Archive | 6:35 pm

Revealed-Free Life Insurance for some IFDA members-YourFuneral Guy

7 Apr
What other IFDA PERKS will they discover?They just discovered our free IFDA life insurance policies.

What other IFDA PERKS will they discover?They just discovered our free IFDA life insurance policies.

Today it was revealed that IFDA members got free life insurance policies.  It is another piece of evidence that some who where involved in the  IFDA Preneed Trust fund paid themselves with a bunch of fancy perks.

It  is a word of warning for those who turn their money over to funeral directors for their final expenses. They might just spend it on themselves. As in the case of the IFDA Trust they can keep some of the money for themselves. According to the Chicago Tribune April 7th 2009 on the “IFDA Preneed Trust”

“Funeral directors could keep a cut of the interest earned on the accounts.

Who got the perks?  Were their other perks? Did IFDA leaders get free life insurance policies?

Did the Current NFDA(National Funeral Directors Association) Executive Secretary Randall L Earl get perks? He is not talking.

What was the funding vehicle or how/if  funds were transfered out of the trust were used to pay for the policies is not known. The likely candidate is  IFDA Services, INC.  Again from the Chicago Tribune.

“One type of policy used individual funeral directors as the insured. Schainker allegedly solicited funeral directors by offering them a free $25,000 life insurance policy that would be funded by the IFDA, the complaint said.

It’s not clear from the complaint whether consumer deposits were used to pay for the $25,000

Corruption at the IFDA started years ago.

Corruption at the IFDA started years ago.

policies.”
The secretary of state charges that the solicitation violated the state’s insurance laws and constitute illegal payments.”

Does this mean that the IFDA made Illegal Payments?

THE LESSON FOR THE CONSUMER IS DO NOT PREPAY YOUR FUNERAL TO THE FUNERAL DIRECTOR.

Funeral Industry|Funeral Costs Blog By Your Funeral Guy. Funeral Director, Illinois and Virginia.

Corruption Starts here pic from flickr

DottieboBottie’s photostream

To Washington Post-Funeral Directors Did get a Bailout-Your Funeral Guy

7 Apr
Washington Post said Funeral Directors asked for a Bailout. They did not, but they got one in Illinois anyway.

Washington Post said Funeral Directors asked for a Bailout. They did not, but they got one in Illinois anyway.

Contrary to what your recent article says funeral directors did get a bailout, but they did not ask for one as a recent article seems to say.

From the The Washington Post Article and Video entitled “FUNERAL BUSINESS FEELING SIX FEET UNDER. BAILOUT?”

“So funeral directors did what everybody else does: They asked for a federal bailout. “We recognized that there may be a situation where a lot of folks who were displaced or unemployed might need some help in paying for their funerals,” John Fitch Jr., lobbyist for the National Funeral Directors Association”

First Funeral Directors in the article did not ask for a bailout as your article states, NFDA officials were asking for “stimulus help” for indigent  funerals(people in tough times) in the states, a noble cause to say the least. I would like to know what government leaders opposed that one.

That is were my defense of the National Funeral Directors Association Stops.

The funeral folks who got the INDIRECT  bailout were in Illinois.(Where Else?). The leaders of the Illinois Funeral Directors Association (IFDA)got a bailout via Merrill Lynch and the Bank of America  through US Treasury Funds. Note -The IFDA Trust lost 59 million in an alleged Ponzi Scheme.

Indirectly the IFDA – the Illinois Funeral Directors Association- AND THE FUNERAL INDUSTRY got a bailout.

This happened when Merrill Lynch Bank and Trust  (MLBOT)picked up the management of the IFDA Preneed Trust Fund announced  November 2008. Merill  later got a 10 billion bailout from the US TREASURY in December 2008.

After that Merrill Lynch got a bailout(purchase) from Bank of America which received an unthinkable amount of Money from the US Treasury in 2008 and 2009.

If all that money would not have been transferred the IFDA may have gone bankrupt which  still could happen. anyway.

Problem is THE IFDA PRENEED TRUST is an alleged PONZI SCHEME. That is the fund that  was BAILED OUT.

FYI Senator Roland Burris and the NFDA Executive Secretary Randall L Earl are involved in this mess in a big way.

Funeral Industry| Funeral Costs Blog By Your Funeral Guy.

Sources: Your Funeral Guy’s Political and Funeral Industry Experience, The Washington Post Article and Video.  Washington Posts Pic from Flickr Creative Commons License from:

krossbow’s photostream

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