Retirement Funding – Win Win Lose http://winwinlose.net/ Sat, 09 Oct 2021 09:00:20 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://winwinlose.net/wp-content/uploads/2021/06/icon-9.png Retirement Funding – Win Win Lose http://winwinlose.net/ 32 32 Lifestyles of the Rich and Gullible: Theranos and Ozy Edition https://winwinlose.net/lifestyles-of-the-rich-and-gullible-theranos-and-ozy-edition/ https://winwinlose.net/lifestyles-of-the-rich-and-gullible-theranos-and-ozy-edition/#respond Sat, 09 Oct 2021 09:00:20 +0000 https://winwinlose.net/lifestyles-of-the-rich-and-gullible-theranos-and-ozy-edition/ Not so long ago we lived through the 1 percent vicariously when we saw “Lifestyles of the Rich and Famous” or “Cribs”. Now we are obsessed with the details of how they were fooled. In San Jose, California, where Ms. Holmes was tried last month, several book clubs reading Bad Blood, which chronicles the fall […]]]>

Not so long ago we lived through the 1 percent vicariously when we saw “Lifestyles of the Rich and Famous” or “Cribs”. Now we are obsessed with the details of how they were fooled. In San Jose, California, where Ms. Holmes was tried last month, several book clubs reading Bad Blood, which chronicles the fall of Theranos, have made pilgrimages to glimpse her in the courtroom. One avid participant told me she was “a fan of white-collar crime”.

The bubbling zeal for Grift reflects the rise of the “Murderinos” or fans of true murder stories. We feel relieved that we are not the victim. Few of us are likely to lose millions – or hundreds of millions – on a seedy start-up bet.

“Mental distance enables us to laugh at things that we would be ashamed, embarrassed, or hurt about if they happened to us,” says Peter Atwater, associate professor at the College of William & Mary who studies trust in decision-making . “After all, some rich have been deceived just as much as we, the poor.”

For so-called fans of white-collar crime, the start-up scam can offer a growing bounty to feast on. There’s the latest revelation that an Ozy manager impersonated a YouTube representative when he called Goldman Sachs to try to secure an investment. There’s the fake bills Manish Lachwani used to inflate the revenue of HeadSpin, the software company he founded, to raise $ 60 million in funding, according to a recent indictment. (HeadSpin said it returned funds and worked with investigators.) There are the fraudulent claims for insurance reimbursement at uBiome, the poop testing start-up whose founders, officials said, misled investors about their business to raise $ 65 million, leading prosecutors to indict them with more than 40 fraud cases in February. There are the private investigators and legal bullying tactics that Theranos used to intimidate whistleblowers, according to recent court statements.

They follow a formula that is as old as “The Music Man”. A charismatic founder sees himself as a visionary disruptor. Ms. Holmes said Theranos blood analyzers could quickly and inexpensively provide hundreds of medical tests from a single drop of blood. That promise appealed to people like General James Mattis, who said he saw the potential to save lives on the battlefield, or Steve Burd, the former CEO of Safeway, who said the vending machines in stores are opening an exciting new line of products would shop for the grocery chain.

Once a wealthy person buys their way, the founder can use that benefactor’s credibility to garner a stall of increasingly powerful supporters. In the case of Theranos, George Shultz, the former Secretary of State, introduced Ms. Holmes to his friends at the Hoover Institution, including Henry Kissinger and Mr. Mattis. Everyone assumes that the first investor asked all the tough questions. Further explorations are dismissed as a trade secret.

The claims can be flimsy. Theranos expected 2015 sales of $ 990 million. The reality, as it became known in court, was closer to zero. Ozy Media claimed to have written the first stories about influential people like Trevor Noah and Alexandria Ocasio-Cortez. It didn’t have. Jessica Richman, a co-founder of uBiome, told reporters she qualified for the “under 30” and “under 40” lists. According to the charges, she was over 40 years old. According to “The Cult of We,” a book about the company, Mr. Neumann promised that WeLive, WeWork’s apartment side project, will generate $ 600 million in sales by 2018. It was never expanded beyond two buildings with a few hundred units.


