Equity-Indexed Annuities Can be a Shell Game for Consumers
The first time I visited New York I was taken in a sidewalk shell-game within 45 minutes of being in the city—no kidding. Shell games involve trying to guess where a card or any other item might reside after being shuffled among various covers by a dealer.
There are basically three reasons why I lost $40 within 45 minutes of arriving in NYC: 1) I was naïve; 2) I was overconfident in my card-spotting abilities, and; 3) there was a large amount of asymmetric information—in other words, the “dealers” (to use a polite term) had a heck of...
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