Forum Post: Well hidden? Worth more dead than alive:99% 's Are you covered by a 'Dead Peasant Insurance Policy?'
Posted 12 years ago on Oct. 23, 2011, 2:41 p.m. EST by economicallydiscardedcitizen
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It's true, many of us 99%r's were or are covered by so called 'Dead Peasant Insurance Policies.' What this means is at the time of an employee's death potentially millions of dollars revert to the employer and NOT the family of the dead employee.
Worth a read covering this along with our dying 'peasant pensions' and the slow raid on them is Ellen Schultz's book 'Retirement Heist: How Companies Plunder and Profit From the Nest Eggs of American Workers http://www.retirementheist.com/
http://www.mamma.com/result.php?type=web&q=dead+peasant+insurance&j_q=&l=
I'm surprised that I have yet to see any protestor's signs mentioning 'Dead Peasant Insurance' but have seen protestors mention the raiding of their pensions.
Dammit! :( That was well hidden, good sleuthing there. Yeah, another reason to kick fatcats in the wallet.
There are lists of big companies who do this. Among them the likes of Wal-Mart and AT&T. Yep, unless you're a 6 figure executive you were 'enlisted' in a 'Dead Peasant Life Insurance Policy' and if I recall right, said policy remains in some cases even after or if you retire or quit the company holding such a policy.
I'll bet dollars to doughnuts that with my past work history including part time supplemental jobs that I have a minimum of 3 'Dead Peasant Life Insurance Policies' on my head primed to feather the pensions and 'Golden Parachutes' of many future 6 figure plus earning executives! Oh, the outrage!
That's their version of 'let them eat cake', I suppose, with 'we'll have most of that cake' thrown in. Those rat bastards... Is the guillotine in good shape?
Will need many! Here's a law office specializing in related litigation along with a list of culpable corps:
http://deadpeasantinsurance.com/which-employers-bought-policies-on-the-lives-of-employees/
McClanahan Myers Espey, LLP 3355 West Alabama, Suite 210 Houston, Texas 77908 Phone: (713) 223-2005
Which employers bought policies on the lives of employees?
Because a company’s purchase of insurance policies is not a public record, it is virtually impossible to know every company that invested in policies on employees’ lives. The following companies, however, are believed to have been named as the beneficiary of life insurance policies on employees: (must go to link since list is too long per OWS post window!)
http://deadpeasantinsurance.com/which-employers-bought-policies-on-the-lives-of-employees/
PS: Here's a personal story that brought this to media attention:
http://videocafe.crooksandliars.com/heather/abc-news-are-dead-peasant-life-insurance-poli
"Life insurance used to be rather straightforward, known for offering security to loved ones in a tough time.
So when Irma Johnson learned that her husband, Daniel, who died of brain cancer, had been insured for $1.5 million, it should have been at least a small comfort.
But she did not receive the money. His employer did.
It's one of the strangest free-market perversions that Michael Moore highlights in his latest film, "Capitalism: A Love Story."
In the corporate practice dubbed "Dead Peasants" life insurance, companies wager on employees' lives, expecting to make money when they die.
And it's pervasive, said Mike Myers, an attorney who has uncovered many of these cases and helped angry relatives sue.
"Life insurance is traditionally used to guard against the death of breadwinners. This is an investment scheme," he said.
Dozens of blue chip companies have these policies, according to Myers. But only banks are forced to reveal them, and several have billions of dollars worth of policies.
"The driving force behind it is the tax deductions," he said."