Jeff and I saw
Capitalism: a Love Story last night. Because seeing a film in the theater is a true luxury, Jeff and I go to see maybe one or two movies a year, and usually among them is a Michael Moore movie. I really enjoy his films because they make me think and feel, plus I learn something, even if I don't agree with every point of view he presents. One thing about him is that he's always prepared for challenges to facts presented in his films, so he diligently
backs them up on his website.
Capitalism: a Love Story did not disappoint; in fact I felt it was one of his best works to date. This one was not as over-the-top antics as the others, which I felt complemented the subject matter of the film. I walked out of the theater with what I call that "post Michael Moore movie feeling:" enlightened, inspired, angry, annoyed, sad, energized and hopeless all at once. I am so sad at what has happened to our culture and values. (What ever happened to FDR's
Second Bill of Rights, anyway?) I feel I am fighting capitalism every day in the goal of a return of democracy. The stories in this film were amazing: people losing their homes and then being paid $1000 to clean up the property for the bank, pilots taking on second jobs because they are on food stamps, the evil and greed of Wall Street and the banks. It's unpleasant, but I believe important to investigate.
One of the most memorable topics of this film included stories about
"dead peasant" or "janitors" insurance policies (called
COLI: Corporate-Owned Life Insurance.) This is a sick practice where corporations (usually large ones) purchase life insurance policies on millions of front line employees, almost always without their knowledge. If an employee dies, the company collects on the policies, even if the employee no longer works for the company. It gives the phrase "worked to death" a whole new meaning.
The film chronicled the stories of two families who were left in financial stress with medical bills and funeral costs, while the companies for whom their deceased beloveds worked collected millions of dollars. One woman was a
former cake decorator at
Wal-Mart, the other subject was a man who worked at a bank and died from cancer.
While I've never heard of this practice before, apparently it's been in the news for
years. Companies who participate in this morbid and unforgivable practice are Disney (for whom I worked for nearly 5 years and of which I am a stock holder,)
Wal-Mart, AT&T, Dow Chemical, Nestle USA, Procter & Gamble,
Panera Bread and many
others who are likely offenders. The companies justify this by saying they are just insuring assets; if this is the case, then why are former employees still insured and why would they collect from the death of an employee who no longer was "an asset?" This makes my stomach turn.
It is my understanding that in 2006, a
law was passed that requires companies to inform you if they take out insurance policies on you in which they are the beneficiary. However, I am not able to find documentation on this. Even if it is true, my hunch is that it doesn't impact policies already in place. It leaves me wondering if Disney and other companies for whom I've worked have policies on my head they are waiting to cash out.
So, what can be done about this?
- Write local elected officials on this matter and let them know I think it's sick and the practice should be abolished.
- Make a few calls to former employers on this matter to determine if I am named in a COLI policy. (I will post any information on how to remove myself from any open policies they may have on me.)
- Tell as many people about COLI as possible is a great way to generate awareness of this appalling practice. (Check - posted on blog.)
- If it angers you enough, sell your stock and boycott companies that put COLI policies on their employees. I think it's important to write to them and tell them why you are boycotting them and how much business they can expect to lose from you and all of your family members as a result of the boycott. They need to know why so they can either react or just do nothing; but at least they know why.