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Rick Perry Sought State Profits From Teacher Life Insurance Scheme
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| Parent(s) |
Candidate
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| Contributor | RP |
| Last Edited | RP Aug 25, 2011 06:33pm |
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| Category | General |
| Author | Zach Carter |
| Media | Website - Huffington Post |
| News Date | Thursday, August 25, 2011 05:25:00 PM UTC0:0 |
| Description | 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.
All they had to do was convince retirees to let UBS buy life insurance policies on them. When the retirees died, those policies would pay out benefits to Wall Street speculators, and the state, supposedly, would get paid for arranging the bets. The families of the deceased former teachers would get nothing.
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. |
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