Variable Annuities: How a Lawyer Exploited the Fine Print

[PlanMaestro]

Fascinating read either as a legal, personal, investing, or industry case. Especially if you are investing in AIG or Hartford. Who could have thought that variable annuities could be so interesting.

 

If you won, you keep the winnings. If you lose, they give you your money back, - Joe Caramadre.

 

Death Takes a Policy: How a Lawyer Exploited the Fine Print and Found Himself Facing Federal Charges

http://www.propublica.org/article/death-takes-a-policy-how-a-lawyer-exploited-the-fine-print

 

Excerpts of Video Depositions in the Case Against Joseph Caramadre

http://www.propublica.org/article/excerpts-of-video-depositions-in-the-case-against-joseph-caramadre

 

[rranjan]

It was an interesting read.

[Hielko]

Yes indeed, interesting.

[matjone]

What is interesting about this story, among other things, is that you can walk up to someone and hand them two thousand bucks, and they still end up mad at you because you made more than they did.

[craigatk]

Profiting off somebody else's death is not a way to make friends. Look at how many ancient civilizations have shunned undertakers for one. It was a fascinating read. Thanks for sharing.

[Rabbitisrich]

What is interesting about this story, among other things, is that you can walk up to someone and hand them two thousand bucks, and they still end up mad at you because you made more than they did.

 

Hah, well if your business strategy involves bargaining with the terminally ill and their loved ones in the months prior to expected death, then I think that you lose some rights to indignation.

[PlanMaestro]

Now Ira Glass picks up the story for The American Life

 

Death Takes a Policy.

http://www.thisamericanlife.org/radio-archives/episode/473/loopholes?act=1

[PlanMaestro]

Warren Buffett turns his eye to annuities.

http://www.marketwatch.com/story/warren-buffett-turns-his-eye-to-annuities-2013-02-12?link=mw_story_kiosk

 

David Merkel on the deal.

http://seekingalpha.com/article/1183081-berkshire-hathaway-and-variable-annuities?source=email_authors_alerts&ifp=0

[PlanMaestro]

And more from Berkshire …

 

Buffett Adds $1.75 Billion in Hartford Annuity Deal

http://www.bloomberg.com/news/2013-06-27/hartford-to-sell-u-k-variable-annuity-business-to-berkshire-1-.html