Slain MassMutual Executive Held Wall Street “Trade Secrets”
December 9th, 2014In other news: “Riddles” Surround 36th Dead Banker Of The Year.
Via: Wall Street On Parade:
On Thursday, November 20, 2014, the body of 54-year old Melissa Millan, a divorced mother of two school-age children, was found at approximately 8 p.m. along a jogging path running parallel to Iron Horse Boulevard in Simsbury, Connecticut. A motorist had spotted the body and called the police.
According to the coroner’s report, it was determined that Millan’s death was attributable to a stab wound to the chest with an “edged weapon.” Police ruled the death a homicide, a rarity for this town where residents feel safe enough to routinely jog by themselves on the same path used by Millan.
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.”
…
Four of Wall Street’s largest banks are the largest owners of BOLI according to December 31, 2013 data from the Federal Financial Institutions Examination Council (FFIEC), holding a combined total of $68.1 billion. The four banks’ individual BOLI assets are as follows as of the end of last year:
Bank of America $22.7 billion
Wells Fargo 18.7 billion
JPMorgan Chase 17.9 billion
Citigroup 8.8 billion
The BOLI assets, however, support a far greater amount of life insurance coverage in force on the workers’ lives – potentially as much as a ten to one ratio – meaning that just these four banks could be holding $681 billion on the lives of their current and past employees.
Since 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, in March of this year Wall Street On Parade wrote to the regulator of national banks, the Office of the Comptroller of the Currency (OCC), asking for BOLI information under the Freedom of Information Act.
Because JPMorgan Chase has experienced a number of tragic deaths among young workers in their 30s this year, we asked the OCC for the number of deaths from 2008 through March 21, 2014 on which JPMorgan Chase collected death benefits; the total face amount of BOLI life insurance in force at JPMorgan; the total number of former and current employees of JPMorgan Chase who are insured under these policies; and any peer studies showing the same data comparing JPMorgan Chase with Bank of America, Wells Fargo and Citigroup.
The OCC responded to our request on April 18, 2014, advising that they did have documents responsive to our request but that all documents were going to be withheld because they were “privileged or contains trade secrets, or commercial or financial information, furnished in confidence, that relates to the business, personal, or financial affairs of any person,” or relate to “a record contained in or related to an examination.”
Research Credit: pookie
Very interesting article and truly disturbing. Would send it to friends who have and/or currently working in the higher ups of investment banking firms but my gawd why make them sick to their stomachs knowing that they could be next if the firm needs to add cash to their balance sheet! Watch if the Fed Reserve gets their way to increase bank holdings. Should be a pox suddenly descending upon all those under a BOCI. Absolutely sickening that a bank could have a patent pending on their employee death policies. This is scummiest thing I’ve ever heard of. And I’ve heard a lot.