When I arrived in Boston the pension funds were in danger because the archdiocese was insolvent. We were running a $15 million annual deficit; we owed $30 million to the Knights of Columbus; the Catholic hospitals were losing $40 million a year; the Catholic Appeal had plummeted to $8 million; and there were about a thousand lawsuits against us. Some were even advocating that the archdiocese go into bankruptcy.
Today, the archdiocese is in a much better place and most of the fiscal challenges have been resolved. We are no longer in fiscal free fall and are in a much better position to meet our obligations. I am so grateful to our pastors, parishioners, benefactors, the army of very competent volunteers serving on our boards and our hard working staff who have helped us along the road to recovery. Their efforts will allow us to continue meeting our obligations and to carry on the mission Christ has entrusted to us.
If I did not care passionately about pension obligations I would never have transferred our Catholic hospitals to Cerberus. As long as I have breath in me, I will do everything in my power to care for the thousands of people who have given their lives in the service of the Church.