Suspicious Deaths Of Bankers Are Now Classified As "Trade Secrets" By Federal Regulator
Submitted by Tyler Durden on 04/28/2014 21:46 -0400

Submitted by Pam Martens and Russ Martens of Wall Street On Parade,

It doesn’t get any more Orwellian than this: Wall Street mega banks crash the U.S. financial system in 2008. Hundreds of thousands of financial industry workers lose their jobs. Then, beginning late last year, a rash of suspicious deaths start to occur among current and former bank employees. Next we learn that four of the Wall Street mega banks likely hold over $680 billion face amount of life insurance on their workers, payable to the banks, not the families. We ask their Federal regulator for the details of this life insurance under a Freedom of Information Act request and we’re told the information constitutes “trade secrets.”

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Four of Wall Street’s largest banks hold a total of $68.1 billion in BOLI[bank owned life insurance] assets. Using Michael Myers’ approximate 10 to 1 ratio, that would mean that over time, just these four banks could potentially collect upwards of $681 billion in tax free income from life insurance proceeds on their current and former workers. (Death benefits are received tax free as is the buildup in cash value in the policies.) The breakdown in BOLI assets is as follows as of December 31, 2013:

Bank of America $22.7 billion

Wells Fargo 18.7 billion

JPMorgan Chase 17.9 billion

Citigroup 8.8 billion

In addition to specifics on the BOLI assets, the consolidated financial statements also showed what each bank was reporting as “Earnings on/increase in value of cash surrender value of life insurance” as of December 31, 2013. Those amounts are as follows:

Bank of America $625 million

Wells Fargo 566 million

JPMorgan Chase 686 million

Citigroup 0

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More:
http://www.zerohedge.com/news/2014-04-28...-federal-regula