Nobody should be surprised by this. I’ve been telling people for years that Equity Indexed Annuities are the roach motel of investments. Now Investment News has run an article that backs me up. Indexed annuities ‘terrible ideas’ for seniors, says Wharton prof – Investment News

These things are garbage. I really wonder what kind of defect someone possesses to sell them to a customer, particularly a senior. And, now that the insurance industry has gotten their way, they are still not regulated as securities. So any person with an insurance license can sell this junk to the unsuspecting public.

I have discussed this before, and an apologist named Sheryl Moore has called me, written me and blogged about me. She thinks I’m wrong. I’m not and now a Wharton professor agrees. Now if she could only spell my name correctly. She claims to be an industry expert. But she does not claim to be an expert on spelling.

These “products” are hard to understand, difficult to unwind and expensive to own. I can’t fathom why anyone would sell one.

That’s the unindexed annuity view of one lawyer from Jupiter, Palm Beach County, Florida. I’m Marc Dobin