Mormon Whistleblower Exposed $600,000,000 Unlawful Bailout From Church Tithing Funds.
Beneficial Life Lost $600,000,000 from Insuring Derivative Bets on Mortgages.
A Blind man could see that the Sub-Prime Mortgage Market was going to Collapse. Yet, Beneficial Life decided to Hedge a bet it wouldn’t, to the Tune of $600,000,000. In other words. The Insured Party was able to collect $600,000, 000 from Beneficial Life it appears, for covering his or her bet. The secret to Derivatives, and Insuring them, is you don’t have to even own the underlying security to buy Insurance Against it in its entirety. You Just pay a relatively small Premium and walk away with a massive amount of money when the asset tanks.
Its called theft in the real world. Its a way to plunder Insurance Companies, Pension Plans and any other Pool of Money where you have control the Management Team.
In this case, we need to ask the individual who represented Beneficial Life in this one-sided transaction.