Wall Street's Latest Scam?

I was startled to have a young woman call me (illegally -- unsolicited business calls not allowed) to try to sell me life insurance at my age -- 76. We gave that up years ago when my pension had assured us of sufficient living income. Now it becomes apparent that such life insurance for the elderly will replace the shaky home mortgage game that busted up our economy most recently. Needless to say only those selling such will make a guaranteed profit per today's NY Times article:

Wall Street Pursues Profit in Bundles of Life Insurance
By JENNY ANDERSON
Wall Street bankers plan to buy life insurance policies that ill and elderly people sell for cash and package
hundreds or thousands of them together into bonds.

http://www.nytimes.com/2009/09/06/business/06insurance.html?th&emc=th

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According to the article these bonds will be sold to such as (unwary) pension systems which got hard hit already by the recession. Will this scam be permitted to operate or will our legislators nip it in the bud -- the bonds business -- before it ensnares too many gullible ones?

I personally had the good fortune to have an honest investment counselor father who alerted me to such games being played back when I was a teen. The Depression deterred most of my generation from going anywhere near Wall Street for a career. But it has once again drawn many a naive one who is now job hunting with the numerous layoffs there.

Do you think our pols will do something to halt this latest trick and snatch?
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"A war is just if there is no alternative, and the resort to arms is legitimate if they represent your last hope." (Livy cited by Machiavelli)
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Ed Kent 212-665-8535 (voice mail only) [blind copies]