MetLife, Prudential and six other insurance companies have really screwed the pooch...and themselves if Andrew Cuomo knows wtf he is talking about. The following quote from Robert Gates...
"Until today, I actually believed that the families of our fallen heroes got a check for the full amount of their benefit,"
...Should really piss-the-fuck-off every single person that breathes.
If NY AG Andy Cuomo is correct,
this shit should be criminal:
The attorney general's office said it appears some insurers tell families of fallen military personnel that policy payouts will be placed in an interest-bearing account. But the bulk of the interest benefits the insurers, and the cash is not placed in banks insured by the Federal Deposit Insurance Corporation (FDIC), Cuomo's office said.
"It is shocking and just plain wrong for these multinational life insurance companies to pocket hundreds of millions in profits that really belong to those who have lost family members and have already suffered immensely," Cuomo said.
His office said insurers place cash in their corporate accounts, reportedly earning up to 4.8 percent interest while paying families as little as 0.5 percent interest.(emphasis mine)
Subpoenas have been served on eight insurance companies -- Prudential Financial Inc., MetLife Inc., Genworth Financial Inc., UnumProvident Corp., Northwestern Mutual, Guardian Life Insurance Company of America, New York Life Insurance Co., and the MONY Life Insurance Co. -- though the entire life insurance industry is under investigation, according to the attorney general's office.
I am hoping this isn't a bullshit political move by Cuomo, who is running for NY Governor. I hope to hell he is being honest on this....so he can fuck the living shit out of these smarmy insurance bastards.
