Why Sell an Annuity?

There are many reasons to sell a structured settlement annuity. The most common is when an individual needs money immediately. The payments made out of a settlement may be too small to cover medical expenses or other damages, making the settlement all but useless. Others tend to sell the annuities because they will simply take too long to pay out – an individual with a terminal health issue, for example, might not want to make use of a settlement that takes decades to pay out. Regardless of the circumstances, the selling of annuities is an incredibly common process. More individuals than you might think choose to quickly get a lump-sum payment rather than wait for a settlement to pay out.

Who Buys Annuities?

There are many companies that might qualify as buyers of structured settlements. These companies buy the settlements at a profit, taking the short term loss of paying clients to make a long term gain. These companies are often quite reputable, and their businesses are often backed up by many years of service. Working with these companies is often a very easy process, as years of experience has led to service processes that are simply faster than attempting to sell an annuity to another individual.

The Process

The process of selling a structured settlement is remarkably easy. One simply has to find a buyer of structured settlement annuity payments, and then the individual must allow that service to make an offer on the annuity. Different companies offer different rates, which may be related to many different factors. The offer will be made for the annuity, which the seller may accept or refuse at his or her leisure. If you choose to accept, the annuity will be transferred over to the company that has purchased it, and you will receive a lump-sum payment.

Whether you need money now to pay the bills or simply do not want to wait out a settlement, there are individuals that are willing to buy your structured settlement. So long as you are willing to work with a company with a good reputation, you should find that you can get the money you need in a timely manner.

Born on Feb. 12, 1931, in New York City, Junius Peake, known as “Jay”, attended Syracuse University but dropped out after only one year to start a career on Wall Street. His first job, begun in 1950, was at Garvin Bantel & Co.  Jay enjoyed recounting that one of his responsibilities there was changing the ink on the old TransLux tickertape machine.

Peake later joined Shields and Co., a Manhattan brokerage firm, where he became an early advocate of electronic securities trading. Before computers, every stock trade was initiated on the floor of a stock exchange using the “outcry” method.  Men shouted out bid and sell orders in the middle of a trading pit in the exchanges.  Then, once trades were made, settlement of the trades required the physical transfer of stock certificates and financial instruments by hand.  By the late 1960s, the volume of stock transactions had grown so large that the system of public outcry trading and paper settlement had become known as “the back office crisis”.

In 1975, the Securities and Exchange Commission called for an overhaul of the stock exchanges, and created the National Market Advisory Board to come up with a plan for modernizing them. Peake and two colleagues, Morris Mendelson, and R.T. Williams Jr., were invited to present a plan they had developed for a fully-computerized stock trading system called “The National Book System: An Electronically Assisted Auction Market”.  Their plan proposed a number of innovations familiar to modern traders, including universal access to trading systems, screen-based trading, and replacement of the old 1/8 share price system, with shares priced in decimals.

In 1981, Peake and a colleague from Merrill Lynch, Eugene M. Grummer, began work on the International Futures Exchange (Intex), the world’s first automated futures exchange. Launched in Bermuda in 1984, Intex was one of the first trading systems to make computerized trades instead of live floor trades.  Unfortunately, Intex was short-lived as a business, and Peake expressed disappointment in his memoirs that the system had not caught on. He was, however, proud of his role in demonstrating the concept of modern electronic trading systems.

In 1990, despite having no degree, Peake was appointed Professor of Finance at the Monfort College of Business at the University of Northern Colorado in Greeley, Colorado. He continued to teach there until his retirement in 2006.

Junius W. Peake is remembered as an innovator and pioneer in electronic trading systems, and will be greatly missed by his family, friends and colleagues. He is survived by his wife, Diane Ryerson Peake, and his two sons, Andrew and James.

Bancos en Panamá or banks in Panama number about 150, and these fall into a number of different categories. International License, or offshore, banks are set up specifically to do business with entities outside the country, while General License banks can operate domestic accounts but can do offshore business as well. There are also a smaller group of Panama-only banks. Most of these banks are private companies which compete for business, but the Banco Nacional de Panama is a government-owned bank.

Bancos de Panamá or Panama banks are among the most successful and stable in the world. An account with one of these banks is very desirable, but you cannot open an account if you are a tourist or just passing through. If you own or rent a home in the country you are able to do so, but there are many checks and balances. You have to have a bank reference from your home country and several other references both from home and locally. You must open your account with a bank transfer from your home bank, not with a cash deposit, to guard against money laundering.

As well as a bank account, it is also possible to set up a Financial Services Corporation in the country, giving you a license to engage in financial activities such as consultancy services. In addition, you can offer accounts receivable financing, or factoring. Through factoring Panama, you are able to purchase the accounts receivable of other businesses, and convert them to cash within a few weeks. As well as making a profit for you, it helps businesses with a cash flow problem to raise finance for their operating costs.

In addition to being a banking center, Panama is also on the way to becoming the e-commerce center of the region. E-commerce Panama is forging ahead, and their telecommunications infrastructure has made huge progress since the market was deregulated in 2003. Companies are setting up Network Operations Centers which benefit from the central geographical location of the country, plus the ample supply of submarine fiber-optic circuits, enabling interconnection to all parts of the globe. The country thus has no less than four international connections on fiber-optic high bandwidth link routes.

Panama is the location of the second largest banking center in the world, after Switzerland. Banco Panamá or Panama banking has a worldwide reputation for stability and trustworthiness, as well as being the most liberal and open banking system in the region. It is successful because the country is successful.

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