Know Your Scumbag, Part 7

This is Dennis J. Manning, CEO of Guardian Life Insurance Company of America. I don't know what his salary is but I do know that his company paid out $723 million dollars in dividends in2008 on profits of $437 million, a rise of almost 50% over the previous year. The company currently has $4.3 billion in capital reserves.

I mention all this because one of their clients, a Mr. Ian Pearl (see below) is a victim of muscular dystrophy and requires a tube down his throat to breathe. Thanks to a business life insurance policy taken out from Mr. Manning's company Ian's family can afford the $1 million each year required for his care.

But it seems that $1 million a year is too much of a burden for Guardian's investors, and since they cannot legally cancel Mr. Pearl's policy individually they simply cancelled the entire line of insurance. No one knows exactly how many other policy holders got the shaft but for Mr. Pearl this is a death sentence.



For all the gory details of this story here.

=Lefty=