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MetLife (MET) assumes post-retirement life insurance liabilities for 8,000 Avaya retirees https://winwinlose.net/metlife-met-assumes-post-retirement-life-insurance-liabilities-for-8000-avaya-retirees/ https://winwinlose.net/metlife-met-assumes-post-retirement-life-insurance-liabilities-for-8000-avaya-retirees/#respond Thu, 07 Oct 2021 13:05:23 +0000 https://winwinlose.net/metlife-met-assumes-post-retirement-life-insurance-liabilities-for-8000-avaya-retirees/ Get instant notifications when there is news about your stocks. Request your weeklong free trial to StreetInsider Premium Here. MetLife, Inc. (NYSE: MET) today announced that its subsidiary Metropolitan Life Insurance Company has entered into an agreement in the first quarter of 2021 to reduce responsibility for approximately $ 190 million of Avaya’s post-retirement life […]]]>

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MetLife, Inc. (NYSE: MET) today announced that its subsidiary Metropolitan Life Insurance Company has entered into an agreement in the first quarter of 2021 to reduce responsibility for approximately $ 190 million of Avaya’s post-retirement life insurance obligations for approximately 8,000 retirees to take over.

Using the existing plan assets, Avaya acquired through its Post Retirement Life Insurance Benefits Trusts from the Metropolitan Life Insurance Company life insurance repurchase agreements for retirees to protect eligible retirees. The buyout transaction will not change the life insurance benefits for Avaya retirees and their beneficiaries. With the transaction, Metropolitan Life Insurance Company, rather than Avaya, will be responsible for life insurance costs, benefit payments and accounting. Retirees or beneficiaries do not have to do anything. Avaya and MetLife have provided additional information to insured retirees whose benefits are paid for by the Metropolitan Life Insurance Company.

“With this transaction, we look forward to continuing our long-term relationship with Avaya and providing security to their retirees,” said Jay Wang, senior vice president and head of Risk Solutions for MetLife’s Retirement & Income Solutions division. “MetLife is a leader in providing life insurance and buyout solutions for retirees. By assuming these retiree life insurance obligations, we will help Avaya reduce its financial liabilities while ensuring these benefits for retirees and beneficiaries. “

MetLife has provided retirement life insurance financing solutions through its subsidiary Metropolitan Life Insurance Company for more than 60 years and is a market leader in retirement and benefits solutions.

Avaya was advised on the transaction by the SageView Advisory Group.


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Pensioners shout for failure to pay five years old-age pension | The Guardian Nigeria News https://winwinlose.net/pensioners-shout-for-failure-to-pay-five-years-old-age-pension-the-guardian-nigeria-news/ https://winwinlose.net/pensioners-shout-for-failure-to-pay-five-years-old-age-pension-the-guardian-nigeria-news/#respond Thu, 07 Oct 2021 02:21:00 +0000 https://winwinlose.net/pensioners-shout-for-failure-to-pay-five-years-old-age-pension-the-guardian-nigeria-news/ Discomfort caused by the non-payment of pension and death grants, which has been inactive since 2016 In Kano, a concerned group of pensioners has appealed to the state government to clarify their claims. The group, under the auspices of Kano State Pensioners Unity, also raised concerns about the state government’s failure to transfer their statutory […]]]>

Discomfort caused by the non-payment of pension and death grants, which has been inactive since 2016 In Kano, a concerned group of pensioners has appealed to the state government to clarify their claims.

The group, under the auspices of Kano State Pensioners Unity, also raised concerns about the state government’s failure to transfer their statutory contributions and those of employees to pension fund trustees as another critical challenge for pension management in the state.

Based on a stakeholder meeting held to clarify the plight of retirees, the group claimed the trustee is currently insolvent and may find it difficult to meet billions of naira outstanding benefits.

In a communique signed by a nine-member committee chaired by Umar Farouk Ibrahim, the group said: “The state pension fund, which was financially solvent at the start, is so exhausted due to insufficient funding and management that the body could be designated insolvent except for the few assets in their possession that unfortunately cannot meet their outstanding obligations.

“Settlement of retirement and death benefits for those who left the service or died since 2016 has been suspended, so these unpaid entitlements continue to accumulate in the billions of naira.

“That the Kano state government has been underpaid retirees for months because of tight financial resources. This measure has further increased the financial pressure on retirees whose income, even with full pay, is insufficient to meet their diverse needs in the current economic climate. “

The Group therefore urged the Pension Trust Fund to begin periodically issuing reports on its activities, particularly financial liabilities, as required by law.

The group also wants the governing body of pensioners’ unions to set up a revolving microcredit fund, as well as an emergency and welfare fund, to support those in need and families of pensioners in need.


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this is about everyone’s business … https://winwinlose.net/this-is-about-everyones-business/ https://winwinlose.net/this-is-about-everyones-business/#respond Wed, 06 Oct 2021 13:46:56 +0000 https://winwinlose.net/this-is-about-everyones-business/ People are queuing for a social allowance. The Green Paper on Comprehensive Social Security and Retirement Reforms would abolish means testing of the old-age allowance and create a national contributory pension fund. (Archive photo: Masixole Feni) The Green Paper on Comprehensive Social Security and Pension Reforms, published last month by the Ministry of Social Development […]]]>