This is a two part article, updated with recent events(December 2020). The first article is important to set the stage, the second is a article from Forbes about multiple corporate entities coming together under the Vatican to create a new economic system, one corporation being the “Treasurer of the State of California” along with Banks, and other companies connected to the operation of this country.
COMING SOON- The Captivity of the American and British Peoples!
On July 11, 2013 Pope Francis gave an Apostolic Letter issued “Motu Proprio”, defining the jurisdiction the Vatican City State has over criminal matters among the “international community”. It begins: [Begin Quote]“In our times, the common good is increasingly threatened by transnational organized crime, the improper use of the markets and of the economy, as well as by terrorism.
It is therefore necessary for the international community to adopt adequate legal instruments to prevent and counter criminal activities, by promoting international judicial cooperation on criminal matters.
In ratifying numerous international conventions in these areas, and acting also on behalf of Vatican City State, the Holy See has constantly maintained that such agreements are effective means to prevent criminal activities that threaten human dignity, the common good and peace.”[End Quote]
The leader of both the Roman Catholic Church and the Vatican City State speaks of threats increasing against the “common good”. What is the “common good” according to the Roman Catholic Church?
“Social life”, writes Beth Haile the author of “What Is The Common Good?” published by uscatholic.org, “is a lot like being on a sports team. Individual players want to be as successful as possible, perhaps by scoring lots of points. The ultimate goal of each player, however, is the success of the team, a goal more than the sum of every player’s statistics. A team does not win because each player tries to score as many points as possible, but conditions do need to be optimal for each individual player to play well in order for a team to win. The good of both the individual and the team are interdependent.
“The common good is a lot like the set of “optimal conditions” that allow both the team and its players to succeed. In theological terms the common good is defined in Pope John XXIII’s encyclical Materet Magistra (On Christianity and Social Progress) as “the sum total of social conditions which allow people, either as groups or as individuals, to reach their fulfillment more fully and more easily.”
She continues, “Solidarity encourages us to see one another as each other’s keepers, to make sure that no individual is hogging the ball. Also necessary is the state, which acts a lot like a coach to “guarantee the coherency, unity, and organization of the civil society” (Compendium, 168).”
She ends her article, “Because society is always evolving, the concrete demands of the common good will also evolve. This means that the task of creating a good life for all members of society is never perfectly realized. Because of the pervasive temptations of individualism and self-interest, one of the most pressing demands of the common good is the persistent conversion of hearts in the realization that we do not exist for ourselves.”[End of Quote]
So “the common good” for the Catholic Church is a unification(solidarity) of all members of society, ruled by a STATE acting as a coach to [Quote]“guarantee the coherency, unity, and organization of the civil society” (Compendium, 168).”[End Quote].
What the Pope is talking about in the first paragraphs of his “Motu Proprio”(meaning “of his own accord”), is how the “international community” is being urged by the Holy See to come together in agreements UNDER, mind you, UNDER the Vatican City State(through legal instruments) to combat the threats on the “common good” or the unification agenda.
The Pope has issued an official “legal instrument” in his capacity as supreme sovereign PONTIFF, leader of the Vatican City State(not as apostolic leader and teacher of the Universal Church), declaring [Quote]“THE JURISDICTION OF JUDICIAL AUTHORITIES OF VATICAN CITY STATE IN CRIMINAL MATTERS”[End Quote]
So, if you are found guilty of an act declared by the Vatican City State or by someone in the “international community” as a “crime”, you come under the Judicial jurisdiction of the Vatican City State.
