Walmart and Dead Peasants Insurance

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Michael Moore: Why Is Wal-Mart Selling Capitalism: A Love Story (Out Today on DVD)?

 

[JoeB131]

Most companies take out insurance to cover the costs of replacing a dead employee. Any time an employee dies, there is an expense in recruiting, hiring and training a replacement.

Now, it wasn't like WalMart was taking out insurance and then arranging for the employee to have a horrific accident. That really would be bad.

 

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Most companies take out insurance to cover the costs of replacing a dead employee. Any time an employee dies, there is an expense in recruiting, hiring and training a replacement.

Now, it wasn't like WalMart was taking out insurance and then arranging for the employee to have a horrific accident. That really would be bad.

What goddam business does anybody have taking out insurance on somebody they pay minimum wage and end up making $80,000 profit. Training a new employee at Walmart? LMAO! I can watch another Walmart employee doing anything they have to do for a week and do the job myself and I'm 77 years old. That shit ain't rocket science. Let's see...let's suppose they hired me to receive and put up stock. After a week it's a no brainer. Check out through an automatic scanner and making change when the amount you should return flashed up in front of you...another no brainer. Working in the auto group might get a little impossible for me for the simple reason I'm too old to do that kind of work but ironically my first real job wen I was 16 was in a full service garage/service station.

The bastards are ripping their employees off and that's what the fat cats want. Not just Walmart...90% of the companies in this country. They won't be satisfied till the middle class in this country has about the same pay and benfits as a worker in Maylasia. The American middle class has disappeared since Reagan began to borrow money from foreign banks and give it to the wealthiest Americans in the form of tax cuts.

 

[Defiant1]

Most companies take out insurance to cover the costs of replacing a dead employee. Any time an employee dies, there is an expense in recruiting, hiring and training a replacement.

Now, it wasn't like WalMart was taking out insurance and then arranging for the employee to have a horrific accident. That really would be bad.

What goddam business does anybody have taking out insurance on somebody they pay minimum wage and end up making $80,000 profit. Training a new employee at Walmart? LMAO! I can watch another Walmart employee doing anything they have to do for a week and do the job myself and I'm 77 years old. That shit ain't rocket science. Let's see...let's suppose they hired me to receive and put up stock. After a week it's a no brainer. Check out through an automatic scanner and making change when the amount you should return flashed up in front of you...another no brainer. Working in the auto group might get a little impossible for me for the simple reason I'm too old to do that kind of work but ironically my first real job wen I was 16 was in a full service garage/service station.

The bastards are ripping their employees off and that's what the fat cats want. Not just Walmart...90% of the companies in this country. They won't be satisfied till the middle class in this country has about the same pay and benfits as a worker in Maylasia. The American middle class has disappeared since Reagan began to borrow money from foreign banks and give it to the wealthiest Americans in the form of tax cuts.

Why is it your business what anyone or any company does with their money?

 

[JoeB131]

Most companies take out insurance to cover the costs of replacing a dead employee. Any time an employee dies, there is an expense in recruiting, hiring and training a replacement.

Now, it wasn't like WalMart was taking out insurance and then arranging for the employee to have a horrific accident. That really would be bad.

What goddam business does anybody have taking out insurance on somebody they pay minimum wage and end up making $80,000 profit. Training a new employee at Walmart? LMAO! I can watch another Walmart employee doing anything they have to do for a week and do the job myself and I'm 77 years old. That shit ain't rocket science. Let's see...let's suppose they hired me to receive and put up stock. After a week it's a no brainer. Check out through an automatic scanner and making change when the amount you should return flashed up in front of you...another no brainer. Working in the auto group might get a little impossible for me for the simple reason I'm too old to do that kind of work but ironically my first real job wen I was 16 was in a full service garage/service station.

The bastards are ripping their employees off and that's what the fat cats want. Not just Walmart...90% of the companies in this country. They won't be satisfied till the middle class in this country has about the same pay and benfits as a worker in Maylasia. The American middle class has disappeared since Reagan began to borrow money from foreign banks and give it to the wealthiest Americans in the form of tax cuts.

Again, guy, how many WalMart employees actually die. What does an $80K life insurance policy actually cost? Wal Mart employees 2.1 million people. If they are insuring them at a rate of $1000 each, they'd have to kill 26050 employees off in order to break even.

Now, if you want to discuss the disparity between what working people make vs. what executives make, that's another issue. But honestly, the real problem is ourselves. We all want to get the good paycheck, but how many of us actually go into the store and check where something was made? Heck, no. YOu check what has the cheapest price tag and that is usually the thing made in Malaysia.

Hating WalMart is like a druggie hating his pusher.

 

[bucs90]

GOOD!!! If it keeps WalMarts amazingly low prices available for my shopping pleasure, then I say yay for Wally World!!!

And btw, not one damn person is forced to work there.

As for fat boy Moore........how can a man make millions off bitching about the system he made millions from, spend a year whining about the US healthcare system while HE himself can't put down the twinkies and take his OWN healthcare into his own hands be getting his rotund ass in shape?

 

[bucs90]

Michael Moore:

"I got rich off this system...but it sucks!! Tear it down!!"

"I'm fat, and refuse to get in shape....but the system owes me healthcare to take care of the problems I'm gonna have from refusing to be fit!"

I see why the left idolizes this fat piece of garbage so much.

 

[daveman]

Most companies take out insurance to cover the costs of replacing a dead employee. Any time an employee dies, there is an expense in recruiting, hiring and training a replacement.

