According to the New York Times...
Wall Street Pursues Profit in Bundles of Life Insurance
After the mortgage business imploded last year, Wall Street investment banks began searching for another big idea to make money. They think they may have found one.
The bankers plan to buy “life settlements,” life insurance policies that ill and elderly people sell for cash — $400,000 for a $1 million policy, say, depending on the life expectancy of the insured person. Then they plan to “securitize” these policies, in Wall Street jargon, by packaging hundreds or thousands together into bonds. They will then resell those bonds to investors, like big pension funds, who will receive the payouts when people with the insurance die.
Where is the Conservative Outrage? Where are the teabaggers complaining about bankers discussing end-of-life issues with their patients er, clients?
Is corporate greed so bad they need to dig into the grave now to achieve a profit?
And how have we let it get so bad that the elderly need to sell their policies at a significant loss in order to get by while they're still alive?
This blows, and the corporate zombies lining up to eat the profits of the dead need to be restrained and eliminated.