Latest Threads
Latest
Greatest Threads
Greatest
Lobby
Lobby
Journals
Journals
Search
Search
Options
Options
Help
Help
Login
Login
Home » Discuss » Journals » ElsewheresDaughter Donate to DU
Advertise Liberally! The Liberal Blog Advertising Network
Advertise on more than 70 progressive blogs!
ElsewheresDaughter's Journal
At least once a week I buy my lunch from Au Bon Pain. It never occurred to me that its employees are subject to what I consider a screaming unethical conduct.

In the year that just ended, the company that owns these food outlets, Panera, made $3 million by pocketing the death benefits after several of its employees died --- without giving their families a red penny.

And Panera is hardly the only American corporation that fattens its bottom line in this ghoulish manner. Take CM Holdings Inc. When one of its employees, Felipe M. Tillman, died, the company received life insurance benefits amounting to $339,302; his family received a big, fat nothing.

The Wall Street Journal, which reported Tillman's fate, found that numerous corporations purchase corporate-owned life insurance (COLI) policies on millions of employees, typically without their knowledge.

Among the corporations that have bought such insurance, nicknamed "janitors' " or "dead peasants' " insurance, are AT&T, Dow Chemical, Nestle USA, Procter & Gamble, Walt Disney and Wal-Mart.

Corporations gain not merely from the tax-free life insurance benefits they receive when current or former employees die but also can borrow money against these policies. Many companies even deducted the interest on these loans from their taxes.

In 1996 Congress moved to limit such deductions, and the IRS has sued some 80 corporations, including Winn-Dixie and American Electric Power, to collect back taxes on such loans.

Still, companies benefit. They are not taxed on gains within a life insurance policy; in effect, these policies amount to tax-free investments for businesses.

Critics have compared these life insurance policies to those purchased by some American slaveholders on the lives of their slaves, who also were unaware of such policies held by their owners.

The business of selling COLI policies is thriving, with premiums growing from $1.5 billion in 2000 to $2.8 billion in 2001. Insurance executives maintain that such policies are "perfectly legal."

Facing congressional curbs, the insurance lobby has placed ads in Capitol Hill newspapers extolling the importance of COLI, calling it "business life insurance" on the grounds that such coverage is essential for the well-being of the corporations involved.

Herb Perone of the American Council of Life Insurers told the San Francisco Chronicle: "Nobody gets upset when a company insures its plant or its fleet of cars or land or any other business asset. To think that your labor force is not a business asset is extremely shortsighted."

Mark Elam, the acting president of the American Council of Life Insurers, wrote to The Wall Street Journal that corporations use the benefits they gain from the employee's death to help finance health care for retirees. He cited no evidence to this effect.

In fact, in the case of Felipe Tillman, as well as many others, The Wall Street Journal reports that death benefits were used to fatten executive compensation.

In response, U.S. Rep. Gene Green (D-Texas) introduced a bill that merely called for notifying employees when companies purchase COLI policies on them, and not for changing this obnoxious practice. But he was not even able to get a hearing on his bill in the House.

Whether you call it dead peasants' insurance or use the less stigmatizing term COLI, the ghoulish practice would make a fine case study for the budding ethics programs that are being rushed into the curriculum of business schools since Enron.

Even Scrooge would have second thoughts about fattening corporate coffers and executives' benefits while widows and orphans are left to fend without a dime, even for funeral costs.

Amitai Etzioni is a professor at George Washington University and author of "The Moral Dimension: Toward a New Economics.
http://www.gwu.edu/~ccps/etzioni/B413.html


What is “Dead Peasant” Insurance?

Dead Peasant Insurance is sometimes used as a shorthand reference for life insurance policies that insure a company’s rank-and-file employees and name the company as the beneficiary. This means that the company receives the life insurance benefits when the covered employees die.(Even if that employee no longer works for the company) This insurance may also be called “janitor insurance,”…

How did it get the name “Dead Peasant” insurance?

Winn Dixie Stores bought life insurance policies on approximately 36,000 of its employees, without their knowledge or consent, and named itself as the policies’ beneficiary. The insurance brokerage firm that placed the policies prepared two memos describing the deceased employees as “Dead Peasants.” These memos were part of the court’s record in a lawsuit in which the United States Court of Appeals for the Eleventh Circuit held that Winn-Dixie’s policies were a sham transaction for federal income tax purposes. The memos were later used by reporters such as Ellen Schultz and Theo Francis of the Wall Street Journal and L.M. Sixel of the Houston Chronicle and incorporated into articles about this type of insurance.

How does a person know if he or she is covered by a policy?

