It’s hard not to feel sympathy for elderly investors who have been sold down the river by financial advisors. This story brings a shudder with one old lady investing $242,000 into ING Funds which were invested in CDOs and CLOs in the main.

There will certainly be some investigation into how financial products have been marketed and sold especially to novice investors or those towards the end of their lives where only conservative investments should be considered.

“safe as a bank” they were told. famous last words.