I wonder, has Connecticut proposed any legislation similar to that which is proposed for Roman Catholic organizations that is related to other religous groups? In this day of Ponzi schemes, such as those allegedly perpetrated by Bernard Madoff and Robert Stanford, I would expect that other sorts of entities need to be overseen as well.
My understanding is that many private individuals, non-profits, religious groups and retirement funds invested with Mr. Madoff and lost a ton of money. In my brief perusal of the Madoff list, I found a pension fund and management company located in CT that had invested with Madoff.
While it’s one thing for a private individual to be sucked in and lose personal funds, those in charge of investing for non-profits, foundations (some of which have closed due to their poor investment choices) religious groups and retirement funds have a fiduciary duty and should have done better research, through which they are likely to have eliminated Mr. Madoff’s fund as a possibility for their investments.
Yet the Connecticut Legislature targets Roman Catholic Corporate entities exclusively. In a perfect world, money would never be mismanaged, where is the recognition that laypeople also mismanage and steal money? Would it be okay for a layperson to invest church funds inappropriately?