by Zeds Dead 19 Replies latest watchtower scandals
zappa: ...And this Bethel is now a major campus - it seems to be going balls to the wall there!
Otherwise the GB are just highly deluded and convinced of the imminence of the Big-BuggerUp ....or there is some strange "Third Force" factor at play ????
Makes total sense...on a couple of levels.
Blood politics being one
I believe the concern now is long term sustainability.
DITTO. Many here speak like the WT leaders are a bunch of buffoons, and from watching JWTV, clearly most of the GB are just that. However, these are not the men who are really running the WTS.
Whether it is from the advice of knowledgeable "insiders" (there are some very successful JWs) or outside consultants, I believe the WTS directors saw the opportunity there was to sell off high valued assets that were extremely high maintenance (ie, Brooklyn 100yo real estate) and build a low-cost, low-maintenance HQ for 10% of the profit and invest the 90% for perpetual income.
Ditto with the sell-off of dozens of Bethel Branch properties. ($$$$$$$) Turning real estate assets that generated huge maintenance costs into CA$H that generates huge investment income.
So too it was with many 1000's of Congs that had $1000s-$100,000s of cash on hand sitting in low-interest bearing (or NO interest bearing) cash accounts. While these were mostly small amounts of wasted capital when considered on an individual basis, amassed together it is MILLION$ that has the potential of generating a huge amount of income if invested wisely as a lump sum. So, you witnessed it as WTS stealthily swept in and "confiscated" the (my estimate) 100s-of-MILLION$ for their own advantage.
As voluntary donations dropped, they brilliantly switched to a "mandatory tithing" system at Cir Assm's (which now cost in the area of $10,000/day) and they concentrate on the use of every Assm Hall every weekend by instituting Spec Meetings and streaming the Annual Meeting, thus allowing R&F JWs to feel "special" and to give more "donations" more frequently to "Mother". This is the same "mandatory tithing" they have used for years for major expenses, ie, CO's cars and insurance, and GL insurance on KHalls (though they really expect the local Cong to carry the expense of any damage repair), and the cost of bringing missionaries home for Int'l Conventions.
COMING SOON AT A KINGDOM HALL NEAR YOU: Expect to see this "mandatory tithing" implemented with an "suggested donation" from every Congregation. I speculate you will soon see an "average donation/publisher" recommended and every Cong will be expected to meet that donation amount (or see a FOR SALE sign at your KHall).
Many non-profit institutions, ie, universities and medical centers, while they charge fees or tuition, do NOT rely on these as the only source of income/profits. Most have huge endowment funds (one I know that exceeds $1 Billion) that are wisely invested to produce perpetual investment income and they still continue to ask for donations from the alumni or members of the community and have telethons or charitable events to amass more funds for their endowment. I believe this is the purpose of the WTS current sell off and cash grab as it will reduce their dependence on mere donations (which are likely on the decline).
JMHO -- no insider information. . . . . Doc
If we look at the child molestations lawsuit as draining their money assets the possibility may exist but not from that alone, what must be factored in is the loss of reputation and it's effect on the rank and file as they are selling their Kingdom Halls out from under them to offset financial losses. The dried up support and lack funds there of will deplete even faster with a Zero credit rating spells real trouble coming at them at warp speed reguardless of how far they string along the gullible into believing they are God's official line of communication for the earth.
The recent selling of KHs is a death knell for them financially they will never survive in the information age they are doomed. I don't think their is an accountant that could help them out now I'm afraid, it will be divide the spoils in court as every one wants a piece of the pie in recompense from fraud with a capital F.
Just a thought....
Great thread Zeds!
.....a class action lawsuit in New York State against the WT. Read the file...
Chuck Schumer is a Senator in NY. I live in NY. I have read/heard a lot of news about this man. He cares. And....
How much is NY State losing in tax revenue because of the WT loophole of being a religious/charity?
Capone went down on tax evasion. There is a way to take the WT down
DOC, thank you for your insightful input!
joe134cd - "...I believe the concern now is long term sustainability..."
Hell... ten bucks says there's even some concern about short-term sustainability.
Seen a few discussions asking if the WTS are hurting for $$ or still sitting on a mountain of gold.
Regardless of their child abuse legal fees and ongoing broadcasting for more dough, I believe they have piles and piles of cash.
Talked with a Diff'd accountant who sat in the accounting dept. at the conventions for years.
A football stadium (or the like) costs them about $70 - 90,000 to rent for a 3 day Dub show. They take in $400,000 in donations from the R&F. Now times that by a hundred dub shows in the USA alone.
Think you can do the math!
I think they are in a pile of cash. They are no longer a religious nonprofit organization. They have a real estate business that is thriving, with an amazing startup of gazillions of dollars by having all KHs properties turned to them for free.
Dub show
ROFL! That is going in the next update of the apostate dictionary.
Today we build and sell tomorrow
They got a very bad credit rating in the banking business!
Openly exposed as frauds all over the world wide web, so I would say asset rich but only temporarily.
I'm sure with the last big money grab by making the Congregations give them pledges, and taking everything in their accounts except a few month running cost was an indicator that they are in big trouble financially and that they are very desperate. The friends will quite naturally react to this by making less contribution then in the future. It's all down hill from here for them.
This currant batch of GB seems to be real dense when it comes to running a business profitably. They seem to be full of wishful thinking which is reaching it's nightmare stage real soon as they face an onslaught of lawsuits due to carelessness of past GBs. These guys are just rearranging the chairs on the Titanic before it sinks into the abyss.
I would not be surprised to see them filing a chapter 7, 11 or 13 bankruptcy in the not too distant future.
