A Cheery Holiday Message from Bankster: Death Eaters on Wall Street

Reading about life settlement companies that have been prosecuted, it's the individual private citizen investors in those companies, in essence the real buyers of the policies, who are often individuals looking to get a better return on their retirement investments, who are being exploited. They have often been promised returns that are not sustainable.
As someone mentioned above, those with AIDS benefit greatly from life settlements. The industry was created in response to a need, back when the "AIDS cocktail" didn't exist. Life insurance policies now have clauses that allow 1/2 or more of the death benefit to be paid out to those with a terminal illness (without the insured losing ownership of the policy--the balance of the death benefit is still paid to the family/beneficiary), but life settlements generally are paid out earlier in the process of illness, or even to those who are not ill. The calculations are complex.
There is plenty to expose in those who are exploiting investors, some of whom have lost their life savings, and to bring bad acting life settlement companies to justice.
To paint a financial arrangment that is of benefit to those who need cash at end of life as a bad thing in and of itself seems to be a misunderstanding.
Is the author against car loans, mortgages and insurance in general? Financial products can be structured fairly or abusively. It's the abusive practices that need to be brought to light, and proper enforcement of regulations, or creation of new ones that is important.
I am sure most of the readers and supporters of this organization support credit unions and the idea of state owned banks.
Financial institutions need to be regulated. There are many laws on the books in states that regulate the life settlement industry.
Unfortunately, it seems that they have not been completely effective in getting rid of abuses.
So it goes with financial regulation. Rational discourse about these matters seems to be a good way to win the broadest base of support for the causes promoted here.
I join L Leslie above in asking what this organization believes about the monetization of life inherent in life insurance?

good post Mary!

This is but one example of predatory capitalism.

Of all the "developed" nations on planet earth- the USA has the highest death rate and morbidity rate because of its "free market" capitalist system- when I was growing up during the Cold War, we were brain-washed by our side into believing that communism was evil and capitalism was best. As 2011 approaches, it appears that capitalism has finally conquered the world. The moneyed elite of the world prosper, while the vast majority of the world's people are prey to these carrion eating vultures.

Don't you just love this FOXNEWS style of slanted reporting. Providing liquidity for legal, illiquid assets for willing sellers is in no way evil. Securitization of these assets provides a real reinsurance market service by mitigating real risks.

BTW, Goldman's decision had absolutely nothing to do with BanksterUSA. The reality is that proper securitization requires time and specialized expertise. The ramp up just took too long in an industry in the middle of a financial crisis of it's own. Besides the life settlements industry is too small and have overpaid for policies. So these "vultures" are losing money and these poor dying souls are living longer and making money. Reason enough.

This story's assertions and conclusions would make O'Reilly proud.