How The Catholic Church Shielded Billions From Its Bankruptcies

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For most of the 20th century, the Catholic Church in the U.S. minimized the damage wrought by pedophile priests by covering up the abuse.
Cover-ups worked when victims and their families could be intimidated or shamed into silence. But in the 1980s and ’90s, victims started filing civil lawsuits against the dioceses where the alleged incidents took place. Church leaders across the country kept these suits quiet by settling out of court and demanding nondisclosure agreements in return. Church leaders paid out about $750 million from the early ’80s through 2002, according to BishopAccountability.org, a nonprofit that tracks clergy sex abuse.
Now, Dioceses of the Catholic Church are aggressively moving and reclassifying holdings to shrink the value of their bankruptcy estates.
Read Josh Saul's full story in Bloomberg Businessweek here: www.bloomberg....
#Storylines #BloombergBusinessweek
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Опубликовано:

23 сен 2024

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Комментарии : 98

@business 3 года назад

Check out Josh Saul's full story here: www.bloomberg.com/news/features/2020-01-08/the-catholic-church-s-strategy-to-limit-payouts-to-abuse-victims

@noirto2 3 года назад

oh wow, pay no tax as church and still allowed to file bankruptcy..

@timfronimos459 3 года назад

THIS VIDEO DESERVES AN AWARD!

@MrPromerican 3 года назад

As a catholic myself..it pains me to see this. I hope those victims would recover from pain and suffering. As for the church...no more donations from me....

@vondahe 3 года назад

Transferring funds and assets prior to bankruptcy is considered serious fraud in my country.

@FinancialShinanigan 3 года назад

The Church forgets that Jesus toss all the merchants and money changers out of the Temple

@zurinarctus1329 3 года назад

Because Paul the Apostle created the whole mess.

@davidf7076 3 года назад

I like your Christ, I do not like your Christians, Your Christians are so unlike your Christ- Gandhi

@KS1776 3 года назад

Isaac thank you for sharing your story.

@IsaacCasados 3 года назад

Thank you. It needs to be shared.

@charlesgallagher1072 3 года назад

You will make a huge difference and hopefully protect some future children. The heart of what attracts these people to the church, where they are protected, is the issue.

@SpeedFranklin 3 года назад

I'm so glad some victims and business managers are brave enough to come forward like this, even if their careers, communities, sometimes even lives are on the line. I grew up in Santa Fe and know Christine; she is a wonderful person with tremendous faith. So when she says she has to come forward to expose an organization she has dedicated her life to building up, you know it has to be a deeply held conviction. Thank you!!

@HarryToeface 3 года назад

How are you able to file bankruptcy when you never paid any taxes? Those things should be reserved for tax payers only.

@ShaudaySmith 3 года назад

Bloomberg has some great in-depth stories on these events. Great video

@AM-er9oi 3 года назад

If this was a mosque it would be more on main stream media, people protesting to start closing mosque, muslim bans. I feel for the victims, people need to be held accountable.

@nullfield6514 3 года назад

Tax the church

@konrad1126 3 года назад

Can someone clarify? So the church had an increasing number of lawsuits being made against them. Instead of continually paying out settlements to the victims they shifted assets and then claimed bankruptcy. The shifting of assets would reduce that particular church organisation's worth, therefore it would lower the amount it has to pay out to the victims?

@abcqer555 3 года назад

Thank you for making and sharing this. Shining a light onto the morally corrupt behaviours of organized religion is hugely helpful.

@livingroomtv9591 3 года назад

Imagine, an institution devising a strategy to avoid responsibility from an issue they are aware of. A religious institution that is.

@hartdr8074 3 года назад

Keep up these amazing content. GJ bloomberg woooo

@gidd 3 года назад

Religious institutions need to start getting taxed!

@MBisFrenchy 3 года назад

Agreed and those hiding in Vatican need to be held accountable and imprisoned.

@esgee3829 3 года назад

red herring. that doesn't prevent recurrence. better oversight by a more informed laity who demand transparency and governments who demand the same are the answer.

@jakev8510 3 года назад

Really amazing reporting. This is incredible

@moodist1er 3 года назад

As a corporation, the catholic church gives less than 0.001% of its income to charitable causes. And it's income from investing alone is significant af.

@Bezbroj 3 года назад

where did you get that percentage?

@moodist1er 3 года назад

@@Bezbroj its from a few years ago when I compared their income to their charity costs.

@jusmecatalina 3 года назад

Each parish is responsible for their own accounting. When in the deep red, they close and sell the real estate.

@moodist1er 3 года назад

@@jusmecatalina eh, when people talk about "the catholic church" vs "a catholic church" , they're talking about the Holy See.

@ubadahoop 3 года назад

The victims deserve better than this. The Catholic Church needs to properly address these clearly systemic issues.

