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To: GraceZ who wrote (20853)	4/13/2000 11:45:00 PM
From: Ahda	Respond to of 29970

Grace at that time my daughter was picking up one of her degrees and working part time in a insurance company that sold annuities. They were heavy into utilities and reaped about 45 percent that year for their clients. I quite frankly don't know if they got screwed holding said much beyond that point. I just know what the returns were.

To: GraceZ who wrote (20853)	4/14/2000 2:19:00 AM
From: KailuaBoy	Read Replies (2) \| Respond to of 29970

Grace, OT I met my first full service broker when she gave me a cold call a month or so after the crash of 87. In '87 I was working for an insurance company. I went from road construction during the Summers in high school and college to cutting fish at the Slow Poke Fish Market to delivering beer to 300lb drunks in the Hawaii projects to security guard at a battered woman's shelter to bartender in Waikiki (best job I ever had) to a phone company and then on to the heart of the Great Casino. At the insurance company I was working for a Filipino man who was kicked out of the country by Marcos when his family was linked to a failed coup. He got filthy rich from selling life insurance where the premiums were paid by returns on investment dollars...called whole life policies. This guy had two target markets. First were the poor Filipinos who stumbled into his orbit. He would get them into his huge office in the sky and wouldn't let them go until he had talked, threatened and manipulated them into buying a policy from him with whatever money they said they had. These poor people would feel that they had no choice. Had something to do with the way 3rd world countries are set up. I don't know. Second were wealthy old people from around the Pacific Rim. They would buy these huge policies with yearly premiums upwards of $100,000. The way it would work is that he had them get their medical clearance from the wife of a buddy of his (who was also Ferdinan Marcos' doctor). She would give them a clear bill of health regardless of their actual health. They thought they were getting away with something but what they didn't know is that the proposals that he had me turning out were based on 12% annual returns. The company only guaranteed 8%. When I did the proposals at 8% the insurance premiums ate the returns and the policy collapsed in a few years. This poor lady came in one day and he put her through the grinder and she left with a premium that she couldn't pay for that would collapse even if she found a way to pay it. I was rich at the time on my 24k salary but I quit anyway. They thought they got the last laugh because they refused to pay me for the previous 30 days. I got the last laugh because I told them that if they tried to pay me I wouldn't take it. I used to wear a mouth guard because I would grind my teeth at night. I didn't need it after I quit. Kind of funny how abstract Philosophical situations sometimes make their way into our daily lives so that it becomes clear that you are at the decision point that matters. That's my recollection of '87. Business was booming and I jumped off the cart. KB