Capitalism: A Love Story

[Common Sense Al]

Just finished watching this on Blu-ray - Capitalism: A Love Story

It was better than I thought.

A lot of truth in there, and very entertaining.

I didn't know that some companies take out life insurance policies on employees to make $$$. Never heard of the "2nd Bill of Rights" either.

[neighbor]

I didn't know that some companies take out life insurance policies on employees to make $$$. Never heard of the "2nd Bill of Rights" either.

Old practice. Not only can the employer collect upon death, but they can take tax free loans against the policies. I have an employee that used to work at WalMart's corporate office in Arkansas. They said WalMart is big on this, and has been doing it forever. Even has a department dedicated to managing this. Yet another reason I don't shop at WalMart.

This may be outdated (and certainly not all inclusive), but here's a list of companies known to do this.

ADAC Laboratories
Advanced Telecommunication Corp.
Aeroquip Vickers Inc.
Alabama Power Co.
Alfa Corp.
Allegheny Technologies Inc.
Allergan Inc.
Allfirst Financial Inc.
American Business Products, Inc.
American Electric Power
American Express Co.
American Greetings Corp.
American Management Systems Inc.
American Seafoods Group LLC
Ameritech Corp.
Amerus Group Co.
Anadarko Petroleum Corporation
Appalachian Power Co.
Arch Chemical
Aristech Chemical Corp.
AT&T Communications
Atlantic Richfield Co.
Avery Dennison Corp
Avon Products Inc.
B. F. Goodrich Company
Ball Corporation
Bank Boston
Bank Of America
Bank One Corp.
Barnett Banks Inc.
Bassett Furniture Industries Inc.
Be Aerospace Inc.
Bear Stearns Companies
Bellsouth Corporation
Boise Cascade Corp.
Boston Company
Boston Federal
Bristol-Myers Squibb Company
Camelot Music, Inc.
Carolina Power & Light Co.
Carpenter Technology Corp.
Catskill Financial Corp.
Central Power & Light Co.
Ch2m Hill Companies Ltd.
Charming Shoppes, Inc.
Checkfree Corp.
Chemical Banking Corporation
Citibank, N.A.
Citizens Bank
Clark Inc.
Clorox Company
CNF Inc.
Coca-Cola Company
Columbus Southern Power Co.
Commercial Intertech Corp.
Compass Bank (Florida & Alabama)
Computer Technology Associates Inc.
Consolidated Natural Gas Co.
Consolidated Rail Corporation
Cox Enterprises, Inc.
CTA Inc.
Cymer Inc.
Diamond Shamrock Inc.
Diebold Inc.
Dime Bancorp Inc.
Dow Chemical
Earle M. Jorgensen Co.
Eastman Kodak Company
Eaton Corp.
ECC Capital Corp.
Enserch Corp.
F&M Bancorp
FiberMark Inc.
Figgie International Inc.
Fina Oil & Chemical Company
First Bank System Inc.
First Commonwealth
First Midwest Bancorp Inc.
Fleet Bank
FleetBoston Financial Corp.
Flightsafety International Inc.
Frontier Bank
Fulton Financial Corp.
GATX Corporation
Georgia Power Co.
GNC Corp.
Great Plains Energy Inc.
GTE Corporation
Gulf Power Co.
HCR Manor Care Inc
Hechinger Company
Heritage Commerce Corp.
Herman Miller Inc.
Hershey Foods Corporation
Hillenbrand Industries, Inc.
Hosiery Corporation of America
Houghton Mifflin
Household Finance
Hovnanian Enterprises Inc.
Hughes Supply Inc
ICI Americas, Inc.
Idaho Power Company
IKON Office Solutions Inc.
Indiana Michigan Power Co.
Integra Bank Corp.
Intermark Inc.
Iowa First Bancshares Corp.
Iroquois Bancorp Inc.
J Jill Group Inc.
JP Morgan Chase & Co.
Kansas City Power & Light
Kansas Gas & Electric Co.
Keithley Instruments Inc.
Kentucky Power Co.
Keycorp Ohio
Kimberly Clark
Korn Ferry International
Laser Master Int’l. Inc.
Linens N Things Inc.
LKQ Corp.
Louisiana Pacific Corp.
Manor Care Inc.
Marriott International Inc.
McDonnell Douglas Corp.
Media General Inc.
Medicalcontrol Inc.
Menasha Corporation
MidAmerican Energy Co.
Miix Group Inc.
Mississippi Power Co.
MNC Financial Inc.
Mueller Industries Inc.
National City Corporation
NationsBank
Nestle Enterprises
Norfolk Southern Corp.
Norfolk Southern Railway Co.
Northern States Power Co.
Ohio Power Co.
Old National
Olin Corporation
Owens & Minor Inc.
PacifiCorp
Panera Bread Co.
Panhandle Eastern Pipe Line Company
Parker Hannifin Corp.
Penn Treaty American Corp.
Penns Woods Bancorp Inc.
Phibro Animal Health Corp.
Philipp Brothers Chemicals Inc.
Phoenix Companies Inc.
Pinnacle Financial Services Inc.
Portland General Electric
Potlatch Corporation
PPG Industries
Procter & Gamble Company
PSS World Medical Inc.
Public Service Co. of New Mexico
Public Service Co. of Oklahoma
Public Service Enterprise Group
Questech Inc.
R. R. Donnelley & Sons Company
Ruddick Corp.
Ryder System Inc.
Sallie Mae (Stud Ln Mktg Assoc.)
Savannah Electric & Power Co.
Sequa Corp.
Service Merchandise Co., Inc.
Shearson Mortgage
Sherwin-Williams
Sky Chefs
Smart & Final Inc.
Smith Barney
Sonoco Products Co.
Southwest Bank
Southwest Water Co.
Southwestern Bell Corp.
Southwestern Electric Power Co.
Southwestern Public Service Co.
Star Banc Corp.
Stauffer Management Company
Steelcase Inc.
Sturgis Bancorp Inc.
Summit Bank of N.J.
Swank, Inc.
Tellabs Inc.
Tenet Healthcare Corp.
Texas Eastern Transmission Corp.
Tompkins Trustco Inc.
TXU Corp.
TYCO International
UniFirst Corp.
Union Bank
United National Bancorp
Urocor Inc.
Vineyard National Bancorp
W. R. Grace & Company
Wachovia Corporation
Walgreen Company
Wal-Mart Stores
Walt Disney
Wang’s International, Inc.
Wells Fargo, N.A.
West Coast Bancorp
West Texas Utilities Co.
Westar Energy Inc.
Western Aire Chef Inc
Western Resources, Inc.
Westpoint Pepperell
Winn Dixie
Winnebago Industries Inc.
Woolworth Corporation
Xcel Energy Inc.
York Water Co.
Zale Corp.

