - Zion's Bank in SLC.

Client response: 1.) Zion's is where the Church keeps all of it's money, 2.)Zions' is owned by the Church and therefore it is the "Lord's Bank" and that is "good enough for me".

Tried to inform him that neither statement is true, the Church spreads its portfolio and manages risk, Zions is owned by stockholders, the Church has only a minority position, stock is performing poorly, earnings are down, etc. Client would not listen, so I shut up.

How many other poor saps believe this crap?

[Solon]

Originally Posted by Ceteris Paribus

Warned business client about heavy concentration of working capital in one bank - Zion's Bank in SLC.

Client response: 1.) Zion's is where the Church keeps all of it's money, 2.)Zions' is owned by the Church and therefore it is the "Lord's Bank" and that is "good enough for me".

Tried to inform him that neither statement is true, the Church spreads its portfolio and manages risk, Zions is owned by stockholders, the Church has only a minority position, stock is performing poorly, earnings are down, etc. Client would not listen, so I shut up.

How many other poor saps believe this crap?

See: Kirtland Safety Society
http://byustudies.byu.edu/shop/PDFSRC/12.4Partridge.pdf

[UtahDan]

Originally Posted by Ceteris Paribus

Warned business client about heavy concentration of working capital in one bank - Zion's Bank in SLC.

Client response: 1.) Zion's is where the Church keeps all of it's money, 2.)Zions' is owned by the Church and therefore it is the "Lord's Bank" and that is "good enough for me".

Tried to inform him that neither statement is true, the Church spreads its portfolio and manages risk, Zions is owned by stockholders, the Church has only a minority position, stock is performing poorly, earnings are down, etc. Client would not listen, so I shut up.

How many other poor saps believe this crap?

Same people who believe BYU is the Lord's university. The world is full of ninnies.

[myboynoah]

Originally Posted by UtahDan

Same people who believe BYU is the Lord's university. The world is full of ninnies.

Well, at least The Church does own BYU.

I think it was under Mckay that The Church started getting out of the business of running businesses, and started getting out of Zions among others. It's current holdings in Zions are, as CP notes, minimal.

But it's still cool to look at the pictures of Chairmen of the Board of Zions. It is very familiar.