Banking is flourishing despite all the recent robberies—or maybe because of them? A theory being circulated in specific online forums claims banks are profiting from the insecurity around the city.
While this claim might seem ludicrous at first glance, it does make an odd sort of sense when looking at the numbers. So, how exactly does a bank make a profit from having their staff beaten and vaults emptied?
Insurance, obviously. It turns out that these banks all signed very generous insurance deals against things like fire, accidents, and all the regular things. But importantly to the topic at hand, also against armed robberies and theft. “Theft” in this case, seems to include having every dime stolen in broad daylight right under the nose of staff and security, allegedly with no one noticing. Which, in light of the most recent crime wave across the city of New York, is indeed fortuitous.
What’s raising eyebrows is an amendment to the said insurance contract, in which businesses are eligible for funds set aside for “psychiatric and emotional support for staff and physical location renovations”—the problem is that the funds “set aside” in that contract is apparently not very defined, meaning that these businesses can apply and get a rather sizeable purse of silver without any real demands to do anything. And if you’re getting several locations robbed, you might be in for quite the payday.
There are already multiple lawsuits between insurance companies and businesses trying to remedy these clauses and change contracts. But “too little, too late” says our political expert Mildred Yeough,” they should never have signed a contract if they weren’t willing to live with the consequences” – she adds, noting the irony of the insurance industry using that very argument when arguing with their irate customers for decades now.