Prudential profiting from deaths of US soldiers
Um, fix this. ASAP. It's despicable:
[Cindy] Lohman, a public health nurse who helps special-needs children, says she had always believed that her son's 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't actually sitting in a bank.Prudential is literally making money off dead soldiers. That's sick. Seriously, have they no shame?
It was being held in Prudential's 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.
"I'm shocked," says Lohman, breaking into tears as she learns how the Alliance Account works. "It's a betrayal. It saddens me as an American that a company would stoop so low as to make a profit on the death of a soldier. Is there anything lower than that?"
Millions of bereaved Americans have unwittingly been placed in the same position by their insurance companies. The practice of issuing what they call "checkbooks" to survivors, instead of paying them lump sums, extends well beyond the military.
John Strangfeld is the Chairman and CEO of Prudential. The list of officers and directors is here. They're all benefiting financially from this practice. Bastards. Ms. Lohman is right: "Is there anything lower than that?"
Jess Bachman, infographic designer extraordinaire, shares this new work which shows how Glenn Beck "uses his influence to peddle dubious information and endorse fraudulent companies, and how how those companies go about scamming fear ridden consumers into buying terrible investments."
It's a pretty epic infographic, complex and big, like much of what Jess does. I've just shown the top, oh, 20% of it above to whet your appetite.
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