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Sun Feb 12, 2012, 03:23 PM

Ever Wonder WHY The Banksters Mitt Romney Represents Want Your Mom To Die? [View all]

No, they do not have billions of dollars invested in Coffins R Us. At least, I don’t think they do. Not yet.

First, a pop quiz. When bundled mortgages turned to liquid shit in 2008, investors were desperate to find something to sell the suckers----uh hum, excuse me, their clients. What did they sell?

If you answered ”Their souls” you are wrong. They sold those years ago. In 2009, they decided to start selling investors death. As in the early death of your Mom and Dad.

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.

http://www.nytimes.com/2009/09/06/business/06insurance.html

Oh my! Betting on death! What a great idea? Death, unlike rising real estate value, is inevitable. What could possibly go wrong with a scheme like that? From the NYT link above:

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.


What is your worst enemy if you are an investor who has sunk millions into death? Effective, affordable health care. What do the majority of over 65 year old Americans have in common? Medicare, currently the nation’s premiere (and only) single payer universal comprehensive health care plan. How do you, the bankster who has invested in death, deal with that pesky Medicare (without denying your own mother her dialysis?). You get the GOP House to abolish Medicare and replace it with vouchers that rich Americans will use (along with some of their own money) to buy platinum plated health insurance, while poor, elderly Americans use the vouchers to buy cat food so they do not starve. And then, you approach the poor, no longer starving but still in dire need of health care seniors and tell them “Hey. Yeah, you. Tired of eating cat food? Want to dine on steak instead? Sell me your life insurance policy, and I will make your last few years on earth golden years.”

What a great idea! No wonder investors in other countries are hopping on the Death to Elderly Americans bandwagon!

A cursory glance at the returns achieved by funds across a variety of sectors in the UK reveals that investors are being hit no matter where they hide.
Those looking to branch out can of course opt to invest in overseas equities, but for investors who are fearful of placing yet more of their assets into stockmarkets, life settlement funds could provide the diversification they desire.
The latest results from EEA Fund Management’s Life Settlements Fund, designed to deliver an annual return of 8%, reveal it has met its goals, posting 8.7% in the twelve months to the end of January and 20.97% over two years.
The strategy is of course controversial. The fund achieves returns by buying life policies in the US from individuals with a maximum life expectancy of 8 years, before cashing them in when policy holders die
.
http://www.citywire.co.uk/new-model-adviser/traded-life-policies-are-controversial-but-they-are-proving-their-worth-in-the-crunch/a299873

The key letters in the excerpt above are UK as where the investors live and US as in where the old folks will die. Which makes sound business sense. British banksters can lobby Congress to abolish Medicare without touching their own cherished National Health Service.

What could possibly go wrong with making bets that some old person you do not know or give a rat’s ass about will die prematurely? The British know.

Indeed, the historical background of the insurable interest laws goes back to what were known as the "death pools" of Victorian England. Then, bettors would speculate on when a particular person would die, and later started taking life insurance out on their lives without them knowing about it or giving their permission. When later the "accidental" death rates of such persons started to rise, the English Parliament basically forbid SOLI by requiring that the purchaser of a life insurance policy have a recognizable interest in the person being insured. By waiting the two years before buying the policy, the investors in life settlements skirt these rules but the underlying concerns are still there.

http://quatloos.com/life_settlement-life_settlements.htm

Scary.

We all know where Wall Street is giving its money. To the Republican Party. And we all know what the Republican Party wants to do, because last April all the Republican House members (except four) tried to do it----abolish Medicare.

So, you tell me. Do you want decisions about your mother’s health to be made by a bunch of guys in London who really, truly need to make the payments on their Mercedes? If so, vote Romney and vote Republican.

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Reply Ever Wonder WHY The Banksters Mitt Romney Represents Want Your Mom To Die? [View all]
McCamy Taylor Feb 2012 OP
Scuba Feb 2012 #1
russspeakeasy Feb 2012 #2
McCamy Taylor Feb 2012 #6
russspeakeasy Feb 2012 #7
seeviewonder Feb 2012 #3
LongTomH Feb 2012 #4
McCamy Taylor Feb 2012 #5
dixiegrrrrl Feb 2012 #10
northoftheborder Feb 2012 #8
Odin2005 Feb 2012 #9