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29-04-2014, 01:40 PM
An honorable member of the Coffee Shop Has Just Posted the Following:
4 Wall Street mega banks hold over USD680 billion of life insurance on their workers, payable to the banks, not the families. Recent spate of bankers' deaths far exceeded the total of the 2007-2008 financial crisis.
JPMorgan and Citigroup - 260,000 employees for JPMorgan versus 251,000 for Citigroup - own massive amounts of bank-owned life insurance (BOLI), a controversial practice that pays the corporation when a current or former employee dies. (In the case of former employees, the banks conduct regular “death sweeps” of public records using former employees’ Social Security numbers to learn if a former employee has died and then submits a request for payment of the death benefit to the insurance company.)
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?180542-Mystery-of-Recent-Spate-of-Bankers-Deaths-SOLVED-!&goto=newpost).
4 Wall Street mega banks hold over USD680 billion of life insurance on their workers, payable to the banks, not the families. Recent spate of bankers' deaths far exceeded the total of the 2007-2008 financial crisis.
JPMorgan and Citigroup - 260,000 employees for JPMorgan versus 251,000 for Citigroup - own massive amounts of bank-owned life insurance (BOLI), a controversial practice that pays the corporation when a current or former employee dies. (In the case of former employees, the banks conduct regular “death sweeps” of public records using former employees’ Social Security numbers to learn if a former employee has died and then submits a request for payment of the death benefit to the insurance company.)
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?180542-Mystery-of-Recent-Spate-of-Bankers-Deaths-SOLVED-!&goto=newpost).