It is often difficult for a person to learn whether he or she was covered by a “Dead Peasant” policy. These insurance programs became popular during the mid-1980s and have been an available investment opportunity for large companies since that time. Prior to 2006, however, there was no federal law that required employers to disclose the policies to insured employees. Any disclosure requirements that existed before 2006 were only through state laws, which were ignored in many instances. So, the only way a person could learn about the policies was through the employer’s voluntarily disclosure.

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:

* ADAC Laboratories
* Advanced Telecommunication Corp.
* Aeroquip Vickers Inc.
* Alabama Power Co.
* Alfa Corp.
* Allegheny Technologies Inc.
* Allergan Inc.
* Allfirst Financial Inc.
* Amegy Bank, N.A.
* American Business Products, Inc.
* American Electric Power
* American Express Co.
* American Greetings Corp.
* American Management Systems Inc.
* American Seafoods Group LLC
* Ameritech Corp.
* Amerus Group Co.
* Anadarko Petroleum Corporation
* Appalachian Power Co.
* Arch Chemical
* Aristech Chemical Corp.
* AT&T Communications
* Atlantic Richfield Co.
* Avery Dennison Corp
* Avon Products Inc.
* B. F. Goodrich Company
* Ball Corporation
* Bank Boston
* Bank Of America
* Bank One Corp.
* Barnett Banks Inc.
* Bassett Furniture Industries Inc.
* Be Aerospace Inc.
* Bear Stearns Companies
* Bellsouth Corporation
* Boise Cascade Corp.
* Boston Company
* Boston Federal
* Bristol-Myers Squibb Company
* Camelot Music, Inc.
* Carolina Power & Light Co.
* Carpenter Technology Corp.
* Catskill Financial Corp.
* Central Power & Light Co.
* Ch2m Hill Companies Ltd.
* Charming Shoppes, Inc.
* Checkfree Corp.
* Chemical Banking Corporation
* Citibank, N.A.
* Citizens Bank
* Clark Inc.
* Clorox Company
* CNF Inc.
* Coca-Cola Company
* Columbus Southern Power Co.
* Commercial Intertech Corp.
* Compass Bank (Florida & Alabama)
* Computer Technology Associates Inc.
* Consolidated Natural Gas Co.
* Consolidated Rail Corporation
* Cox Enterprises, Inc.
* CTA Inc.
* Cymer Inc.
* Diamond Shamrock Inc.
* Diebold Inc.
* Dime Bancorp Inc.
* Dow Chemical
* Earle M. Jorgensen Co.
* Eastman Kodak Company
* Eaton Corp.
* ECC Capital Corp.
* Enserch Corp.
* F&M Bancorp
* FiberMark Inc.
* Figgie International Inc.
* Fina Oil & Chemical Company
* First Bank System Inc.
* First Commonwealth
* First Midwest Bancorp Inc.
* Fleet Bank
* FleetBoston Financial Corp.
* Flightsafety International Inc.
* Frontier Bank
* Fulton Financial Corp.
* GATX Corporation
* Georgia Power Co.
* GNC Corp.
* Great Plains Energy Inc.
* GTE Corporation
* Gulf Power Co.
* HCR Manor Care Inc
* Hechinger Company
* Heritage Commerce Corp.
* Herman Miller Inc.
* Hershey Foods Corporation
* Hillenbrand Industries, Inc.
* Hosiery Corporation of America
* Houghton Mifflin
* Household Finance
* Hovnanian Enterprises Inc.
* Hughes Supply Inc
* ICI Americas, Inc.
* Idaho Power Company
* IKON Office Solutions Inc.
* Indiana Michigan Power Co.
* Integra Bank Corp.
* Intermark Inc.
* Iowa First Bancshares Corp.
* Iroquois Bancorp Inc.
* J Jill Group Inc.
* JP Morgan Chase & Co.
* Kansas City Power & Light
* Kansas Gas & Electric Co.
* Keithley Instruments Inc.
* Kentucky Power Co.
* Keycorp Ohio
* Kimberly Clark
* Korn Ferry International
* Laser Master Int’l. Inc.
* Linens N Things Inc.
* LKQ Corp.
* Louisiana Pacific Corp.
* Manor Care Inc.
* Marriott International Inc.
* McDonnell Douglas Corp.
* Media General Inc.
* Medicalcontrol Inc.
* Menasha Corporation
* MidAmerican Energy Co.
* Miix Group Inc.
* Mississippi Power Co.
* MNC Financial Inc.
* Mueller Industries Inc.
* National City Corporation
* NationsBank
* Nestle Enterprises
* Norfolk Southern Corp.
* Norfolk Southern Railway Co.
* Northern States Power Co.
* Ohio Power Co.
* Old National
* Olin Corporation
* Owens & Minor Inc.
* PacifiCorp
* Panera Bread Co.
* Panhandle Eastern Pipe Line Company
* Parker Hannifin Corp.
* Penn Treaty American Corp.
* Penns Woods Bancorp Inc.
* Phibro Animal Health Corp.
* Philipp Brothers Chemicals Inc.
* Phoenix Companies Inc.
* Pinnacle Financial Services Inc.
* Portland General Electric
* Potlatch Corporation
* PPG Industries
* Procter & Gamble Company
* PSS World Medical Inc.
* Public Service Co. of New Mexico
* Public Service Co. of Oklahoma
* Public Service Enterprise Group
* Questech Inc.
* R. R. Donnelley & Sons Company
* Ruddick Corp.
* Ryder System Inc.
* Sallie Mae (Stud Ln Mktg Assoc.)
* Savannah Electric & Power Co.
* Sequa Corp.
* Service Merchandise Co., Inc.
* Shearson Mortgage
* Sherwin-Williams
* Sky Chefs
* Smart & Final Inc.
* Smith Barney
* Sonoco Products Co.
* Southwest Bank
* Southwest Water Co.
* Southwestern Bell Corp.
* Southwestern Electric Power Co.
* Southwestern Public Service Co.
* Star Banc Corp.
* Stauffer Management Company
* Steelcase Inc.
* Sturgis Bancorp Inc.
* Summit Bank of N.J.
* Swank, Inc.
* Tellabs Inc.
* Tenet Healthcare Corp.
* Texas Eastern Transmission Corp.
* Tompkins Trustco Inc.
* TXU Corp.
* TYCO International
* UniFirst Corp.
* Union Bank
* United National Bancorp
* Urocor Inc.
* Vineyard National Bancorp
* W. R. Grace & Company
* Wachovia Corporation
* Walgreen Company
* Wal-Mart Stores
* Walt Disney
* Wang’s International, Inc.
* Wells Fargo, N.A.
* West Coast Bancorp
* West Texas Utilities Co.
* Westar Energy Inc.
* Western Aire Chef Inc
* Western Resources, Inc.
* Westpoint Pepperell
* Winn Dixie
* Winnebago Industries Inc.
* Woolworth Corporation
* Xcel Energy Inc.
* York Water Co.
* Zale Corp.

