C'punks, On Tue, 28 Jun 1994, Roy M. Silvernail wrote:
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In list.cypherpunks, tcmay@netcom.com writes:
Maybe, but the state has a wonderful scam of paying off a "5 million dollar jackpot" over 20 years; the true value (what the same deal would cost you to buy as an annuity) is less than $5 M, possibly much less. If private outfits did this, they'd be jailed.
Jailed? Publisher's Clearing House, American Family Puublishers and Reader's Digest have done this for years.
I don't think so. While they now engage in this questionable practice, I don't think they've been doing for more than 2-3 years. If I had to guess, I would think they only feel safe in doing so because the states have already established a legal precedent with their lotterys. They (the states) would be hard pressed to make a distinction between their annuity funded 20 year payoffs and those of Publisher's Clearing House. Thus the State's corruption taints the free market. S a n d y