{"id":188781,"date":"2010-07-28T21:19:00","date_gmt":"2010-07-29T02:19:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/07\/28\/another-way-that-the-fire-sector-cheats-ordinary-americans\/"},"modified":"2010-07-28T21:19:00","modified_gmt":"2010-07-29T02:19:00","slug":"another-way-that-the-fire-sector-cheats-ordinary-americans","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2010\/07\/28\/another-way-that-the-fire-sector-cheats-ordinary-americans\/","title":{"rendered":"Another Way That the FIRE* Sector Cheats Ordinary Americans"},"content":{"rendered":"

If you get a large insurance payout, they won’t send you the money, they just send you a “check book,” and keep your money in an account that they hold<\/a>.<\/p>\n

Only the “check book” is not a check book, because it’s not a bank, and it’s not FDIC insured, and they pay you 1% for an account that earns them 5%:<\/p>\n

Lohman, a public health nurse who helps special-needs children, says she had always believed that her son\u2019s life insurance funds were in a bank insured by the FDIC. That money — like $28 billion in 1 million death-benefit accounts managed by insurers — wasn\u2019t actually sitting in a bank.<\/p>\n

It was being held in Prudential\u2019s general corporate account, earning investment income for the insurer. Prudential paid survivors like Lohman 1 percent interest in 2008 on their Alliance Accounts, while it earned a 4.8 percent return on its corporate funds, according to regulatory filings.<\/p><\/blockquote>\n

Note that her son was a soldier killed in Afghanistan, so they are stealing from the bereaved families of fallen soldiers.<\/p>\n

At this point, I normally say, “Not Enough Bullets<\/span>,” but I’ve used that a bit too much lately, so I will go with the apocryphal end of Marcus Licinius Crassus<\/a>, who was made to drink molten gold by his captors as punishment for his greed.<\/p>\n

*<\/sup>The <\/span>F<\/span>inance <\/span>I<\/span>nsurance and <\/span>R<\/span>eal <\/span>E<\/span>state sector.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

If you get a large insurance payout, they won’t send you the money, they just send you a “check book,” and keep your money in an account that they hold. Only the “check book” is not a check book, because it’s not a bank, and it’s not FDIC insured, and they pay you 1% for …<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,969,1004,1045],"tags":[],"class_list":["post-188781","post","type-post","status-publish","format-standard","hentry","category-corruption","category-evil","category-finance","category-insurance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/188781"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=188781"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/188781\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=188781"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=188781"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=188781"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}