[Common Sense Al]

Old practice. Not only can the employer collect upon death, but they can take tax free loans against the policies. I have an employee that used to work at WalMart's corporate office in Arkansas. They said WalMart is big on this, and has been doing it forever. Even has a department dedicated to managing this. Yet another reason I don't shop at WalMart.

Interesting. I'm pretty sure that at the end of the movie they did say that Walmart doesn't do it anymore.

Seems like a bad practice to me, not financially, but people-wise. People are suppose to be a company's most important asset, but it seems they're just a number to many of the big corps. Anything to make a buck.

[Common Sense Al]

I finished watching all the special features and they were very good as well. I found "What If, Just If, We Had Listened To Jimmy Carter In 1979" especially interesting. I don't think we'll ever hear a president talk like that again.

[JKTex]

Old practice. Not only can the employer collect upon death, but they can take tax free loans against the policies. I have an employee that used to work at WalMart's corporate office in Arkansas. They said WalMart is big on this, and has been doing it forever. Even has a department dedicated to managing this. Yet another reason I don't shop at WalMart.

Interesting. I'm pretty sure that at the end of the movie they did say that Walmart doesn't do it anymore.

Seems like a bad practice to me, not financially, but people-wise. People are suppose to be a company's most important asset, but it seems they're just a number to many of the big corps. Anything to make a buck.

It's very sound financial protection for a business; it's not personal. I bet you'd be surprised how many companies do it, and it's smart. Just like not allowing certain employees to travel together which is very common. It's mitigating risk.

[Common Sense Al]

It's mitigating risk.

It can also be making an employee worth more to the company dead than alive.

I like the comparison he made in the movie - "There's a reason it's illegal to take out fire insurance on YOUR house - because then I have a vested interest in your house burning down." or something like that.

[Papa B]

I They said WalMart is big on this, and has been doing it forever. Even has a department dedicated to managing this. Yet another reason I don't shop at WalMart.

Not sure I understand why this offends you. The life insurance is only taken out on a limited number of high level executives. If this is a reason for you not to shop at wal-mart, then I guess you keep your money in a mattress and don't borrow money from banks because banks and other financial institutions invest in these products. These tax shelter investments are commonly referred to as COLI (corporate-owned life insurance). It so common in the banking industry that they have their own acronym BOLI (bank-owned life insurance).

[Common Sense Al]

The life insurance is only taken out on a limited number of high level executives.

The person used as the example in the movie (for Walmart) was certainly not anywhere close to a high level executive. A bank employee also used as an example was considered to have a "mid-level" position.

[Papa B]

The life insurance is only taken out on a limited number of high level executives.

