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Article: Andrew Jackson Life: how a private bank fell apart; Dan White sold insurance company in 1991. (includes related articles) (Company Profile)
- Article from:
- The Mississippi Business Journal
- Article date:
- February 24, 1992
- Author:
CopyrightCOPYRIGHT 1992 Venture Publications. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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For years, the Andrew Jackson Insurance Companies functioned like a private bank for J. Dan White. Courtesy of the company's 40,000 Mississippi policy holders, he was doing business with himself and making it pay.
The "junk bonds" widely reported to be in Andrew Jackson's portfolio weren't issued by some high risk-high return, high tech startup or leveraged buyout. Instead, they were bonds issued by White's myriad of finance companies and bought by Andrew Jackson.
The people who bought policies didn't know it but the millions that came in from their premiums went to buy millions of dollars of bonds issued by White's small, street-corner loan operations, like ...