Author : United States; Congress; Senate; Special Committee on Aging
Release : 2015-06-13
Genre : Business & Economics
Kind : eBook
Book Rating : 399/5 ( reviews)

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Book Synopsis Uninsured Bank Products by : United States; Congress; Senate; Special Committee on Aging

Download or read book Uninsured Bank Products written by United States; Congress; Senate; Special Committee on Aging. This book was released on 2015-06-13. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Uninsured Bank Products: Risky Business for Hearing Before the Special Committee on Aging, United States Senate, One Hundred Third Congress, Second Session, Washington, DC, September 29, 1994 The Committee met, pursuant to notice, at 9:35 a.m. in room 628, Dirksen Senate Office Building, Hon. David Pryor (Chairman of the Committee) presiding. Present: Senators Pryor, Reid, Feingold, Cohen, Bums, and Riegle. Also present: Theresa Forster, staff director; Kenneth Cohen, investigator; Mary Berry Gerwin, minority staff director; Helen M. Albert, minority investigator; Chip Cannon, legislative fellow; and Allison LaRocca, legislative correspondent. Opening Statement Of Senator David Pryor, Chairman Senator Pryor. Good morning, ladies and gentlemen. The hearing will come to order at this time. We especially want to welcome all of you today. We want to welcome our guests who will serve on our two panels this morning. We have panel 1 all assembled here, ready for us. I want to take this opportunity to greet my colleague. Senator Bill Cohen of Maine. We have worked very closely on preparation of this hearing, as we have on all the hearings that we have chaired during the course of the 103d Congress. Senator Cohen is a delight to work with. He is committed to these issues, and I want to sincerely thank him at this time. This is truly one of those non-partisan committees of the U.S. Senate. If you questioned whether such a committee actually existed, it does exist in the Special Committee on Aging. I want to thank Senator Cohen. This morning we're going to be talking about "Uninsured Bank Products: Risky Business for Seniors?," and it is a culmination of several months of investigation by the Special Committee on Aging staff. The results of our investigation raise very serious concerns about bank sales of uninsured products to older Americans. The information that has been collected and will be presented this morning by the Committee suggests that some banks and some brokerage subsidiaries are using sales practices which encourage older Americans and other Americans to take their money out of insured investments, like savings accounts, CD's, and others, and put them in uninsured securities markets, regardless of the appropriateness of such investment moves. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.