Borrowing like there was no tomorrow

11 Dec

Why cults and finance don' t mix:

If the 9,000 members of a polygamous Mormon sect in south-west Utah felt comfortable borrowing from their local bank like there was no tomorrow, it was because, in their minds, that was precisely the case. The world, they had been told, was coming to an end.

The Fundamentalist Church of Jesus Christ of Latter-day Saints gladly used high-interest funds to finance suspect business ventures. There was the water melon farm on which not a single water melon was planted, and plans to convert old military barracks into homes fell through when they found lead paint and asbestos inside. Now, though, the tap has been turned off. After years of obliging the sect, the local Bank of Ephraim has been forced to shut down after state regulators found it could no longer handle all the loans it had extended.

Read and post comments | Send to a friend

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: