Saturday, August 27, 2011

Rick Perry Sought State Profits From Teacher Life Insurance Scheme

The more I read about this guy…

WASHINGTON -- Two weeks before Thanksgiving in 2003, top officials from Texas Governor Rick Perry's office pitched an unusual offer to the state's retired teachers: Let's get into the death business.

Perry's budget director, Mike Morrissey, laid out a pitch that was both ambitious and risky, according to notes summarizing the meeting provided to The Huffington Post.

According to the notes, which were authenticated by a meeting participant, the Perry administration wanted to help Wall Street investors gamble on how long retired Texas teachers would live. Perry was promising the state big money in exchange for helping Swiss banking giant UBS set up a business of teacher death speculation…


…The governor's office was even prepared to put down a little cash up front. If retirees balked at the notion of the state profiting from their deaths, Perry's budget men suggested they could be persuaded for the cost of a pair of shoes, according to the meeting notes. If a retiree signed a contract allowing the state's teacher pension fund to buy life insurance on them, the governor was prepared to give them between $50 and $100.” (bolding mine)


"Precious little for what they were giving up," said the meeting attendee.


“The Baby Jesus loves profit!”

Read the whole thing here, if you must: Rick Perry Sought State Profits From Teacher Life Insurance Scheme

1 comment:

  1. As a non-native resident (trapped 3-hours from reality in any direction), may I say: Take my governor, Please! and, ... um ... You're welcome.



Share |