Herbert W. Armstrong, in a sermon titled “United States of Europe Is Coming!”, given November 27, 1982, said [Begin Quote]“Revelation 17:3-5 I saw a woman sit upon a scarlet colored beast (Now the beast is the civil government, the political government. The woman is a church. A “beast…”), full of names of blasphemy, having seven heads and ten horns. (4) And the woman was arrayed in purple (That is the color of royalty.) and scarlet (The color of a harlot, or a whore. “And scarlet…”) color, and decked with gold and precious stones and pearls, having a golden cup in her hand (A woman is always the symbol of a church. A civil government is spoken of in a masculine gender in symbol in the Bible. “…in her hand”) full of abominations and the filthiness of her fornication. (5) And upon her forehead (the church’s forehead) was a name written, MYSTERY BABYLON THE GREAT, THE MOTHER OF HARLOTS…
“In other words, the Babylonian MYSTERY religion, the ancient PAGAN “BABYLONIAN MYSTERY RELIGION”–now called, falsely, “Christianity” and claiming to be the original Church. And notice that: THE MOTHER OF HARLOTS who came out of her protesting and calling themselves “Protestant,” in protest. And God calls them “harlots,” brethren. Now, they are deceived. They don’t know it. I am not calling them names. I am reading you what God says. It is God who is doing. God has a right to call them names if He wants to. I am not doing it.
“Revelation 17:5 …HARLOTS AND ABOMINATIONS OF THE EARTH.
“This thing is FILTHY in God’s sight, and yet we’ve come up among some of that. WE’VE BELIEVED A LOT OF THAT; and Christ has said COME OUT FROM AMONG THEM AND BE SEPARATE. Christ has called His Church out from among all of that–to be separate, brethren; and we have to live a different kind of life.
“Revelation 17:6 And I saw the woman drunken with the blood of the saints.
“You know that she called them… If they kept the Sabbath instead of Sunday, they were declared “heretic,” or “anathema from Christ.” Now the accusation “anathema from Christ” made by the church was considered a capital crime by the government. And the government, the political state, put them to death; and they were martyred. And the woman is drunken on the blood of the saints. The woman says, “Oh, I never killed anybody. Oh, no, we didn’t put anyone to death. No, we just pronounced them ‘anathema from Christ.’ It is the government; the government put them to death.” But the woman sat on top of the beast.
“A woman riding a horse is weaker. The horse is much stronger. It carries her, but she makes it go! You know, “gee” or “haw,” turning right or left. And she controls it, and guides it–which way it goes, and what it does. And that’s exactly what happened, a woman riding a beast.
“Revelation 17:6 And I saw the woman drunken with the blood of the saints, and with the blood of the martyrs of Jesus: and when I saw her, I wondered with great admiration.”
[End of Quote]
The woman, depicted in Revelation 17, this GREAT & POWERFUL CHURCH, governs a CITY STATE- a political civil government. And so what has been set up, is the jurisdiction of the Vatican City State in criminal matters. The leader of the Vatican is also the leader of the Roman Catholic Church! Pope Francis!
This only touches on a small piece of what this “Motu Proprio” is talking about. It is about who is UNDER the jurisdiction of the judicial authority of the Vatican City State.
[Begin Quote]“With a view to renewing the Apostolic See’s commitment to cooperate to these ends, by means of this Apostolic Letter issued Motu Proprio, I establish that:
1. The competent Judicial Authorities of Vatican City State shall also exercise penal jurisdiction over: a) crimes committed against the security, the fundamental interests or the patrimony of the Holy
b) crimes referred to: – in Vatican City State Law No. VIII, of 11 July 2013, containing
Supplementary Norms on Criminal Law Matters; – in Vatican City State Law No. IX, of 11 July
2013, containing Amendments to the Criminal Code and the Criminal Procedure Code; when
such crimes are committed by the persons referred to in paragraph 3 below, in the exercise of
c) any other crime whose prosecution is required by an international agreement ratified by the
Holy See, if the perpetrator is physically present in the territory of Vatican City State and has not been extradited.
2. The crimes referred to in paragraph 1 are to be judged pursuant to the criminal law in force in Vatican City State at the time of their commission, without prejudice to the general principles of the legal system on the temporal application of criminal laws.
3. For the purposes of Vatican criminal law, the following persons are deemed “public officials”:
a) members, officials and personnel of the various organs of the Roman Curia and of the Institutions connected to it.
b)papal legates and diplomatic personnel of the Holy See.
c)those persons who serve as representatives, managers or directors, as well as persons who even de facto manage or exercise control over the entities directly dependent on the Holy See and listed in the registry of canonical juridical persons kept by the Governorate of Vatican City State;
d)any other person holding an administrative or judicial mandate in the Holy See, permanent or temporary, paid or unpaid, irrespective of that person’s seniority.”