Read entry | Discuss (59 comments) | Recommend (+48 votes)
Posted by ElsewheresDaughter in Political Videos
Wed Sep 23rd 2009, 05:20 AM

 
We need more guys like this...you might want to look at their top 25 censored stories of 09' found here:

http://www.projectcensored.org/top-stories... /

here they are:

Top 25 Censored Stories for 2009

#1. Over One Million Iraqi Deaths Caused by US Occupation
# 2 Security and Prosperity Partnership: Militarized NAFTA
# 3 InfraGard: The FBI Deputizes Business
# 4 ILEA: Is the US Restarting Dirty Wars in Latin America?
# 5 Seizing War Protesters’ Assets
# 6 The Homegrown Terrorism Prevention Act
# 7 Guest Workers Inc.: Fraud and Human Trafficking
# 8 Executive Orders Can Be Changed Secretly
#9 Iraq and Afghanistan Vets Testify
# 10 APA Complicit in CIA Torture
# 11 El Salvador’s Water Privatization and the Global War on Terror
# 12 Bush Profiteers Collect Billions From No Child Left Behind
# 13 Tracking Billions of Dollars Lost in Iraq
# 14 Mainstreaming Nuclear Waste
# 15 Worldwide Slavery
# 16 Annual Survey on Trade Union Rights
# 17 UN’s Empty Declaration of Indigenous Rights
# 18 Cruelty and Death in Juvenile Detention Centers
# 19 Indigenous Herders and Small Farmers Fight Livestock Extinction
# 20 Marijuana Arrests Set New Record
# 21 NATO Considers “First Strike” Nuclear Option
# 22 CARE Rejects US Food Aid
# 23 FDA Complicit in Pushing Pharmaceutical Drugs
# 24 Japan Questions 9/11 and the Global War on Terror
# 25 Bush’s Real Problem with Eliot Spitzer
Read entry | Discuss (6 comments) | Recommend (+2 votes)
Sources:
Truthout, February 2008
Title: “Predatory Lenders’ Partner in Crime”

Student Researchers: Rob Hunter, Elizabeth Rathbun, and Rebecca Newsome

Faculty Evaluator: Mickey S. Huff, MA

The exposure of New York State Governor Eliot Spitzer’s tryst with a luxury call girl had little to do with the Bush administration’s high moral standards for public servants. Author F. William Engdahl advises that, “in evaluating spectacular scandals around prominent public figures, it is important to ask what and who might want to eliminate that person.” Timing suggests that Spitzer was likely a target of a White House and Wall Street operation to silence one of its most dangerous and vocal critics of their handling of the current financial market crisis.

