Long overdue, I finally got around to watching Michael Moore's latest documentary Capitalism: A Love Story last evening, having borrowed the disc from my local library. (Happily, not being a resident of Toronto, I don't at present have to worry about my branch closing.) While Moore is often criticized for the built-in biases of his films, his works, I think, are analogous to the pamphleteers of old, advocating for a particular goal or point of view. From the right-wing, such efforts are frequently viewed as subversive, while their constant propagandizing, of course, is different, mere earnest efforts to convey “THE TRUTH” (unregulated free markets good – regulation bad). But I digress.
While much of what the film covers wasn't new to me, as always, Moore puts a human face to the economic catastrophe that rocked the world in 2008, and helps us to connect emotionally to the personal tragedies that were the direct result of unregulated and unchecked greed. What was new to me, however, was the term 'dead peasant insurance', the ghoulish corporate practice of insuring the lives of employees, not for their families' benefit should they die, but to enhance corporate profits.
One example drawn from the film details how a 26-year-old young mother, employed by Walmart, died of an asthma attack, her demise yielding almost $90,000 to America's favorite superstore, while the widowed husband and father of their three young children struggled paying medical and funeral bills of over $100,000 for her unsuccessful treatment. No price rollback for him, unfortunately.
Another instance was of a bank benefitting to the tune of $1.5 million when one of its employees died, the widow, of course, having no knowledge of it and, of course, no offers of financial assistance from her late husband's employer.
I could go on with more of the grisly details of corporate greed and depredation the film covers, but I'll stop here and urge everyone to take a look at the film which is also available free online.
I was an executive in an insurance company for several years. The company had life insurance on each one of us, with the company as beneficiary. We were not allowed to opt out nor were we allowed to access the details of the policy or know the benefit amounts. And this was one of the "better" companies in terms of caring for its employees. So this is, indeed, common practice. But no fear - if you dropped dead, the company would send the obligatory fruit basket to your family.
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