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4structures.com LLC established the structured settlement blog in 2005 and for over 16 years it has been a leading source for critical commentary. The John Darer authored blog has been among the most prolific, regularly providing fresh structured settlement, settlement planning and litigation recovery management content and commentary. John Darer®, CLU ChFC MSSC CeFT® RSP CLTC, President of Stamford, CT based 4structures.com, LLC, is an experienced New York City area structured settlement expert, structured settlement broker, Certified Financial Transitionist, and Registered Settlement Planner.
In his capacity as a journalist, and professionally, Darer passionately believes that exposing a business practice is both healthy and newsworthy. It is in the best interest of tort victims, their families and their legal advisers, that the settlement planning discussion involve those that are properly trained in the topic, properly informed on the topic and, with respect to structured settlements, properly licensed and/or appointed). It has significant instructional and deterrent value to other practitioners and firms as well as those who may be caught in the cross hairs.
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Jennifer, thank you for your comment. The topic of the post is "Why People Take Structured Settlements: Safety and Guarantees". There is nothing ironic about it.
But I hear you Jennifer. As you know I was one of the first and the most prolific writers about ELNY situation. I have been outspoken in my support for the plight of you and others. I have asked questions that others did not want asked. However, without minimizing your plight and that of the others the ELNY situation is a one-off. The series of events that gave rise to ELNY are unlikely to ever happen again (blue moon high interest rates used in projections beyond bond durations) due to interim regulation. There was no structured settlement industry watchdog like me in 1981. The Internet as we know it today did not exist in the early 1980s and thus the speed in which information travels has vastly improved. On April 18-19 1775 Paul Revere had to ride a horse to dispense the news that the British were coming, when he'd just have to Tweet about it today. If this was happening in 2012,I and others would be on the air waves asking questions. Moreover, I did not place any ELNY business. EVER!
That being said, new structured settlement annuitants need to be properly educated. To the extent that their attorneys bring in a consultant,or the plaintiffs do their own research on the Internet, they are. The New York Structured Settlement Protection Act requires certain mandatory disclosures and now most plaintiffs have structured settlement experts or settlement planners.
Having all your eggs in one basket is not a good strategy for any type of investment. To the extent that structured settlements are used, it may make sense for new annuitants to diversify by using more than one annuity issuer and/or using a Treasury bond structure.
Posted by: John Darer | May 07, 2012 at 01:54 PM
Mr. Darer,
As a current ELNY shortfall victim, I duly take note that you do not speak of this situation in your sale of structured settlements. I find your clip quite ironic in light of the ELNY situation. What is the structured settlement's stance on ELNY? What safeguards are in place to confidently offer "safety, security, and guarantee" to those in the market for new structured settlements? "Safety, security, and guarantee" are not in the cards for myself and 1500 others.
Posted by: Jennifer | May 07, 2012 at 12:54 PM