[End of Quote]
What this has created, is a PUBLIC TRUST, with “public officials”, placing under the Vatican City State those of the “international community”who are cooperating with the Vatican through “agreement”(legal instruments), which is being urged by the Holy See.
The “persons”(fictitious entities) under the Vatican City State are deemed “public officials”.
Now in 1979 the State declared Herbert W. Armstrong a “public official”, answerable to the State, and the Worldwide Church of God as a “Public Trust”, answerable to the State. Mr. Armstrong and the WCG proved in court that the State acted illegally, and the WCG was NOT a “Public trust”, and that Herbert W. Armstrong was not a “public official”. In order for the State to take over the Church, they first declared this.
Now, if the nation you reside in, signs an agreement and voluntary places themselves under the Vatican City State, they come under the jurisdiction of the Vatican City State.
Herbert W. Armstrong continued in his sermon “United States of Europe Is Coming!”(availableo n wwcg-archives.com), saying [Begin Quote] “Revelation 17:12 …the ten horns which thou sawest are ten kings, which have received no kingdom as yet; but receive power as kings one hour with the beast.
The beast will be over the ten nations. Each nation will have a king on its throne. It may be five in Western Europe, five in Eastern Europe…
[Continuing]“Revelation 17:13-14 These have one mind, and shall give their power and (their) strength unto the beast (That’s in the military power of their nations.), (14) and these shall make war with the Lamb, and the Lamb shall overcome them: for he is Lord of lords, and King of kings…
“That means the Second Coming of Christ! THEY WILL FIGHT AGAINST CHRIST WHEN HE COMES. That gets you down to the very time just before the Second Coming of Christ. (Now, I’m afraid I am going to have to take a little extra time. I’ve still got a little time, and hopefully I can get this without going over time.)
“But now next, I want to show you what connection that has with the Great Tribulation, and with the United States, and with us. Isaiah 47 now. Back in Isaiah 47 and beginning in verse one. Now, let me see. I want the first seven verses…
“Isaiah 47:1-7 Come down (This is a prophecy. “Come down…”), and sit in the dust, O virgin daughter of Babylon…
“Now remember the ancient Babylon was always a “he,” masculine gender, under King Nebuchadnezzar 604 years before Christ, down to 554 BC. That was in the masculine gender. But this is a DAUGHTER of that Babylon. This is a CHURCH. Remember the “her” is always a church.
“Isaiah 47:1-6 Come down, and sit in the dust, O virgin daughter of Babylon, sit on the ground: there is no throne, O daughter of the Chaldeans: (A church that has been riding on top of governments speaking different languages. This ties right in with what I just read you in the book of Revelation): for thou shalt no more be called tender and delicate (in female terms). (2)Take the millstones, and grind meal; uncover thy locks, make bare the leg, uncover the thigh, pass over the rivers. (3)Thy nakedness shall be uncovered, yea, thy shame shall be seen; (and) I will take vengeance (That’s God speaking. “I will take vengeance…”), and I will not meet thee as a man. (That is, God won’t meet as a man.) (4) As for our redeemer, the (Eternal) of hosts is his name, the Holy One of Israel (meaning Christ). (5) Sit thou silent, and get thee into darkness, O daughter of the Chaldeans: for thou shalt no more be called, the lady of kingdoms. (A church riding over governments, “the lady of kingdoms.” God says:) (6) I was wroth with my people.
“His people are Israel, and we are Israel. And you have to know ‘who is Israel’ and ‘who is Judah’ to understand this. “I was wroth with My people.”
“Isaiah 47:6-7 I have polluted mine inheritance (which is Israel), and given them into thine hand (This church riding over the kingdoms. “And given them into thine hand.”): thou did show them no mercy (Now notice that–“Thou did show them no mercy.”): upon the ancient hast thou very heavily laid thy yoke. (Notice: that yoke is going to be on our people by this very UNITED EUROPE.) (7) And thou saidst, I shall be a lady for ever (This is the daughter of Babylon.): so that thou didst not lay these things to (thy) heart, neither didst remember the latter end of it.
