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HUFFPOST SUPER USER
mram50
05:16 PM on 09/06/2009
Maybe this is cooked up some someone can write another conspiracy theory book. Better yet the repubkes are cooking this up as an attack on the democrats.
"See? THEY set it up so Wall St can have you killed for your life insurance policy and the PRESIDENT signed it into law!" even IF the president had nothing whatever to do with it.
Unless congress wants to be all R's they had better act to put an end to the already madness.
06:16 PM on 09/06/2009
Yeah,right! Conspirocies don't exist. Gunmen shooting presidents ALWAYS act alone. Our government never lied us into a war let alone two of them with in one generation. Our government loves us and wants live long and prosper. And if people start dying earlier than the odd would dictate, that's just another Kool Aide drinker's coinicidence.
04:51 PM on 09/06/2009
We are all doomed is we let this filth continue.
dessertsfirst
because life is too short!!
04:43 PM on 09/06/2009
Wow!!
Wall Street bankers have found a new goose laying golden eggs... the "yolk" is on us, as usual. The banks get the gravy. There is always a ripple effect... I wonder how long it will take for the insurance companies to raise their premiums to cover the bucks they will now have to pay out?

Still, for those who are in dire straits, currently, who in their right mind would pass up such a scheme?

You can't blame them.

Problem is, the banks already have more bucks than they know what to do w/... if you don't think so, just take a look at the interests that banks are paying for money market accounts, and bank CDs and T bills. In our area, none of them are paying even 2%. It's cr!m!nal!!!
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Aikaterina
A Greek-American living in California
04:15 PM on 09/06/2009
The ghouls are at it again. First they preyed upon home buyers, which cost millions their homes, and now they're going to prey upon the ill and elderly.

Those imaginery "Death Panels" Palin, Grassley and other nut-cases have been scaring folks with will become "Death Squads," sending hit-men out to kill Granny if she lives longer than is profitable for them.

No wonder the insurers are against health care reform. They scam us while we're living, denying us medical treatment, so we'll die sooner and they can profit again when we all die sooner. These same folks will be insuring the investments in death bonds, and we'll either be killed off, or forced into another bail-out if we don't die.

Totally sick and perverse!
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ideasmatter
Knowledge is free
04:14 PM on 09/06/2009
This is truly evil. Only truly immoral people working in a completely amoral environment could come up with this. If this is allowed the Obama team better pack their bags.
04:02 PM on 09/06/2009
NYT captures the crisis facing America. Citizens' lives vs. big money. The intersection of corporate and institutional investor interests that immorally and *unsustainably* feeds off of the economic iniquities of present day America. Fixing economic injustices literally means these "market" participants receive a low return. "The earlier the policyholder dies, the bigger the return — though if people live longer than expected, investors could get poor returns or even lose money." So one can grasp the obstacles to healthcare and Wall Street reform.

The article also illustrates the fundamental shambles of the American economy. Wall Street bottom feeders securitzing people's desperation and health. This kind of "innovation" is a sure symptom of an economy that is bankrupt and a nation so under seige that expectation of common social values cannot be afforded.
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HUFFPOST SUPER USER
Lavafalls
In search of the unmoderated thread
03:50 PM on 09/06/2009
Just like there are requirements to have an interest in the insured in order to buy a policy on them, there should be requirements that anyone who buys an existing policy have a vested interest in the insured.

This only bleeds billions of dollars out of our already anemic economy.
03:15 PM on 09/06/2009
This has been going on for years. Nothing new here.....
03:29 PM on 09/06/2009
Buzzards have been around for years too...doesn't make watching them do their jobs any more pleasant.
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HUFFPOST SUPER USER
Lavafalls
In search of the unmoderated thread
03:41 PM on 09/06/2009
buzzards actually do a needed job in the world.
Wallstreeters are parasites that add no value.
02:54 PM on 09/06/2009
"The earlier the policyholder dies, the bigger the return — though if people live longer than expected, investors could get poor returns or even lose money.

Either way, Wall Street would profit by pocketing sizable fees for creating the bonds, reselling them and subsequently trading them. But some who have studied life settlements warn that insurers might have to raise premiums in the short term if they end up having to pay out more death claims than they had anticipated.

