Tuesday, July 20, 2004

Another case of corporations profiting from the war.



A six-month examination by The New York Times, drawing on military and court records and interviews with dozens of industry executives and servicemen and women, has found that several financial services companies or their agents are using questionable tactics on military bases to sell insurance and investments that may not fit the needs of people in uniform.



Insurance agents have made misleading pitches to "captive" audiences like the ones at Fort Benning. They have posed as counselors on veterans benefits and independent financial advisers. And they have solicited soldiers in their barracks or while they were on duty, violations of Defense Department regulations.



The Pentagon has been aware of practices like these since the Vietnam War; investigations have even cited specific companies and agents. But because of industry lobbying, Congressional pressure, weak enforcement and the Pentagon's ineffective oversight, almost no action has been taken to sanction those responsible or to better protect those who are vulnerable, The Times has found.



And the problem has only intensified since the beginning of the Iraq war, say military employees who monitor insurance agents. With the death toll rising in Iraq, interest in insurance among the troops has surged, making the war a selling opportunity for many agents, they said.



Looks like the military kind of forgot about supporting the troops - they'd rather help insurance companies exploit them.

First Command's paid advisory board, trumpeted on its Web site, includes several retired military luminaries, among them General Zinni, who calls himself an enthusiastic customer. "I even advised my son, who is a marine, to join" the company, he said in a recent interview. He said he was comfortable with the use the company had made of his affiliation. "It just lets their clients know that this is the type of people they have on their board," he said.



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