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PPI was intended to insure customers against unforeseen events so debt repayments could be made, but was also "a meaningful source of income for banks' retail divisions".
The pitch was that while Capco would not insure customers against investment losses, it would compensate them if the firms failed.
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Unlike securities accounts, which insure customer money in the event of a bankruptcy, futures customers currently have no protection should their money go missing.
To insure customer loyalty for 999central, the company has "eight real live people who take orders and deal with problems over the phone," he said.
The hope in Washington, of course, is that an influx of tens of millions of newly insured customers will lure insurance companies to enter new markets.
They stand to gain tens of millions of newly insured customers who will be able to buy medicines.
Uninsured customers often pay twice as much for prescription drugs as do insured customers or people enrolled in discount plans sponsored by groups like AARP.
The drug industry overall had pledged to give $90 billion over 10 years toward the cost of the overhaul in return for gaining more than 30 million newly insured customers.
After all, in return for the prospect of tens of millions of newly insured customers and a large degree of regulatory certainty, the pharmaceutical industry had agreed to pay a relatively small price: $8 billion a year in discounts and fees.
The industry, by supporting President Obama's health care overhaul, capped its contribution at $90 billion over 10 years in return for the promise of up to 32 million newly insured customers starting in 2014.
Instead, as Mr. Madoff prepares to be sentenced in Federal District Court in Manhattan on Monday, they are rivals warring over who should get how much from the government-chartered agency that insures customers of failed brokerage firms.
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