Now, it wasn't like WalMart was taking out insurance and then arranging for the employee to have a horrific accident. That really would be bad.

What goddam business does anybody have taking out insurance on somebody they pay minimum wage and end up making $80,000 profit. Training a new employee at Walmart? LMAO! I can watch another Walmart employee doing anything they have to do for a week and do the job myself and I'm 77 years old. That shit ain't rocket science. Let's see...let's suppose they hired me to receive and put up stock. After a week it's a no brainer. Check out through an automatic scanner and making change when the amount you should return flashed up in front of you...another no brainer. Working in the auto group might get a little impossible for me for the simple reason I'm too old to do that kind of work but ironically my first real job wen I was 16 was in a full service garage/service station.

The bastards are ripping their employees off and that's what the fat cats want. Not just Walmart...90% of the companies in this country. They won't be satisfied till the middle class in this country has about the same pay and benfits as a worker in Maylasia. The American middle class has disappeared since Reagan began to borrow money from foreign banks and give it to the wealthiest Americans in the form of tax cuts.

You don't like it?

Buy Walmart and end the practice. Or you can STFU and mind your own damn business.

 

[JamesInFlorida]

GOOD!!! If it keeps WalMarts amazingly low prices available for my shopping pleasure, then I say yay for Wally World!!!

And btw, not one damn person is forced to work there.

As for fat boy Moore........how can a man make millions off bitching about the system he made millions from, spend a year whining about the US healthcare system while HE himself can't put down the twinkies and take his OWN healthcare into his own hands be getting his rotund ass in shape?

If you buy a lot of products from China-don't bitch about American jobs being shopped over to China.

 

[whitehall]

The little scruffy docu-fiction producer told us that Castro had the best health care system on the planet and hollywood seemed to agree except that pretty much no actors who suffered from cancer ever went to Cuba for treatment. The dirty little secret is that Moore's junk is for the ignorant revolutionary masses. The rich left wing liberal elite live in a different world.

 

[daveman]

The little scruffy docu-fiction producer told us that Castro had the best health care system on the planet and hollywood seemed to agree except that pretty much no actors who suffered from cancer ever went to Cuba for treatment. The dirty little secret is that Moore's junk is for the ignorant revolutionary masses. The rich left wing liberal elite live in a different world.

And the proles on the left dutifully defend them for it.

 

[uscitizen]

I would like to be able to take out life insurance policys on just anyone same as corporations can.

 

[whitehall]

I would like to be able to take out life insurance policys on just anyone same as corporations can.

Why can't you?

 

[The Gadfly]

I would like to be able to take out life insurance policys on just anyone same as corporations can.

You can, U.S. Small businesses routinely do just that-take out a policy on the life of the managing member of an LLC, for example. Gives the other partners/members cash to buy out their interest in the event of their death.

 

[KissMy]

Companies Evade Taxes & Profit on Workers' Deaths Through 'Dead Peasants' Insurance

For decades, a corporation or an individual wanting to buy life insurance on someone else had to have a significant financial or emotional stake in the person's survival, known as an "insurable interest." Thus, companies were able to buy life insurance on certain executives, and partners in law and accounting firms could buy life insurance on each other. The rule had evolved to prevent incentives for murder or negligence, and to discourage one person from profiting from the death of another.

But in the 1980s, insurers persuaded regulators in most states -- Texas being a notable exception -- to rewrite the rules to allow employers to buy life insurance on the lives of all employees. The practice took off as employers became aware of the tax advantages, especially the ability to borrow against the policies and then deduct the interest payments.

Federal tax law prohibits the use of life insurance as a tax shelter if there isn't a legitimate business purpose for having it. From the start, many companies have asserted that they use COLI to pay for employee benefits. Still, they aren't required to disclose how they do use COLI money.

In 1996, Congress clamped down, forcing companies to begin phasing out the interest-payment deductions they were taking on COLI loans. And the IRS began working on collecting some of the money the companies had deducted from their taxes. Some government officials say the sum under investigation is probably much higher than the $6 billion the IRS confirms, and involves as many as 700 companies.

Security and Exchange Commission filings provide some clues about the amounts of tax dollars at stake. In 2001, American Greetings Corp. recorded a charge of $143 million for potential exposure to disallowed deductions on COLI-loan interest payments. R.R. Donnelley & Son Co., a Chicago printing company, agreed this month to pay the IRS $150 million for disputed deductions related to policies covering more than 20,000 workers. And W.R. Grace & Co. indicated in its 2001 filings that it deducted $163 million in interest after 1992 and has current unresolved tax exposure of $57 million.

 

[midcan5]

Walmart is Chinese right? I've never shopped there, never will, anyone know? But if they are a communist company why would they insure a comrade? Seems odd huh? LOL

Obviously their employees in America don't count. http://www.nytimes.com/2011/10/21/business/wal-mart-cuts-some-health-care-benefits.html


[ame=http://www.amazon.com/Wal-Mart-Effect-Powerful-Works---Transforming/dp/0143038788/ref=sr_1_1?s=books&ie=UTF8]Amazon.com: The Wal-Mart Effect: How the World's Most Powerful Company Really Works--and HowIt's Transforming the American Economy (9780143038788): Charles Fishman: Books[/ame]



[ame=http://www.youtube.com/watch?v=uJMYZwL8sPA]WalMart-The High Cost of Low Price PART 1 - YouTube[/ame]