Results tagged “scheme”

The NY Times has a depressing front page article on what Wall Street is eyeing as its next big thing—bundling life insurance: "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."

After the city was moved by the story of a baby abandoned in the backseat of a livery cab and how the driver dropped off the baby at a fire house, prompting the police and media to look for the baby's relatives, it turns out the livery cab driver was involved in the abandonment scheme. Driver Klever Sailema was arrested today, as were another man and woman. Oh, no.