Do you remember reports about BOLI, and 54-year old Melissa Millan, who was killed November 20, 2014?
The coroner’s report determined that Millan’s death was attributable to a stab wound to the chest with an “edged weapon.” Police ruled the death a homicide.
Wall Street On Parade reports:
- Melissa Millan was Senior Vice President with Massachusetts Mutual Life Insurance Company (MassMutual) headquartered in Springfield, Massachusetts and a member of its 39-member Senior Management team according to the company’s 2013 annual report. Millan had been with the company since 2001.
- Information has now emerged that Millan had access to highly sensitive data on bank profits resulting from the collection of life insurance proceeds from her insurance company employer on the death of bank workers – data that a Federal regulator of banks has characterized as “trade secrets.”
- BOLI is shorthand for Bank-Owned Life Insurance, a controversial practice where banks purchase bulk life insurance on the lives of their workers. The death benefit pays to the bank instead of to the family of the deceased. According to industry publications, MassMutual is considered one of the top ten sellers of BOLI in the United States. Its annual reports in recent years have indicated that growth in this area was a significant contributor to its revenue growth.
- The cash buildup in the policies contribute to annual earnings on a tax-free basis while the death benefit is received free of Federal income tax when the employee eventually dies. Even if the worker is no longer employed at the bank, it can still collect the death benefit. Banks owning BOLI routinely conduct “death sweeps” of public records using former employees’ Social Security numbers to determine if a former employee has died. It then submits a claim request for payment of the death benefit to the insurance company.
- Details on the number of workers insured and the annual amounts that big Wall Street banks report as profits on the death of their current and former workers are closely guarded secrets
“While the OCC refused to provide this information, Millan was among a limited group outside of Federal regulators who was in a position to have broad data on the death benefit claims being submitted by multiple banks. Having data across multiple banks could have facilitated the type of peer review studies we had requested from the OCC – trade secrets that Wall Street does not want to allow into the sunshine.”
Read Full Report: wallstreetonparade.com
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Mafia, Housing, and International Investment banking
Posted 11 Dec 2014
Joseph talks about three significant articles about the most recent banker death in the U.K. Here are the articles:
http://www.telegraph.co.uk/news/uknews/crime/11287286/Scot-Young-was-hung-out-of-a-window-by-Russian-mafia-because-he-owed-them-millions-friend-claims.html
http://www.dailymail.co.uk/news/article-2866973/Banker-dies-impaled-railings-60ft-fall-central-London-home-door-John-Lennon-s-former-house.html
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BANKER DEATH UPDATE: SLAIN MASS MUTUAL EXECUTIVE MELISSA MILLAN HAD “TRADE SECRETS”
http://gizadeathstar.com/2014/12/banker-death-update-slain-mass-mutual-executive-melissa-millan-trade-secrets/
December 17, 2014 by Joseph P. Farrell
Not long ago I blogged about the sad murder of Melissa Millan, an executive with Mass Mutual, who was found murdered on a jogging track near her home. She has joined a sad and growing list of people in banking or banking related business who have died under quite suspicious circumstances. But now there’s more information to add to her story:
Slain MassMutual Executive Held Wall Street “Trade Secrets”
This is one to study closely, folks, for it confirms that at least a part of the pattern we’ve been seeing is the relationship to BOLI, or Bank-Owned Life Insurance policies on its employees (which I definitely think is part of the pattern, though certainly not all of it). But in order to see the significance of this pattern, and the late Ms. Millan’s place within it, I want to draw your attention to certain paragraphs in this article. First, the general context:
And now, an important consideration:
Now ponder this one for a moment, for what is being implied is that BOLI policies count as assets on the books of the banks, from which they can conceivably be used in derivatives bundles, or even – perhaps surreptitiously – counted as part of the reserve requirements of the bank. If bundled into dreivatives and securities bundles, then the trading value of such policies increases exponentially… as does the danger – if such policies are traded in such securities bundles – that someone might try to “collect.” Of course, all that is way-out “wackadoodle” speculation, but it serves my point, that such policies – based directly on “human capital and life” – were used as assets on the books, and hence, most likely formed a huge component of the derivatives bubble that with all the talk of Quantitative Easing has fallen off the radar.
Now with that wild speculation in mind, consider these paragraphs:
Now, as I have indicated before, collecting on insurance policies would seem to me to not add up to very much “bottom line” on the profit-loss statements of the too-big-to-jail banks. So something else would seem to be involved.
Then comes the crucial statements:
Now what all of this adds up to in my opinion, is the real bottom line: Information, and trends. Ms. Millan was in a position to see general trends, So this is not about banks offing their employees to collect on insurance. After all, if that were really the case, who would work for them?
There is a trend, there is information, that someone desperately wants to keep a secret. I suspect the trend is not about “the immanent collapse of the dollar” or even massive market manipulation. Perhaps it’s not even about evidence of external market manipulation, but rather, about who, ultimately, is behind it.
Now the question is: did any of these dead bankers ever have any direct contact with each other? Did they ever meet over a glass of wine or cup of coffee, to huddle and mutter under their breath what their suspicions were? Connections, in other words, now seems to be becoming a key part of the puzzle.
See you on the flip side…
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Tycoon Scot Young’s fatal fall linked to five other mystery deaths
Stephen Curtis died when his new £1.5million machine plunged to the ground a short distance from an airport.
Days earlier he told a relative: “If anything happens to me in the next few weeks, it will not be an accident.”Details of the crash emerged as police investigated the gruesome death of Mr Young on Monday. The property developer was killed when he was impaled on railings after plunging 60ft from the window of a £3million home in Marylebone, central London.
It was Mr Curtis who reportedly introduced Young and two members of his circle, Robert Curtis and Paul Castle, to Russian billionaires. As a legal adviser on major property deals, Stephen Curtis was also acquainted with Russian oligarch Boris Berezovsky.
Mr Young, Robert Curtis and Mr Castle all died after apparently committing suicide in the past four years. In March last year, exiled Mr Berezovsky was found dead in the bathroom of his home with a ligature round his neck.
via Tycoon Scot Young’s fatal fall linked to five other mystery deaths | UK | News | Daily Express.
http://www.express.co.uk/news/uk/546716/Tycoon-Scot-Young-s-fall-linked-five-other-mystery-deaths
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70-Year-Old Hedge Fund Founder Shot Dead By His Son
http://www.zerohedge.com/news/2015-01-04/70-year-old-hedge-fund-founder-shot-dead-his-son
04 Jan 2015
We thought yesterday’s absurd story of former hedge fund manager James Crombie, founder of Paron Capital Management, who was arrested after found squatting in a million dollar Maryland house, would be as strange as it gets for hedge fund news this weekend. We were wrong: moments ago the WSJ reported that Thomas Gilbert, founder of the $200 million Wainscott hedge fund, whose success Gilbert said previously had come from investing in biotech funds, was found dead with a single bullet to the head in his Manhattan apartment this afternoon, allegedly shot by none other than his 30-year-old son.
From the WSJ:
NY Daily News adds more:
Gilbert was a big biotech investor:
From Gilbert’s website bio:
To be sure, the newsflow out of hedge fund land at the start of every year when the books are squared away tends to get crazy, but this is far and beyond the pale and even put to shame the story of Kim Karapetyan, 29-year old Moscow Hedge Fund wunderkind, who instead of facing his investors following massive losses decided to simply… disappear.
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