Wall Street's new plan: "Die quickly and we make money."

What kind of kooky kapers and madcap hijinks will our loveable friends on Wall Street come up with next?

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.

The earlier the policyholder dies, the bigger the return.

More at source:
www.cnbc.com...



[edit on 9/7/09 by silent thunder]

I dont like the sound of this..supopse yuor old, not doing well, but later on, spring back* and have now sold your life insurance to the fed? you aint gettin it back...my grandmother used to tell me, years ago, in my teens, dont ever let anyone mes or take yuor life insurabce EVER..its one of the most important things in yuor life you are going to need ever.

I hope I don't die anytime soon! That "plan" is pure evil.