blank'/> Liberally Lean From The Land Of Dairy Queen: I Mentioned T. Boone Pickens . . .

3.20.2012

I Mentioned T. Boone Pickens . . .

. . . In Random Thoughts and now this news breaks. (I didn't even know that was legal.)

21 comments:

Anonymous said...

Poor suckers.

Amazed everyday at the stupidity people possess.

Anonymous said...

I could write volumes on insurable interests--in Oklahoma, no less. Even more in Texas, England, Taiwan, and China (the last two use an old English law regarding insurable interests). It's legal, as long as the boosters were in agreement. It is not, however, tax-free like your personal life insurance policy would be, because this is for investment purposes.

Sounds like they would have made some money if they would have just stuck it out until the old folks died.

But they bet against the insurance company's life expectancy tables and lost. If you're going to do a little insurance or annuity arbitrage, you better have hyper-accurate tables of your own. Like, running the Reykjanes Ridge at high speed accurate.

Rage

Anonymous said...

Possibly the creepiest investment scheme on earth,

Sean Elliott's Dirty Dead Kidney said...

I got some Lehman Brothers Holdings commercial paper I could sell to Okie State.

- DF Richard Fuld

Anonymous said...

Not at all, 2:44. In fact, for large organizations, and with their full knowledge and consent, it can be a Godsend. Churches do it frequently. Corporations have an express insurable interest in their major players (called 'key-man' insurance, generally), and that helps them get by if something happens to them and they have to hire a replacement. Law firms often do it as an express condition of financing for buildings or litigation expenses.

When Wal-Mart did it with a bunch of janitors who didn't know, or Winn-Dixie did it on a bunch of peasants in third world countries without their consent, yeah, that was creepy. When UBS and Phil Gramm tried to pass a law through Ken Marchant giving the State of Texas an insurable interest in the lives of its retirees then Rick Perry and Phil Gramm should have been run out of the stare on a rail.

Otherwise, it's an excellent "free-money" investment that can do things like help employee organizations keep employee-contributions low while keeping benefits high, without any cost to the employee or organization.

Rage

Anonymous said...

gotta love American economic ethics, bet on death, mortgage failure, and bankruptcy!

The Devil said...

Insurance law, obscure geography, and a mediocre simile all in one post...talk about tired head!

Anonymous said...

Barry,
This is what Walmart did for years. They hired old farts to say hi as you walked in the door as part time workers, took out life insurance policies on them and then kept the cash when they croaked. Creepy but legal.

Anonymous said...

obscure geography

Oklahoma, Texas, Taiwan, China, and England are obscure to you? I know you aren't too sharp, but come on. Do you at least know how long it takes to go 80 miles if I'm driving 80 m.p.h.?

a mediocre simile

It's a movie reference, dip wad.

talk about tired head!

Tired is the least of your head's problems.

Rage

Anonymous said...

No different than taking out a policy on your grandfather.

Anonymous said...

Rage, you have no credibility.

BLAH BLAH BLAH

RPM said...

Why on earth would you fold when the odds were increasing in your favor every year? They should have doubled down!

The Devil said...

Yeah, go back and read your own post, Reykjanes Ridge is obscure not Oklahoma, Texas, Taiwan, China, and England! So is the Red October reference you turned into a mediocre simile. Nice try, your typical tactic to take one piece of a post and attack, with added "dip wads" and "asshats" along the way. Your head is the most or your tired problems!!!

The Devil said...

BTW, you haven't posted much under your other profile Big Tex today?

Anonymous said...

T. Boone - a hustler even in his golden years. Makes Jerry Jones appear cultured.

My Other Brother Darryl

Anonymous said...

If anyone is interested....Google "dead peasant insurance"

Anonymous said...

Ano_ho Fo PM, glad you have credibility.
BLAH BLAH DOUBLE BLAH..... ha ha

Anonymous said...

As long as a Republican can make a nickel....Republicans love it. Earth turned into a burned out cinder, if a Pug makes a penny....Republicans love it. Death is fine to bet on if you are Republican. Look how they regard health insurance. Surprised the Pugs did not help God out, and just conveniently kill some of them accidentally. After all, those old Bastards were worthless anyway, only worth something dead. Making money is the goal. That is the real main goal. Screw anything else. Gimme Money!

Anonymous said...

Rage, you have no credibility.

Yeah, well, I can see why you'd think that. After all, I love to make words up out of thin air, like "arbitrage" and "Life Assurance Act of 1789". So you may not come to me to represent you in insurance-backed secured transactions involving thousands of insurance policies and tens of thousands of public employees or union members (Domestically, anyway. Overseas we can use a single group policy whereas the US requires individual consent...). Good thing I'm too busy doing this exact thing for other clients to sit around and worry whether or not you think I'm credible.

As long as a Republican can make a nickel....Republicans love it.

Actually, the groups that can benefit the most from similar investments are public employees, union members, or members of large retirement groups. In Texas, the TRS had a chance to do this exact thing in a way that would have kept their fund value from fluctuating as much as a billion dollars a day during the worst parts of the recession, kept benefits higher and personal contributions lower. But they shot themselves in the foot because the average teacher is about as smart as the average poster on this board. And that ain't smart at all.

Rage

Anonymous said...

Funny how everyone thinks that if you don't agree with them, "then you ain't very smart". Glad I am dumb sometimes. I once had an American Express agent tell me "Obviously you don't understand this policy or yo would be jumping on it". One year later, they were hit with a class action suit for steering investers into their funds. Glad I was dumb on that one.

Anonymous said...

Awww...somewhere along the way, some teacher dealt mz/tex/rage a Narcissistic wound.

Did rage also graduate from "Harvard?"