by John Darer CLU ChFC CSSC RSP
Despite my challenge to ELNY Victims to provide proof and documentation of the sales pitch they received in the 1980s (marketing letters, notes, documentation of voicing concerns at point of sale, anything) and I have received nothing.
I have provided ELNY victims (the victims of others) with a means to accurately document history. What reason could there be for any ELNY victim to decline participation in the accurate recording of history?
While I have significant sympathy and empathy for the victims of ELNY who seek to uncover the truth and document an accurate historical record, my patience is diminishing for those few victims who seem intent only on obstructing progress and further disparaging the insurance industry, potentially due in part to their own poor decisions or those made on their behalf. I make this statement because it needs to be said.
Tha failure of certain ELNY victims to see the difference between the insurance regulatory environment, the economic environment and the interest rate environment of the 1980s and today is stunning, ignorant and it is not winning them any friends
It may even involve losing the ones they already have, like myself. This is not a typical instance of "blaming the victim." Genuine questions need to be addressed here. Yet, who among the ELNY victims has made an effort to answer them?
Please read my May 13, 2012 post "With All Due Respect to ELNY Annuity Victims-3 Warning Signs in 1983.
I am not inexperienced; I graduated from college and began my career in the insurance industry in 1983, during the peak of ELNY. I navigated the interest rate environment and contended with ELNY's exorbitant rates while selling life insurance, annuities, disability insurance, and other financial services for Northwestern Mutual Life in New York City.
In 1983 NML had the highest ratings from all of the major rating agencies. the 20 year actual paid dividend history was unequaled and in the relevant time frame of January 1983-1989 a Fortune magazine reputation survey had rated it the most respected life insurer in America.
Except for low prices or projected high yields (backed by junk bonds) what did ELNY have to compete against the mighty Northwestern Mutual, or companies like it such as The Guardian Life, MassMutual and New York Life? Nothing, and that's nothing with "lotsa cream and lotsa sugar" on top!
If you are an ELNY Victim and have the ability, despite what has happened, to channel your anger, sadness or otherwise negative energy into something constructive, please contact me. I want to do a podcast series and interview a select group of ELNY victims in the next 21-30 days.
I want to do something that the mainstream press has not done. I am seeking out ELNY Victims who have full documentation about their settlements and the circumstances that led to the placement of 100% of their funds in an ELNY annuity.
If you are interested in participating please send me a letter or email with your contact informatoin and a brief written synopsis of what you have. It could be one of the best chances you have to have your voice heard.The interviewees will be selected from the responses. Absolutely no anonymous responses will be considered.
Whether or not the statute of limitations on prosecution of claims has run its course, you can still tell your story. But it must be accurately recorded for history.
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