Flexo over at Consumerism Commentary has a post about an 86 year old man who was doing some banking at a Bank Of America. The teller noticed that he had a high account balance (good for him) and recommended he talk to one of their investment advisers. Long story short, the man ended up being sold a variable annuity. He has to live until 2010 in order to even back out of the deal. Go read the whole post over at Consumerism Commentary.
Situations like these make me mad. I know that each consumer needs to be informed but I think it’s unethical to sell an inappropriate product like that to someone who obviously doesn’t understand. My sole reason for posting this is to bring attention to this situation in hopes that Bank of America will “right a wrong” for this poor old man.