Zipperfish Zipperfish:
PublicAnimalNo9 PublicAnimalNo9:
Of course they're against it RR. Why do you think for so many years, so many Canadian health professionals have headed south? That's where the BIG bucks are.
Now, those big bucks are potentially being threatened. Now, instead of Rolls Royces, those poor American doctors might have to make do with BMWs
Most were against it here in Canada as well. I've heard conflicting reviews in teh US, which indicates to me that polls are being run by self-interested parties loading the questions to eleict the repsonse they seek.
It's not teh doctors that stand to lose a whole bunch though. It's teh health insurance industry and the banks that have most at stake here, through things such as the trading market in life insurance claims.
More on Death Bonds:
New York Times, Sept 5, 2009$1:
Wall Street Pursues Profit in Bundles of Life Insurance
After the mortgage business imploded last year, Wall Street investment banks began searching for another big idea to make money. They think they may have found one.
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.
Goldman Sachs has developed a tradable index of life settlements, enabling investors to bet on whether people will live longer than expected or die sooner than planned. The index is similar to tradable stock market indices that allow investors to bet on the overall direction of the market without buying stocks.
....
But the industry has been plagued by fraud complaints. State insurance regulators, hamstrung by a patchwork of laws and regulations, have criticized life settlement brokers for coercing the ill and elderly to take out policies with the sole purpose of selling them back to the brokers, called “stranger-owned life insurance.”
In 2006, while he was New York attorney general, Eliot Spitzer sued Coventry, one of the largest life settlement companies, accusing it of engaging in bid-rigging with rivals to keep down prices offered to people who wanted to sell their policies. The case is continuing.
.....
Life insurance in teh US is a $26 trillion dollar a year industry. And what is standing between the banks--flush with their recently trillion dollar bailout--adn the death bond market? That's right--helath care reform.