Perry Attempted To Reap Profits From “Teacher Death Speculation” System
At some point this all just becomes too comical to continue getting angry when Governor Perry makes a bad decision. For example, today’s revelation that Rick Perry tried to convince the state to set up a “teacher death speculation” system, only fourteen days before Thanksgiving, at the end of 2003.
So who was the mastermind behind the entire plan? Mike Morrissey, then budget director for Governor Perry, according to the Huffington Post. But that doesn’t mean that Perry’s hands were clean…in fact, they were pretty far from it.
According to the notes, which were authenticated by a meeting participant, the Perry administration wanted to help Wall Street investors gamble on how long retired Texas teachers would live. Perry was promising the state big money in exchange for helping Swiss banking giant UBS set up a business of teacher death speculation.
All they had to do was convince retirees to let UBS buy life insurance policies on them. When the retirees died, those policies would pay out benefits to Wall Street speculators, and the state, supposedly, would get paid for arranging the bets. The families of the deceased former teachers would get nothing.
The meeting notes offer the most direct evidence that the Perry administration was not only intimately involved with the insurance scheme, but a leading driver of the plan.
The plan targeted those between the ages of 75-90, with plans to offer $50-$100 to each teacher in exchange for granting UBS the right to bet on their death via life insurance policies. According to the plan, it would take about a decade before Texas began to see serious revenue, but the program was projected to bring in $700 million if the administration/UBS successfully recruited 40,000 teachers.
While it’s becoming increasingly clear that Texas’ politicians have no respect for the dead, are voters nation-wide really prepared to vote Rick Perry into the White House?
Can we please get on with making things and stop with the making money by playing with money. I am beginning to see some value on the biblical injunction on the growth of money.