A "major fraud investigation" into the life insurance industry.

Although it was good to see that the New York Attorney General is going to investigate the shady and inmoral actions of the life insurance industry, it is disturbing that the investigation by the AG of New York was only after the story was reported on by the press. This reveals both the power and value of a free and independant press and the lack of oversight and regulation by elected leaders in office.

New York Attorney General Andrew M. Cuomo says his office has opened a "major fraud investigation" into the life insurance industry.

Cuomo announced Thursday that his office had served subpoenas on Prudential Financial, Inc. and MetLife, Inc. as part of the probe.

The attorney general's office is investigating whether insurers are profiting off of grieving families by placing funds from life insurance policies into potentially risky accounts that the companies control. The office says it appears companies are earning interest off the accounts, while paying out low yields to beneficiaries.

MetLife said it had not received the subpoena and therefore could not comment.

Prudential Financial says it will fully cooperate with the attorney general's investigation.