The idea is still in the planning stages. But already “our phones have been ringing off the hook with inquiries,” says Kathleen Tillwitz, a senior vice president at DBRS, which gives risk ratings to investments and is reviewing nine proposals for life-insurance securitizations from private investors and financial firms, including Credit Suisse."

Anybody who reads this and still thinks they have "4 years" for real change...
Sadly mistaken. FDR and Truman were Presidents of a country that had a manufacturing base and didn't have the wide income disparities that are happening now. You don't have 4, 10 or 20 years this time.

TickTock. It's Wall Street or you.
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HUFFPOST SUPER USER
Manhattanite
02:49 PM on 09/06/2009
I bet Moody's, S&P, and Fitch are already lining up to stamp "AAA" on this new variation of smoke and mirrors.

Meanwhile, if this takes off -- and it will because investors are chasing yields -- expect your life insurance premiums to rise as life insurance companies will have to pay out more and earlier than anticipated. Expect some life insurance businesses to go belly-up -- and be bailed out -- as they are caught by surprise by bond redemptions and have not reserved adequately against this eventuality. This scheme has all the makings of the next nightmare scenario.

Once again, the regulators are snoring at the helm. Wake up, Geithner and Summers!

Plus ça change, etc…
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HUFFPOST SUPER USER
roninroshi
02:27 PM on 09/06/2009
Thomas Jefferson... "I sincerely believe, with you, that banking establishments are more dangerous than standing armies; and that the principle of spending money to be paid by posterity, under the name of funding, is but swindling futurity on a large scale."
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HUFFPOST SUPER USER
deneufeldt
For the 99%
02:43 PM on 09/06/2009
Banks cannot just buy your policy. No one can just buy your policy. A Life Expectancy policy is bought by the consumer. The consumer needs an attorney to do this since a Trust needs to be established. It can cost $15,000 to set one up. This is something the very wealthy do not your average middle class person. This has been going on for years,

Also, If I have to say it again I will scream. This has nothing to do with Health Insurance Reform, Obama, Death Panels, the Government or what the banks did in Housing. People stop getting your underwear all tied up in knots before you know what your talking about.
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OB-GYN
To Your Health, America. Live Long and Prosper!
04:47 PM on 09/06/2009
I don't believe the NYT article is referring to a Life Expectancy Policy. I'm under the impression the proprosed pray is on the Plain Jane Life Insurance Policy, some of which are life long, other's time limited to say 20 years. This makes the sick person with a new 20 year policy, or an old person with a long term policy the types on whom such maneuvers are made.

I'm not sure though. I do agree that lawyers who put life insurance policies into individual's trusts charge thousands to do it. Way beyond the average persons reach.
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Sinister Minister
There's no way out of here alive.
02:27 PM on 09/06/2009
Great idea. The bankers make money off your sweat your whole life, now they get richer off of your death too. This must make them very happy. Considering there is no way out of here alive this should be an unending source of revenue resulting in even bigger bonuses. But why stop at buy outs. After they defeat any form of health care reform, why not just make it legal to create and bundle policies on the uninsured. They will be rolling in money. Aint Amerika Great.
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HUFFPOST SUPER USER
deneufeldt
For the 99%
02:44 PM on 09/06/2009
No, the policyowner gets a big payday before they die.
03:26 PM on 09/06/2009
So it's actually the next generation and your beneficiaries that they're leaving with nothing.
02:24 PM on 09/06/2009
There goes the 24T$ the Bankster extorted from TARP...
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01:37 PM on 09/06/2009
Perfect investment for the health insurance industry.
Buy the policy, deny the services, quick turn around on investment.
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HUFFPOST SUPER USER
lyingtruth
A lie is something a voter can believe in!
02:16 PM on 09/06/2009
I''ll sell you my burial policy. It includes a very fine Italian urn that's blessed by Bill Maher!
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HUFFPOST SUPER USER
deneufeldt
For the 99%
02:44 PM on 09/06/2009
They would not buy it - They are not interested in small face amounts
01:36 PM on 09/06/2009
For many years now, I have never trusted Bankers, Lawyers, & Horse thieves. I am now having second thoughts about the latter. My apologies to them.