“Now there is a great deal more to the prophecy, and I’m just cutting it short to give you the general meat of it as quickly as possible. It’s addressed to the house of Israel. The next chapter starts out, “Hear this, O ye house of Israel” (7) and so on. Now this message, all the way through, is to the house of Israel–which is Britain, and the United States, and the English-speaking people.”
[End of Quote]
Now, in the United States, we have a particular problem.
Since the Great Depression of 1929, the citizens of the United States of America have been used as collateral for the National Debt. The “New Deal” was given to us. Every citizen was required to have a “birth certificate” and a “social security number” registered.
Now the United States was in debt to foreign banks. They just experienced a financial crisis this nation never had seen before! Creditors called due the loan the United States had taken out. Now, the United States required MORE collateral in order to float the loan. They came up with an idea, or the idea was given to them.
Upon a child’s birth, the State would incorporate a “legal entity” using the child’s name. Little “billy johnson”, would have a D.B.A created for him recorded as “WILLIAM JOHNSON”(all capital letters-signifying a corporation) which is placed on the birth certificate printed on “bond paper”. Now this “treasury bond”, your “birth certificate”, is worth at least 1 million dollars when created. The United States Government measured the average “future energy” created by the child born, to be around 1 million dollars. That is the amount they deemed the average citizen would earn the Creditors in their lifetime.(first the United States indebted to International banks, owned ultimately by the Vatican-thus indebted to Rome- “All roads lead to Rome”.)
Through making a D.B.A for it’s citizens, the United States was able to add the citizens as the collateral for the national debt. They took out a greater loan, using the citizens as collateral, using their future earnings to pay off the national debt. The United States has been in perpetul national bankruptcy since before the declaration of independence. The people borrowed money to come to this country and to start it. They’ve been in debt and servitude ever since to Rome through British Throne(that has been taken over by Rome).
So everyone(from birth) has a corporation created on their behalf, printed on a “treasury bond” called the birth certificate, showing that this corporation is worth at least a million dollars. This treasury bond, is traded down on Wall Street as a commodity.
Now, under the State level, this personal corporation operates. If you reside in the State of Ohio, the citizenship belongs to your “personal corporation” registered on your birth certificate.
So, the citizens of the United States are tied in with the National Debt.
If such a debt was suddenly called DUE, the American people(the flesh and blood human beings) would be the collateral our creditors would seize as payment for that debt! Much like how a child is seized by the government away from the parents, becoming a ward of the State. Citizens will be plucked away to become wards of another government!
If you put up your house as collateral for a loan, and you cannot make the payment, the Bank comes and takes the collateral you used!
The Bible prophesies such a thing will happen to the American and British peoples!
Herbert W. Armstrong, in his article “Russia in Prophecy”, published in the April 1981 issue of the Plain Truth Magazine, said [Begin Quote]“Notice more of this warning:
“A third part of thee [America-Britain] shall die with the pestilence, and with famine shall they be consumed in the midst of thee: and a third part shall fall by the sword round about thee; and I will scatter a third part into all the winds [in captivity being removed from our own land and scattered over the world]…” (verse 12). “Coming to chapter 6, the local scene of the vision shifts to the mountainous land of ancient Israel, in the Middle East–but the message is for AMERICA AND BRITAIN, today.
“Will we heed it? God help us to wake up!
“Listen: “Behold I, even I,” says the Eternal God (verse 3), “will bring a sword [invasion] upon you, and I will destroy your high places …. And I will lay the dead carcases of the children of ISRAEL before their idols; and I will scatter your bones round about your altars. In all your dwelling places the cities shall be laid waste [nuclear bombing]…. And ye shall know that I am the Lord” (verses 5-7).
“Just a small remnant shall escape and be spared (verse 8). These are described in Luke 21:36.
“Continue: “Thus saith the Lord God…. Alas for all the evil abominations of [not Judah, but] the house of Israel! for they shall [not did, in the captivity 130 years before Ezekiel wrote, but shall] fall by the sword, by the famine, and by the pestilence” (verse 11).
