Last edited Fri Nov 1, 2013, 01:22 PM - Edit history (1)
I'm posting this because it's the job of the electorate to be well-informed. Unlike sundials, I do not count only the sunny hours. I cast my first ballot in 1972. It was for George McGovern. I do not need to pass anyone's loyalty test.
In annuity deal tied to McAuliffe, 2 investors knew they bet on specific, dying people
http://www.washingtonpost.com/local/virginia-politics/in-annuity-deal-tied-to-mcauliffe-2-investors-knew-they-bet-on-specific-dying-people/2013/10/26/11456c1c-3c4b-11e3-b6a9-da62c264f40e_story.html
By Laura Vozzella
A dying mechanic wanted a few thousand dollars to leave to his wife, two sons and infant daughter. A politically connected millionaire, now running for Virginia governor, wanted to make some money. And a Rhode Island estate planner wanted to become ambassador to the Vatican. ... All three came together on paper in late 2006 in a deal struck just two months before the 44-year-old mechanic died of cancer. ... The mechanic got $5,000. The millionaire, Democrat Terry McAuliffe, made at least $47,000. But the estate planning lawyer, Joseph Caramadre, went to prison instead of Rome.
....
There is no indication that McAuliffe or other investors were aware that patients, recruited through hospices and a Catholic newspaper, were sometimes duped into participating. McAuliffe has called himself a “passive investor.”
But at least some investors knew that they were betting on the lives of specific, dying individuals, according to two of them — a former judge and a Hollywood producer.
“There was certainly full disclosure to my law firm when we chose to invest in this,” said Robert G. Flanders Jr., a former Rhode Island Supreme Court justice who, for a time, defended Caramadre in a civil suit that insurers brought against him.
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