Sunday, September 6, 2009
Die already if the obama administrations deathcare ends up killing you this way or by having you wait for needed treatments like they have to do in Canada well not to worry if Wall Street has its way you will be worth more dead then alive. You are wanted Dead or Alive to pay off the poison they pushed on the world with the credit default bombs they securitized. And now Dead? Have you heard about the plans Government Sachs and others have devised?
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 —
“We’re hoping to get a herd stampeding after the first offering,” said one investment banker not authorized to speak to the news media.
In the aftermath of the financial meltdown, exotic investments dreamed up by Wall Street got much of the blame. It was not just subprime mortgage securities but an array of products — credit-default swaps, structured investment vehicles, collateralized debt obligations — that proved far riskier than anticipated.
The debacle gave financial wizardry a bad name generally, but not on Wall Street. Even as Washington debates increased financial regulation, bankers are scurrying to concoct new products.
Morgan Stanley says at least $30 billion in residential re-remics have been done this year.
But if you live and your bones are not picked clean by Wall St. they will be by the obama administration.