greedlove of moneypovertyUncategorized

Richer than Midas

When someone has the ability to make large sums of money relatively quickly, we say that they have ‘the Midas touch.’  The Oxford English Dictionary defines ‘Midas touch‘ as “the ability to make money out of anything one undertakes.”  This phrase comes from King Midas of Phrygia, who in both Greek and Roman mythology, was a king who was given the power to turn everything he touched into gold.  This sounded like a good thing until he realized that he couldn’t eat anything and almost starved to death.

In the story, King Midas was very, very wealthy, but he still wanted more.  He had an abundance of anything that anyone would ever want or need, but he was not satisfied.  When given the opportunity to ask a wish of the gods, he asked for the ability to turn everything he touched into gold.  This ‘blessing’ quickly became a curse when his food and even his daughter, turned into solid gold.

On Thursday September 8th, federal regulators said “Wells Fargo (WFC) employees secretly created millions of unauthorized bank and credit card accounts — without their customers knowing it — since 2011.” – CNN Money.  It turns out that over 2,000,000 unauthorized accounts were opened by Wells Fargo employees, in the names of Wells Fargo customers, in order to hit corporate goals to push the stock price up.  During a resulting Banking Committee Hearing on Capital Hill, it was disclosed by Sen. Elizabeth Warren, that Wells Fargo CEO, John Stumpf personally made over $200,000,000 in his stock price alone in the 3 years or so that this scam was going on.  The Wall Street Journal reported in March of 2015 that John Stumpf’s compensation in 2014 was $19,300,000 from Wells Fargo, and another $6,800,000 in pay and bonus from San Francisco bank for being a chairman.   So it would seem that Mr. Stumph made around $92,100,000 in 2014 alone($200M/3 yrs +$19.3M +$6.8M).   It would seem that Mr. Stumpf has the Midas Touch.

“If one of your tellers took a handful of $20 bills out of the cash drawer, they’d probably be looking at criminal charges for theft.  They could end up in prison.  But you squeezed your employees to the breaking point so they would cheat customers and you could drive up the value of your stock and put hundreds of millions of dollars in your own pocket.  And when it all blew up, you kept your job, you kept your multi-million dollar bonuses and you went on television to blame thousands of $12-an-hour employees who were just trying to meet cross-sell quotas that made you rich.  This is about accountability.  You should resign.” – Sen. Elizabeth Warren, Banking Committee Hearing

The $12 per hour employee that Sen. Warren mentions, would be making an annual salary of $24,960 per year.  To keep their jobs, making less than $25,000 a year, they had to fulfill new account quotas, so that stock reports would convince people to buy more of their stock.  Mr. Stumpf’s made over 3,689 times what his bank tellers made in 2014.  Or, in other words, a bank teller at Wells Fargo would have to work 3,689 years to make what Mr. Stumpf did in 1 year.

Perspective

On the website Giving what we can.org you can plug in your country, annual income, and number of people in your household, and it shows you  where you rank in the world statistics for income based on global averages.  Assuming a 15% tax burden on the $24,960 would give a $21,216 after tax income on the Wells Fargo bank teller job.  When you plug that into the website, you will find that the $12 per hour American job puts you in the richest 6.9% of the entire world’s population, making 15x the global average.  In fact, the website shows that the bank teller could give up 22% of their income and STILL be in the richest 10% of the worlds population, making 12x the global average.

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To be in the richest 0.1% of the world, you need a household income after taxes for 2 people of $145,000 per year.  In the US more than 8% of the population, or more than 26,000,000 people, make greater than that, and are part of the top 0.1% of the entire worlds population in income.

If you have managed to become a billionaire, then you become part of the 0.00002% of the world and you are in the top 0.0002% of all US citizens.  According to Forbes, there are 540 people in this country, and 1810 people in the world that fit this description.  These people sit and watch as 21,000 children die DAILY from starvation because they can’t get $0.50 to get a meal.  If you had access to $1 billion, you could feed 100,000 children for more than 27 years, but these people would prefer to let them starve.