@Dalisu87 3 года назад

Government should step in, why isn’t the FBI on this?

@coreytaylor447 3 года назад

because its the IRS's jurisdiction and they dont like to talk to the press a lot

@carademarcus 3 года назад

What’s messed up is those people were some of the same people giving money to the church their whole lives

@eduardm1301 3 года назад

Where are those people claiming that there Catholic religion is the church of Jesus Christ's established? When infact, their act is evil.

@criticalthinker3855 3 года назад

Do the right thing, pay the damages to the victims!!!

@GroovyVideo2 3 года назад

is Anyone surprised

@PresidentialWinner 3 года назад

19:20 Corrupt churches protected by corrupt courts

@jagrutbrahmbhatt733 3 года назад

Albuquerque and a lawyer named Saul....hmmm rings a bell

@gidd 3 года назад

This is the sad thing about religion

@saelbaloch6892 3 года назад

Sad thing about *Catholic...not all religions support or do such an evil act

@oxdoc 3 года назад

Should the question not be about why the abuse is happening in the first place? The Catholic Church as an organisation has a problem that needs to be sorted out from the source.

@Xenon-4300 3 года назад

Sounds more like a business than anything else to me. That's how I felt when I was in a fraternity.

@AlTorresFineArt 3 года назад

I wish the church would follow the true teachings of Christ. and not the all mighty dollar!

@AbinAnjalise 3 года назад

Thank you guys for this video! The world needs to know the true devils among us!

@patw.6567 3 года назад

The church is greedy sadly. stop the greed

@namanchauhan245 3 года назад

churches are weird. if you believe in god then you don't have to go to a seperate building or follow some people to connect with God. Pray wherever you are and that's it..

@xandercorp6175 3 года назад

Photos of loved ones are weird. If you really loved them, you'd remember what they looked like.

@Hunter-nr5iu 3 года назад

Thanks for sharing. This is very important.

@Phlegethon 3 года назад

The solution is don’t believe in people selling you fairy tales

@skylinecyber3538 3 года назад

People offering and tithes are being used to cover misdeeds, rome should fund them.

@naftalianderson146 3 года назад

You are pursing justice in the civil courts is really a criminal matter.

@jeffreycarmody429 3 года назад

More evidence is required in criminal court. It has to be proven "beyond a reasonable doubt," which can be difficult if there is no tangible evidence of abuse. It is easier to get some retribution in civil court.

@bhobg 3 года назад

Happy ex Catholic here. There is much good in the church but so much has to change

@TheLegionofReason 3 года назад

Cardinal Dolan did this in 2007, so we know this kind of thing was going on. But the scale of the asset protection is probably still larger than we know. So much for occupying the moral high ground.

@pijakthuum1395 3 года назад

There has to be more law specifically made to protect victims from churches and other religious sect, it's disgusting

@stenbak88 3 года назад

Bc the Holy See is the owner of all of it

@jordankriss2440 3 года назад

I also want to point out, it's despicable what those priests did...the majority of priests and nuns are not. Most of them, day in and out, work help others, help people to find meaning in their life and work in every corner of the earth where help is needed. Are you going to trash those priests and nuns as well just because there were some pedophile in the church?

@secondcityr7331 3 года назад

At the time, some idiots who said same shit just like you wrote above, From 'SOME' become to 'MANY' And after news come to public, They never regret it and other people who should support victims is helping them to protect their image.

@testcorecom 3 года назад

They are part of a broken system they are helping to maintain. So yes. Fuck those people as well "all that is need for evil to prosper is for good men to do nothing"

@adhityachandraputera8338 3 года назад

They follow what churches say, not what their holy book say. This is why knowledge and faith need each other

@daveed467 3 года назад

wait im confused..is this moral or financial?

@pietrotentor7548 3 года назад

the cristian religion in general is an organization who try to take as much money possible for themself.

@gorinapkins 3 года назад

Why don't they just let the priests pay?

@MBisFrenchy 3 года назад

They should be demolished and the properties sold back.

@benman9242 3 года назад

I'm not religious, but I think that many churches are beautiful. Some of them should be kept open just for the art, I think

@awol_ab 3 года назад

Smh

@Metacognition88 3 года назад

Religion is wack

@jaxstax2406 3 года назад

Trump used the same tactic lol

@viscousgoo2021 3 года назад

*It's the smart thing to do* . What most people don't realize is that this isn't the _church_ doing this. It's their legal team. And, it's a rational thing to do. Money doesn't fix the problems of the past. The reputation damage is done and no amount of money would mitigate that. Any lawyer would have done the same in any other circumstance.

@xandercorp6175 3 года назад

What a hit job lol.

@MrDeltaNoir 3 года назад

If only these guys would stop pumping money and spreading hatred about 'heathens' in India and other developing countries. You are sowing mistrust and blind faith