“The Time Is Yet Future
“This is not a popular message. You probably have never heard it before. The preachers and teachers of prophecy almost unanimously will rise up to deny this warning message–to apply it to a different time or people. But the warning is from the Eternal God, and it is sure! The reader will do well to heed.”
[End of Quote]
Now, under the State government, are the citizens of the State. Now, filed under the jurisdiction of the State is a “non-profit religious organization”, and such an organization is incorporated in its desired STATE it wants to be filed in. It is also registered with FEDERAL agencies.
A 501(c)(3) organization, is a creature of the State, or a corporation under the jurisdiction of the State it is filed in.
The people who operate these “organizations” have a ‘hold harmless agreement and indemnity contract” with the organization, protecting themselves with a relative shield.
The people who fund, and donate to these “not-for-profit” organizations calling themselves “churches”, are the ones who are really in DANGER!
Because the “tax-exemption status” of the organization relies on how well the organization obeys the regulations and restrictions placed on it by the State.
If they lose “tax-exemption status”, then all the money received by donors is deemed “taxable income”. Therefore the organization is required to pay all back taxes on such income plus interest.
Those who donated to these organizations, wrote off their donation as “tax-deductable”. But when the organization loses its “tax exemption status”, their donations are no longer “tax-deductable” but now TAXABLE. Therefore, they are in danger of owing back taxes, unpaid to the government PLUS INTEREST.
This places the organization, and the people in the position of DEBTOR, or SLAVE.
So when those of this nation who are left are taken away as slaves/captives by Europe, they are taken away as DEBTORS by their creditors.
Jesus Christ through Mr. Herbert W. Armstrong protected the Worldwide Church of God from this sort of thing.
The Unincorporated spiritual organism, aka the Worldwide Church of God, was raised up first, and then a “corporation” was created for the benefit of the Worldwide Church of God, in the State of California. This is required by the State to handle large sums of money, property and real estate. Mr. Armstrong, as an official of this “corporation”, declared that the Unincorporated Church was not liable and responsible for the actions of the corporation. The officers of the corporation, including himself, had a Hold harmless agreement and indemnity contract with the corporation. They were protected, and Mr. Armstrong gave protection to the Unincorporated Worldwide Church of God.
The “WORLDWIDE CHURCH OF GOD INCORPORATED, a California corporation”, was the corporation OF the Worldwide Church of God. The name belonged to the CHURCH, which was Unincorporated. It was used by the corporation on behalf of the Church. Much like how you set up a bank account for a fundraiser. You must mention who will benefit from the account. For instance this fictitious example: “Fundraiser for the Southern Baptist Church of Houston Texas”. The benefactor was listed in the incorporation.
What was recorded on legal paper, is that this corporation(WWC Inc) was the corporation OF the Worldwide Church of God. The corporation was NOT the Church as Mr. Armstrong made very clear.
Now Mr. Armstrong as leading official of the CORPORATION, gave “liberty” to the membership who supported the corporation. He acted in the capacity of a head of state. He gave liberty to the members who funded and backed him and the corporation. He protected them. He was essentially a type of Zerubbabel, who was governor of Judah. Mr. Armstrong was the liaison between the Church and the governments of this world. A true Ambassador!
What other churches have done, is done the opposite of what Herbert W. Armstrong did. They place their membership in danger of being the surety that will be used to pay off DEBTS incurred by either the organization or the government that governs over the organization. They, like Korah, wanted to go back to Egypt, become slaves once again in order to reap the benefits of being a debtor slave in Egypt!
So what the Pope is saying in this legal document of 2013, is that the nations who come under the authority of the Vatican City State, through agreement(legal instruments), are under the jurisdiction of the Vatican. That means, the Federal corporation(government), the State corporation(government), the corporations filed under the State- which is either the 501(c)(3) organization or the citizen themselves!
The Bible says our peoples will end up being taken away as SLAVES.
Now when the Pope first visited the United States back on September 23, 2015 , he said something very interesting!
He said, [Begin Quote]“Mr. President, I find it encouraging that you are proposing an initiative for reducing air pollution. Accepting — Accepting the urgency, it seems clear to me also that climate change is a problem [which] can no longer be left to our future generation. When it comes to the care of our common home, we are living at a critical moment of history. We still have time to make the change needed to bring about a “sustainable and integral development, for we know that things can change.”
