By John Darer CLU ChFC CSSC RSP
The Executive Life Insurance Company of New York liquidation is a financial catastrophe for over 1,000 annuitants whose entire financial futures were placed with the shipwrecked insurer. in 2013, 25-30 years after they were placed into these annuities, they are facing shortfalls. Despite the fact that diversification is prudent and the expression ” don’t put all your eggs in one basket” had been in operation for almost 200 years, finanical planners, lawyers, judges, structured settlement brokers, plaintiffs or guardians, in whatever combination or capacity, failed to follow the timeless fundamental financial adage.
In an effort to assure that history is not rewritten and that structured settlements are not unfairly mischaracterized by ELNY victims or the media and, in an effort to educate others and to help prevent the same mistakes by financial planners, lawyers, judges, structured settlement brokers, annuitants or guardians, in whatever combination or capacity in the future we present an ongoing digest of contemporaneous commentary.
If only there were a structured settlement watchdog in the 1980s, not “lap dogs”
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