I read an article a while back about how Wal-Mart purchases life insurance on it’s employees. Now, just from that sentence, you’d think, “how helpful of them.” Not at all. The life insurance isn’t FOR their employees… it’s for Wal-Mart. They get a windfall every time an employee dies. Sneaky and morbid.
Well, now the governor of Texas is thinking of cashing in on the deaths of retired teachers:
The chairman of the Texas Democratic Party on Friday called on Gov. Rick Perry to terminate discussions to have the state purchase life insurance policies on thousands of retired teachers in order to earn the death benefits.
“It is outrageous that Rick Perry would try to put the state of Texas into the death business,” said Charles Soechting.
“You don’t fund state government by taking out life insurance policies on retired teachers and cashing in upon their death.”
Perry has been in discussions with the Teacher Retirement System, which could use the proceeds to help make up for lost investment income.
The plan is being promoted by former U.S. Sen. Phil Gramm on behalf of his current employer, UBS Investment Bank in New York.