“Such — Such change demands on our part a serious and responsible recognition not only of the kind of the world we may be leaving to our children, but also to the millions of people living under a system which has overlooked them. Our common home has been part of this group of the excluded, which cries out to heaven and which today powerfully strikes our homes, our cities, our societies. To use a telling phrase of the Reverend Martin Luther King, we can say that we have “defaulted on” a “promissory note”, and “now is the time” to honor it.”
He continues, “Humanity still has the ability to work together in building our common home” (Laudato Si’, 13). As Christians inspired by this certainty, we wish to commit ourselves to the conscious and responsible care of our common home.
“Mr. President, the efforts which were recently made to mend broken relationships and to open new doors to cooperation within our human family represent positive steps along the path of reconciliation, justice and freedom. I would like all men and women of good will in this great nation to support the efforts of the international community to protect the vulnerable in our world and to stimulate integral and inclusive models of development, so that our brothers and sisters everywhere may know the blessings of peace and prosperity which God wills for all his children.”
This ties back in with the 2013 document speaking about the “common good”, or the unification of the international community under the Vatican City State. Pope Francis was heard urging the President towards “the change needed to bring about a “sustainable and integral development”.
He as leader of the Vatican City State, gave notice to the United States that the Debt is now DUE. Change must happen. HONOR THE DEBT.
Where does that place the American people?
This is all part of Bible Prophecy and God says our nations will go through this!
Now, being a member of one of these “churches” which are just organizations or corporations under the jurisdiction of the State, is voluntarily placing yourself as a DEBTOR under the creditor of this nation- which the Pope seems to believe is HIMSELF!
This 2013 “Motu Proprio” is just the groundwork for what is to come!
For more information about what the coming Beast Power and what the Roman Catholic Church will be doing, read Mr. Armstrong’s book “Who or What Is The Prophetic Beast?”.
Also, what will happen to the American, and British peoples? Who will deliver us from such troubles? The Bible foretells the events that will ROCK YOUR WORLD in the near future! Read Mr. Armstrong’s detailed book “The United States and Britain in Prophecy”. THERE IS GOOD NEWS!
In Christ’s Service,
Tim Kitchen Sr.
Samuel W. Kitchen
Timothy Kitchen Jr.
Please note the companies partnering with The Vatican. Banks and lending companies. Petrol companies, companies that have reigns on this country! The Captivity is starting. Are we going to be caught in Satan’s trap?
Google search results on The Council of Inclusive Capitalism – https://www.google.com/search?q=The+Council+for+Inclusive+Capitalism&oq=The+Council+for+Inclusive+Capitalism
“Dec 9, 2020,10:59am EST
Pope Francis Partners With Corporate Titans To Make Capitalism More Inclusive And Fair: Is This For Real Or Just Corporate Virtue Signaling?
Pope Francis, aware of the fast-growing global wealth inequality between the ultra-wealthy and the rest of society, has proposed a challenge to corporate executives and public sector leaders to adopt a more inclusive, fair and transparent economic system that is equipped to address the dire challenges plaguing humanity and Earth.
“The world is rich, and yet the number of poor people is swelling all around us,” said Pope Francis. With the increasing wealth inequality, the pope pointed to the current challenges facing humanity, “Hundreds of millions of people are struggling in extreme poverty, and are lacking food, housing, healthcare, schooling, electricity, and drinkable water.
In response to the pope’s exhortation, business and public sector leaders formed an historic partnership with the Vatican. The Council for Inclusive Capitalism will serve as a movement to address the economic and environmental needs of the planet and its inhabitants. The council “boasts over more than $10.5 trillion in assets under management, companies with over $2.1 trillion of market capitalization and 200 million workers in over 163 countries.”
It should be noted that these extremely wealthy executives are not adversaries of capitalism, citing that the system has helped billions of people abscond poverty. However, the group acknowledges that capitalism has perilously left people behind, while also taking a toll on the planet. Ultimately, the partnership calls for a moral redress.