Spitzer had become increasingly public in blaming the Bush administration for the subprime crisis. He testified in mid-February before the US House of Representatives Financial Services subcommittee and later that day, in a national CNBC interview, laid blame squarely on the administration for creating an environment ripe for predatory lenders.

On February 14, the Washington Post published an editorial by Spitzer titled, “Predatory Lenders’ Partner in Crime: How the Bush Administration Stopped the States From Stepping In to Help Consumers,” which charged, “Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.”

In this editorial, Spitzer explained:

The administration accomplished this feat through an obscure federal agency called the Office of the Comptroller of the Currency (OCC). The OCC has been in existence since the Civil War. Its mission is to ensure the fiscal soundness of national banks. For 140 years, the OCC examined the books of national banks to make sure they were balanced, an important but uncontroversial function. But a few years ago, for the first time in its history, the OCC was used as a tool against consumers.

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government’s actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules.

But the unanimous opposition of the 50 states did not deter, or even slow, the Bush administration in its goal of protecting the banks. In fact, when my office opened an investigation of possible discrimination in mortgage lending by a number of banks, the OCC filed a federal lawsuit to stop the investigation.”

The editorial appeared the day after Spitzer’s ill-fated rendezvous with the prostitute at the Mayflower Hotel. With that article, some Washington insiders believe, Spitzer signed his own political death warrant.

On March 4, 2008, Spitzer furthermore proposed legislation that would have imposed penalties for mortgage fraud and predatory lending.1

Curiously, Spitzer, who had been elected governor in 2006, defeating a Republican by winning nearly 70 percent of the vote, has been not charged with any crime. His case went into the hands of Washington and not those of New York State authorities, underscoring the clear political nature of Spitzer’s “offense.” New York Assembly Republicans immediately announced plans to impeach Spitzer or put him on public trial if he were to refuse resignation. Although prostitution is illegal in most US states, clients of prostitutes are almost never charged, nor are their names typically released while a case is in process.

Spitzer’s editorial concluded, “When history tells the story of the sub-prime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners, the Bush administration will not be judged favorably . . . it will be judged as a willing accomplice to the lenders who went to any lengths in their quest for profits. The administration was so willing, in fact, that it used the power of the federal government in an unprecedented assault on state legislatures, as well as on state attorneys general and anyone else on the side of consumers.”
Read entry | Discuss (74 comments) | Recommend (+58 votes)
love you!!!
Read entry | Discuss (0 comments)
Posted by ElsewheresDaughter in Political Videos
Sat Mar 29th 2008, 07:30 PM

 
new working link

This is a tragedy of the greatest sort on so many levels. And this is what this criminal administration and its controlled media is hiding from you. And this is what our troops are dying for? I’ll stop now because I’m going to start swearing.

Jon Snow's Hidden Iraq 2008 Part 1
http://www.youtube.com/p/3C0C343002372301


Jon Snow's Hidden Iraq 2008 Part 2
http://www.youtube.com/watch?v=uLnabO32nJU

Jon Snow's Hidden Iraq 2008 Part 3
http://www.youtube.com/watch?v=4FMoimPAuDk

Jon Snow's Hidden Iraq 2008 Part 4
http://www.youtube.com/watch?v=2VD2tWtLTTs


Jon Snow's Hidden Iraq 2008 Part 5
http://www.youtube.com/watch?v=zGSzVrVrNNk

Jon Snow's Hidden Iraq 2008 Part 6
http://www.youtube.com/watch?v=s4rDUt4canA

Read entry | Discuss (0 comments) | Recommend (0 votes)
Posted by ElsewheresDaughter in September 11
Mon Nov 26th 2007, 04:10 PM
i recieved this from a friend today:"This is a very important slice of little known history and it is put together really well here. I would suggest it to everyone you know, like I did earlier."


Read entry | Discuss (31 comments) | Recommend (+27 votes)
Profile Information
Profile Picture
ElsewheresDaughter
Click to send private message to this author Click to view this author's profile Click to add this author to your buddy list Click to add this author to your ignore list
Not a DU Donor
23930 posts
Member since 2001
Untitled 1
This is #1 a MUST WATCH:
http://www.voiceyourself.com/03_thoughtsfr...








http://www.mfso.org /"><img src="





When I feed the poor, they call me a saint.
When I ask why the poor have no food, they call me a communist.

