In this video from the Senate floor, Sen. Elizabeth Warren (D-Mass) shames and embarrasses the president of Primerica, Peter Schneider, for the predatory and exploitative practices his company uses to pillage the retirement funds of thousands of American seniors.
Invited by Senate Republicans to testify against a bill that would protect our elderly from the likes of avaricious bandits like Schneider, who pretend to be defenders of the working class but are really just extortion artists who cheat American taxpayers out of an estimated $17 billion dollars a year. Posing as investment managers, they convince people to take their retirement funds out of government-protected accounts and used to play risky gambling games which far too often leave the consumer with nothing.
Warren, a longtime champion of consumer rights, wants to make these awful practices illegal, and rips Schneider for his attempts to insulate his company from blame. “Mr. Schneider, I just want to understand your company’s advice in these cases. Do you believe that people like these firefighters from Florida who are near retirement and have secure pensions with guaranteed monthly payments should move their money into riskier assets with no guarantees, just before they retire?”
Schneider presents a ridiculous defense that insinuates that the 238 people who are suing Primerica over their poor financial advice were “weeks away from dying,” which somehow made it acceptable to lie to them in order to make millions off of their retirement accounts. Warren regretfully accepts that yes, it was legal, but demands an answer whether or not it was right- which Schneider is incapable of doing.
It will come as no surprise that Primerica and Schneider are huge GOP donors, dropping $200,000 in the last election cycle.
Watch it here:
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Opinion columnist and former editor-in-chief of Occupy Democrats. He graduated from Bennington College with a Bachelor's degree in history and political science. He now focuses on advancing the cause of social justice and equality in America.