Banks especially fond of insurance for dead employees
Others have previously pointed this out, seems they were on to something
Because company-owned life insurance offers employers generous tax breaks, the market is enormous; hundreds of corporations have taken out policies on thousands of employees. Banks are especially fond of the practice.
But the banks are major players in this somewhat ethically challenged ‘investment vehicle’…
Bank of America’s policies have a cash surrender value of at least $17.6 billion.
If Wells Fargo had to redeem its policies tomorrow, it would reap at least $12.7 billion.
JPMorgan Chase would collect at least $5 billion, according to filings with the Federal Financial Institutions Examination Council.