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It´s a year since the Lehman Brothers collapse and we read in the New York Times over the weekend about investment banks securitizing bonds backing the proceeds from life insurance policies bought from elderly people looking to cash in benefits before they die. Since the CMBS and RMBS markets are dead, the Wall Street houses dream up another fee machine to boost profits and bonuses. This new product gets floated despite unresolved questions about the risk return issues involved, let alone the questionable idea of subverting what life insurance is supposed to provide.

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