ethel’s words

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We can be amused at the antics over the Industrial Banks--those hidden institutions revealed only when Wal-Mart wanted to use that format. A few members of Congress were alive enough above the shoulders to be outraged, but for the most part we saw the same old go-along.

A local FIGURE--big enough to be seen by the press, said, essentially, “Oh, they are no different from regular banks.” What arrogance, to have such disrespect for helpless populations--acting as if they have no intelligence, just because they are powerless (until they unite and make motions). Of course the banks are not the same. They are probably another Mormon creation. Look at long-time Mormon involvement in finance:

I guess we could begin with Marriner Eccles (whom I respect). Do I need to refresh my memory? Didn’t Franklin D. Roosevelt appoint him to--what? The treasury? The Federal Reserve? How far back is my memory supposed to carry me? Government spokespersons make it up. Well, I don't want to deceive anybody--but I don’t have enough time left to document everything. I believe I remember Ivy Baker Priest at The Treasury, and Mary Brooks at the Mint. And, you know, one can't help wrinkling one’s nose wondering about the Riggs Bank, so haughtily placed in D.C.

Next I would mention the Mormon Kennedy, banker in Chicago--wasn’t that David Kennedy? I can’t remember at this writing the name of the internationally famous Italian banker with whom Senator Orrin Hatch (and David Kennedy, too?) had a financial romance. Who remembers that Italian tycoon so important in his time? On the tip of my tongue. Ah, Sindona! Yes?

Does anyone, still breathing today, remember how Wallace Bennett, the Mormon Senator of that time (father of the now-Senator Robert), slashed into shreds the attempt by Senator Lloyd Bentsen of Texas to legislate regulation of sending money abroad--to such institutions as Swiss banks or The Bahamas? So the funds, laundered or dirty, flowed freely with Uncle Sam winking.

Uncle Sam winks, but how many mis-informed, well-intentioned believers contribute to that big, money-grubbing vacuum that calls itself a church, not only blind to what they are doing, but also, in their own way, not giving a darn.

Ethel C. Hale

A post script: The financial disaster, when the Savings and Loans, and Thrifts, crashed (and were looted), was generated by the Garn-St.Germain Act, legislation that resulted from strategy devised by Jake Garn and his handperson, Dan Wall, remembered by some as the erstwhile tyrant of the Redevelopment Agency of Salt Lake City. A memorable pair of ignorant power-wielders, lifted into that place by The Church?

(For the best report on the S&L disaster, see INSIDE JOB by Pizzo, Fricker, and Muolo © 1989 McGraw-Hill)

Earlier, when those same financial institutions began to fail, it was a Mormon appointed to guide them to merge or take other action to survive.

Ethel C. Hale