…. Don’t be greedy, for a greedy person is an idolater, worshiping the things of this world.” (Colossians 3:5, NLT)

The majority of the 540 greediest people in the US call themselves ‘Christians’ and say that God made them rich. Question; if Jesus said ““What sorrow awaits you who are rich, for you have your only happiness now.” (Luke 6:24, NLT) does it make any sense to say that God made someone rich?  Of course not.

In August of last year, Carismanews posted an article with a video called, “16 Billionaires Who Prove Jesus Is the Only Thing Needed for Success where they want to say that the LORD made them rich.  They give the ‘credit’ to Jesus, but don’t be fooled, it isn’t the Jesus of the Bible, but an impostor, as shown by quotes from Jesus Himself.

  • “And Jesus said to his disciples, “Truly, I say to you, only with difficulty will a rich person enter the kingdom of heaven. Again I tell you, it is easier for a camel to go through the eye of a needle than for a rich person to enter the kingdom of God.”” (Matthew 19:23–24, ESV)
  • “And he sat down opposite the treasury and watched the people putting money into the offering box. Many rich people put in large sums. And a poor widow came and put in two small copper coins, which make a penny. And he called his disciples to him and said to them, “Truly, I say to you, this poor widow has put in more than all those who are contributing to the offering box. For they all contributed out of their abundance, but she out of her poverty has put in everything she had, all she had to live on.”” (Mark 12:41–44, ESV)
  • ““But woe to you who are rich, for you have received your consolation. “Woe to you who are full now, for you shall be hungry. “Woe to you who laugh now, for you shall mourn and weep.” (Luke 6:24–25, ESV)
  • ““If you are faithful in little things, you will be faithful in large ones. But if you are dishonest in little things, you won’t be honest with greater responsibilities. And if you are untrustworthy about worldly wealth, who will trust you with the true riches of heaven? And if you are not faithful with other people’s things, why should you be trusted with things of your own? “No one can serve two masters. For you will hate one and love the other; you will be devoted to one and despise the other. You cannot serve both God and money.”” (Luke 16:10–13, NLT)
  • “Jesus said, “There was a certain rich man who was splendidly clothed in purple and fine linen and who lived each day in luxury. At his gate lay a poor man named Lazarus who was covered with sores. As Lazarus lay there longing for scraps from the rich man’s table, the dogs would come and lick his open sores. “Finally, the poor man died and was carried by the angels to be with Abraham. The rich man also died and was buried, and his soul went to the place of the dead. There, in torment, he saw Abraham in the far distance with Lazarus at his side. “The rich man shouted, ‘Father Abraham, have some pity! Send Lazarus over here to dip the tip of his finger in water and cool my tongue. I am in anguish in these flames.’ “But Abraham said to him, ‘Son, remember that during your lifetime you had everything you wanted, and Lazarus had nothing. So now he is here being comforted, and you are in anguish.” (Luke 16:19–25, NLT)

And because the ‘church’ has been completely overtaken by con-men and false teachers, the majority of people who call themselves ‘christian’ have no problem with living in a mansion and driving luxury automobiles while so many suffer.  It was Jesus Who also said,

““No one can serve two masters. For you will hate one and love the other; you will be devoted to one and despise the other. You cannot serve both God and money.”” (Luke 16:13, NLT)

The choice is yours, but you have to chose either God OR money.  You can’t serve both.

Whatever you give is acceptable if you give it eagerly. And give according to what you have, not what you don’t have. Of course, I don’t mean your giving should make life easy for others and hard for yourselves. I only mean that there should be some equality. Right now you have plenty and can help those who are in need. Later, they will have plenty and can share with you when you need it. In this way, things will be equal. As the Scriptures say, “Those who gathered a lot had nothing left over, and those who gathered only a little had enough.”” (2 Corinthians 8:12–15, NLT)

 

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