11/22/2009 05:12 am ET Updated Dec 06, 2017

Death Bonds: Watch Big Banks Make a Killing (Literally)

You'd think some profiteering schemes are too sick even for Wall Street. But think again.

Wall Street is hoping that health care reform fails so not only will insurance company profits and salaries rise but big banks can get in on the business. Goldman Sachs and other bailed out banks are putting big bucks into death bonds. When their last sub-prime mortgage scam went bust, we lost our houses. This time, we'll lose our lives.

If insurance companies get their way and the quality of American health care continues to decline, the value of "death bonds" --- life insurance policies bought from the sick and elderly that increase in value the sooner the policyholders die --- will skyrocket. It's not sick enough that private health insurance CEOs are making millions by putting profits before patients, cutting care and denying claims left and right. Now Wall Street wants in on the scam.

Check out this video where I take to Wall Street to ask executives and average folks what they think about this latest gruesome scheme from the big banks.

And please sign the petition to tell Goldman Sachs to stop selling death bonds. Goldman Sachs took $10 billion of our taxpayer money in bailouts and paid out $11 billion dollars in bonuses just a few months later. And now they're using our taxpayer money to bet that more Americans will die. This is the kind of raw, sick profiteering that we must put an end to.

Goldman Sachs CEO Lloyd Blankfein said in a speech on September 9, 2009: "As an industry, we need to do a better job of understanding when incentives begin to work against the public interest rather than for it and take action to redress the balance." If selling death bonds and betting on a bigger profit the more Americans die isn't against the public interest, I don't know what is.

Please join me in telling Goldman Sachs: Death to Death Bonds! And spread the word about this unconscionably evil scheme.