Dom Helder Camara,
Archbishop of Recife, Brazil



ORGS AND BLOGS I SUPPORT









http://www.millionvoicesfordarfur.org /
























http://www.thehungersite.com /


http://www.theanimalrescuesite.com /


http://www.therainforestsite.com /


http://www.theliteracysite.com /


http://www.thechildhealthsite.com /


http://www.thebreastcancersite.com /


JUST KEEP SWIMMING
<



A Poet For a Lover

Give me a poet for a lover
whose words stroke me like velvet hands.>
Word-tender caresses more reaching
than the caress of a mere mortal man.

A poet's light touch is so gentle.
Word-fingers probe deep every time,
arousing me, haunting me, wetting me,
seducing me, body and mind.

give me a poet for a lover.
Lust and fire burn in his heart.
A silver-tongued devil whose words make me ache
to be on my knees in the dark.

Word-foreplay making me want him,
only mind-loved, I want to be free
to feel just one time, my poet inside,
where only mind-lust up to now has loved me.

C.J. Heck




"If you want brillant children, read them fairy tales. And if you want them to be more brillant, read them more fairy tales." - Albert Einstein




Why shouldn't I work for the N.S.A.? That's a tough one, but I'll give it a shot. Say I'm working at N.S.A. Somebody puts a code on my desk, something nobody else can break. So I take a shot at it and maybe I break it. And I'm real happy with myself, 'cause I did my job well. But maybe that code was the location of some rebel army in North Africa or the Middle East. Once they have that location, they bomb the village where the rebels were hiding and fifteen hundred people I never had a problem with get killed. Now the politicians are sayin', "Send in the marines to secure the area" 'cause they don't give a shit. It won't be their kid over there, gettin' shot. Just like it wasn't them when their number was called, 'cause they were pullin' a tour in the National Guard. It'll be some guy from Southie takin' shrapnel in the ass. And he comes home to find that the plant he used to work at got exported to the country he just got back from. And the guy who put the shrapnel in his ass got his old job, 'cause he'll work for fifteen cents a day and no bathroom breaks. Meanwhile my buddy from Southie realizes the only reason he was over there was so we could install a government that would sell us oil at a good price. And of course the oil companies used the skirmish to scare up oil prices so they could turn a quick buck. A cute little ancillary benefit for them but it ain't helping my buddy at two-fifty a gallon. And naturally they're takin' their sweet time bringin' the oil back, and maybe even took the liberty of hiring an alcoholic skipper who likes to drink martinis and play slalom with the icebergs, and it ain't too long 'til he hits one, spills the oil and kills all the sea life in the North Atlantic. So my buddy's out of work and he can't afford to drive, so he's got to walk to the job interviews, which sucks 'cause the shrapnel in his ass is givin' him chronic hemorrhoids. And meanwhile he's starvin' 'cause every time he tries to get a bite to eat the only blue plate special they're servin' is North Atlantic scrod with Quaker State. So what do I think? I'm holdin' out for somethin' better. Why not just shoot my buddy, take his job and give it to his sworn enemy, hike up gas prices, bomb a village, club a baby seal, hit the hash pipe and join the National Guard? I could be elected president. -----Good Will Hunting


http://www.voiceyourself.com/03_thoughtsfr...

Condi Rice Testifies that the title of
the Aug. 6, 2001 President Daily Briefing was:
"Bin Laden Determined to Attack Inside the United States"

http://www.youtube.com/v/cYbWaMqWy7s

UNCOVERED
downloadable at:

http://video.google.com/videoplay?docid=-5...











Number Of Iraqi Civilians Slaughtered In America's War?

As Many As 250,000

Number of U.S. Military Personnel Slaughtered (Officially acknowledged)In America's War?

2,500

Cost of America's War in Iraq

$243,402,318,292

To see more details, click here
http://costofwar.com/wrappedindex.html



WINNING THE HEARTS AND MINDS






















"NEVER ARGUE WITH IDIOTS; THEY WILL BRING YOU DOWN TO THEIR LEVEL AND BEAT YOU WITH EXPERIENCE!"
Visitor Tools
Use the tools below to keep track of updates to this Journal.
Random Journal
Random Journal
The Usual Suspects
 
Home  |  Discussion Forums  |  Journals  |  Campaigns  |  Links  |  Store  |  Donate
About DU  |  Contact Us  |  Privacy Policy
Got a message for Democratic Underground? Click here to send us a message.