Wall st on parade

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Wall st on parade

Post by greentara » Thu Feb 27, 2014 3:10 am

"wall Street veterans have also commented on the fact that JPMorgan may actually stand to profit from the early deaths of the two young men in their 30s. As we reported in March of last year, when the U.S. Senate’s Permanent Subcommittee on Investigations released its report on JPMorgan’s high risk bets known as the London Whale debacle, its Exhibit 81 showed that JPMorgan’s Chief Investment Office was also overseeing Bank Owned Life Insurance (BOLI) and Corporate Owned Life Insurance (COLI) plans which allow the corporation to reap huge tax benefits by taking out life insurance policies on workers – even low wage workers – and naming the corporation the beneficiary of the death benefit. Both the buildup in the policy and the benefit at death are received tax free to the corporation"
IS this total predatory capitalism at work?

Wall St on parade
Pam Martens

Knotty Veneer
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Re: Wall st on parade

Post by Knotty Veneer » Thu Feb 27, 2014 10:14 am

Yes I remember reading somewhere that a large US supermarket chain, well-known for not paying its employees much or providing adequate healthcare insurance, regularly takes out insurance on employees with itself as beneficiary. It has such a large workforce that it can count on a certain percentage dying each year and has calculated it can make a profit on those too.
“Trump’s grand and vulgar self-absorption is inviting all of us to examine our own selfishness. His ignorance calls us to attend to our own blind spots. The fears that he stokes and the isolation he promotes goad us to be braver, more generous.” - James S. Gordon.

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