The person used as the example in the movie (for Walmart) was certainly not anywhere close to a high level executive. A bank employee also used as an example was considered to have a "mid-level" position.

Have not seen the movie so my comments are based on my personal observations but what ever the case maybe, what harm is it causing the employee? its not like the company has hired a "hit-man" so that company can collect the death benefit. If the company use these financial products to generate additional income and passes it along to shareholders, what is wrong with that. Buy the company stock so that you can benefit too - isn't that the spirit of capitalism?

[Common Sense Al]

Have not seen the movie so my comments are based on my personal observations but what ever the case maybe, what harm is it causing the employee? its not like the company has hired a "hit-man" so that company can collect the death benefit. If the company use these financial products to generate additional income and passes it along to shareholders, what is wrong with that. Buy the company stock so that you can benefit too - isn't that the spirit of capitalism?

I think you said it yourself... today's "spirit of capitalism" which often means anything (that you can get away with) for a buck, even making your employees more valuable dead than alive. Turning people's lives into numbers, statistics, and financial "games" in order to find new ways of making profits. You don't see the problem with that? One does have to value people more than money to see the problem, and that is probably the "root" of the problem.

I can see it now - at the head office:

Executive: "Our projections didn't work out and not enough people died. We lost money."
CEO: "That stinks. We'll have to note that in the shareholder report. The shareholders will be disappointed."
Executive: "Let's hope our death projections are exceeded for next quarter."
CEO: "Right, but present company excluded. Har Har."

[Papa B]

Have not seen the movie so my comments are based on my personal observations but what ever the case maybe, what harm is it causing the employee? its not like the company has hired a "hit-man" so that company can collect the death benefit. If the company use these financial products to generate additional income and passes it along to shareholders, what is wrong with that. Buy the company stock so that you can benefit too - isn't that the spirit of capitalism?

I think you said it yourself... today's "spirit of capitalism" which often means anything (that you can get away with) for a buck, even making your employees more valuable dead than alive. Turning people's lives into numbers, statistics, and financial "games" in order to find new ways of making profits. You don't see the problem with that? One does have to value people more than money to see the problem, and that is probably the "root" of the problem.

I can see it now - at the head office:

Executive: "Our projections didn't work out and not enough people died. We lost money."
CEO: "That stinks. We'll have to note that in the shareholder report. The shareholders will be disappointed."
Executive: "Let's hope our death projections are exceeded for next quarter."
CEO: "Right, but present company excluded. Har Har."

I had to look up the movie "Capitalism: A Love Story" to see what this is about. I did not have go much further when I realized its a Michael Moore film. Dont get me started on Michael Moore and how he bashes the country we live in. How do you think he got his money to produce his political views. I see no harm in this practice so your point of "what ever you can get away with" is not accurate. I do have issues with tobacco companies and companies that provide a harmful products. Please explain who is getting harmed with this practice? no one is being taken advantage of. What is the company getting away with?

To your play script between the CEO and Executive - how many times have you seen in the news that a company beat earnings because of the death benefit. So what are your views on life insurance companies - they hope people stay alive longer so that they collect more premiums before you die. But they are providing a service to a family that needs the benefit in case the breadwinner of the family dies. I am willing to accept a company profits so that my family will be taken care of financially when I pass on.

[Common Sense Al]

I had to look up the movie "Capitalism: A Love Story" to see what this is about. I did not have go much further when I realized its a Michael Moore film. Dont get me started on Michael Moore and how he bashes the country we live in.

So everyone who complains because they want to make the country better is bashing it and should just live with the way it is? Like Micheal Moore or not, he makes some good points. A lot of people have blinders on today... this country is in decline and has been for awhile now. If that is ever to be reversed, people have to wake up.

How do you think he got his money to produce his political views.

By selling a product. You don't really think he's against selling stuff, do you?

I see no harm in this practice so your point of "what ever you can get away with" is not accurate. I do have issues with tobacco companies and companies that provide a harmful products. Please explain who is getting harmed with this practice? no one is being taken advantage of. What is the company getting away with?

So you don't see the harm in treating people like objects & numbers, making them worth more to a company dead than alive? If you don't see the harm in that, then there's no point in trying to explain it.

To your play script between the CEO and Executive - how many times have you seen in the news that a company beat earnings because of the death benefit.

Because I haven't seen it in the news makes it OK?

So what are your views on life insurance companies - they hope people stay alive longer so that they collect more premiums before you die. But they are providing a service to a family that needs the benefit in case the breadwinner of the family dies. I am willing to accept a company profits so that my family will be taken care of financially when I pass on.

Life insurance companies providing life insurance for family security is for a good purpose. When a family buys life insurance, the beneficiary is typically the family, and you don't actually want the person to die... if you do want the person dead for financial profit, then it would be wrong.