For you to take out a life insurance policy on somebody else. But not if you're a bank!
[W]hen the U.S. Senate’s Permanent Subcommittee on Investigations released its report on JPMorgan’s high risk bets known as the London Whale debacle, its Exhibit 81 showed that JPMorgan’s Chief Investment Office was also overseeing Bank Owned Life Insurance (BOLI) and Corporate Owned Life Insurance (COLI) plans which allow the corporation to reap huge tax benefits by taking out life insurance policies on workers---even low wage workers---and naming the corporation the beneficiary of the death benefit. Both the buildup in the policy and the benefit at death are received tax free to the corporation.
Heaven forbid we should consider banning certain kinds of trades outright, or imposing stiff taxes on them. Whichever, it's a sick and dysfunctional society that allows the amoral sociopaths who invent these schemes to amass enormous fortunes while millions of their countrymen go to bed hungry. It's a proven recipe for social unrest, and you wonder how long it will be before the firebombs start flying.
---Baron V
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