The “Guardians,” as the council members are called, are top executives of the world’s leading corporations who have promised to take bold actions toward creating inclusive capitalism. The Guardians will hold themselves accountable, committing to a list of intended actions involving environmental, social and governance matters. The Guardians, at their respective companies, have said they plan to hire and promote more women, increase diversity hires, commit to clean energy by purchasing 100% renewable electricity, reduce greenhouse gas emissions, promote the reuse and recycling of water and other initiatives.
The list of Guardians is lengthy and continues to grow. Here are some examples of the business leaders who have joined this mission:
Ajay Banga, president and CEO, Mastercard
Oliver Bäte, chairman of the board of management, Allianz SE
Marc Benioff, chair, CEO, and founder, Salesforce
Edward Breen, executive chairman, Dupont
Lady Lynn Forester de Rothschild, founder and managing partner, Inclusive Capital Partners
Kenneth Frazier, chairman of the board and CEO, Merck
Alex Gorsky, chairman of the board and CEO, Johnson & Johnson
Alfred Kelly, chairman and CEO, Visa
William Lauder, executive chairman, Estée Lauder
Bernard Looney, CEO, BP
Brian Moynihan, chairman of the board and CEO, Bank of America
Ronald P. O’Hanley, president and CEO, State Street Corporation
Rajiv Shah, president, the Rockefeller Foundation
According to the New York Times, “There are reasons to be both hopeful and skeptical of the initiative. The corporate pledges are meaningful, but some aren’t new: BP, for example, restates a commitment to achieve net zero carbon emissions by 2050 that it announced in February. And while the council has posted the pledges publicly, there’s not much to hold the companies accountable (aside from the risk of disappointing the pope).”
While we applaud the people who try to make the world a better place, there is an irony that can’t be ignored. The same people who are calling for an end to wealth and income inequality are extraordinarily wealthy. Of course, the noted leaders like capitalism, it’s been very good to them.
According to Forbes, Marc Benioff, the CEO of Salesforce, is worth nearly $90 billion. William Lauder, the executive chairman of Estée Lauder, has a net worth of $3.5 billion.
Lady Lynn Forester de Rothschild, the founder and managing partner of Inclusive Capital Partners, has her own wealth, but is also married to Sir Evelyn De Rothschild. He is the scion of one of world’s wealthiest family dynasties and is estimated to be worth $20 billion.
According to salary.com, Ajay Banga, the CEO of Mastercard, earned $23.2 million in total compensation for 2019. Bank of America CEO Brian Moynihan reaped $25.4 million in total compensation for 2019. These numbers don’t include any accumulated stock that they may own in their respective companies or their entire net worth.
There is nothing wrong with the Guardians being in the top 1%. However, these business leaders are the people that the pope points to when he calls out wealth inequality. Their massive wealth begs the question, since they have the financial means, why aren’t they personally leading by example? Why not write a large personal check, without claiming it as a tax write-off? When their corporations take actions, the monies don’t come out of the pockets of the executives, but are indirectly supported by the shareholders.
The wealthy elites could consider getting their own houses in order before trying to change the world. The CEOs are able to ask for and accept significantly less compensation and wave all of their stock options and lavish bonuses. They could certainly live on a $5 million salary and the other $20 million could be shared with their workers. Instead of accumulating all of the stock options, the executives should offer them to their employees, so that they have equity in their companies.
The titans of industry have the power to provide enhanced health insurance, additional vacation days, flexible work schedules, pensions, access to mental health resources and longer maternity and paternity leave. Who will be the first CEO to step down and replace himself with a person of color or woman?
The Guardians can exert peer pressure on fellow industry chief executive officers. They could ask Amazon’s Jeff Bezos, Facebook’s Mark Zuckerberg, Apple’s Tim Cook, Google’s Sundar Pichai and others to relinquish the fortunes they’ve accumulated during the Covid-19 pandemic and redistribute it to this initiative.
The glaring concern is that this partnership ends up as a public relations bonanza for the executives involved. They’ll bask in the glory of favorable media attention and virtue signal how wonderful and caring they all are. I’ll follow up in the New Year to report their progress—if any.”