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Thread: Banking deaths : Why JP Morgan stands out

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    Default Banking deaths : Why JP Morgan stands out


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    Default Re: Banking deaths : Why JP Morgan stands out

    The series of strange deaths has brought unwelcome attention to the fact that mega banks like JPMorgan Chase are allowed to secretly collect life insurance proceeds on the lives of their employees, and former employees, without disclosing the amounts to the families, or the public, or their shareholders. (Other corporations are likewise engaged in this practice.) The payments are a closely guarded secret between the companies and the insurers who collect the lucrative premiums.

    While New York City based banks, insurance companies and other corporations received an estimated $3.5 to $4 billion in death benefits on the lives of workers killed during 9/11, according to a June 2003 presentation made by Ron Colligan to the Society of Actuaries, specific details on amounts received on a company-by-company basis have not been made public.

    The death benefits among all U.S. corporations may now exceed $1 trillion and are growing annually. The practice is called Bank-Owned Life Insurance (BOLI) where banks are involved and Corporate-Owned Life Insurance (COLI) for other corporations. As we reported last month, just four of Wall Street’s largest banks (JPMorgan, Bank of America, Wells Fargo and Citigroup) hold a total of $68.1 billion in Bank-Owned Life Insurance assets. According to Michael Myers, an expert on BOLI and COLI and a partner in the Houston, Texas law firm McClanahan Myers Espey, L.L.P., those assets could potentially mean that just these four banks are holding $681 billion in face amount of life insurance on their workers, or possibly even more.

    The cash buildup in the policies (mostly universal or whole life) is recorded as tax free income to the company and the death benefit is also received tax free. While the banks are not required to publicly report the number of workers they insure, or the life insurance amount per individual, or breakout the income they derive annually from deaths (it’s typically lumped in with numerous other items as “other income”) they do report in public filings to regulators the cash value amount and the year over year growth in cash value. As of December 31, 2013, JPMorgan held $17.9 billion in BOLI assets and had reported a gain of $686 million in the cash buildup. (The $17.9 billion in BOLI assets could represent as much as $179 billion or more in life insurance in force on employees, past and present.)


    Makes us wonder if the "world's largest LTL," would take out policies on us.
    We know they're pretty darned low.

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    Default Re: Banking deaths : Why JP Morgan stands out


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    Default Re: Banking deaths : Why JP Morgan stands out

    Interesting read.. Sounds like something out of a Hollywood movie murder thriller..

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    Default Re: Banking deaths : Why JP Morgan stands out

    Somebody will make a movie eventually. They'll probably get knocked off working on it. This number was over 12 a year or go or so. Maybe for life i.insurance money by banks or CIA ties to banks or maybe a serial nut. Very interesting.

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    Default Re: Banking deaths : Why JP Morgan stands out

    It's call
    Dead man insurance policy...99% of corporate America has a secret policy on employees, companies collect a massive amount of cash on on employees when they die and not give any to family members.

    Dead Peasant Insurance | FAQ : Questions & Answers about Corporate Owned Life Insurance (COLI), Janitor Insurance

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    Default Re: Banking deaths : Why JP Morgan stands out

    I had never heard of these policies. Wow, they get their hands on money no matter what. I had been following these murders, they are posted somewhere on the site and I found it rather suspicious that so many had died strange deaths. Never thought it might have something to do with such insurance policies.

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    Default Re: Banking deaths : Why JP Morgan stands out

    How to undo the losses from a volatile stock market, "banker" style.

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    Default Re: Banking deaths : Why JP Morgan stands out

    I think I saw in the NMFA that employer can NOT take out insurance on us. Not sure where. That'll be the next desire for concessions. The only way out of debt for YRC is to get rid of that article/section and take out policies on us.

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    Default Re: Banking deaths : Why JP Morgan stands out

    Quote Originally Posted by ABFwife View Post
    I had never heard of these policies. Wow, they get their hands on money no matter what. I had been following these murders, they are posted somewhere on the site and I found it rather suspicious that so many had died strange deaths. Never thought it might have something to do with such insurance policies.
    Hey sister, only reason this was discovered was an employee from Walmart had passed away and the family of the employee had received a few million dollars check to the order of the family by the insurance by mistake.
    Then Walmart try collecting check from family and try to re certify the family with a small amount of dollars issued to the family.
    Walmart was making a profit for the employee, because he was consider an asset to the company...isn't that sad ?
    Last edited by fedexnuno; 04-01-2015 at 10:10 PM.
    ABFwife likes this.

 

 
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