VA Deal with Prudential Financial allows withholding lump sums


Is this crap true? I heard something about this from the DSO at the VA in Loma Linda, Ca. If so please send me some links to investigate. Thanks

VA, Prudential Made Secret Deal

Could this resonate as much as the Walter Reed scandal? Bloomberg reports that since 1999, Prudential Financial Inc. has had a secret agreement with the U.S. Department of Veterans Affairs that allows it to withhold lump-sum payments of life-insurance benefits to the family of fallen soldiers—so that Prudential can invest that money and keep whatever money it makes for itself. The arrangement was completely secret for 10 years until it was put into writing in 2009. "Every veteran I've spoken with is appalled at the brazen war profiteering by Prudential," says the executive director of Veterans for Common Sense. Survivors who request lump-sum payments are sent "checkbooks"—essentially, IOUs that aren't insured by the FDIC—instead of actual checks. Prudential makes eight times as much through the investments as what it pays in interest to beneficiaries.


Sure it's true.

I'm amazed at the great numbers of people who are shocked at this. This sort of thing has been going on for a very long time. I assumed everyone knew about it.

These are the same people who convinced you that you should vote against health care reform in this country. Of course they don't want any reform, they're getting uber-rich by leaving the system just as it is.

Prudential is just one more insurance company where the executives all make millions and millions of your expense. They all do this stuff. So long as it's legal and people keep voting with the right wing crazies, this sort of robbery will never stop.

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