BUSINESS

Wall Street Gambles Again: Bankers To Buy Up Life Insurance Policies Of Ill And Elderly

10/21/2009 05:12 am ET | Updated May 25, 2011

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.

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