Apollo-to-Goldman Embrace of Life Insurers Spurs State Concerns

... mostly people approaching retirement who had bought annuities from the company to supplement their Social Security. Now the unit's holdings include securities backed by subprime mortgages, time-share vacation homes and a railroad in Kazakhstan. ...

http://washpost.bloomberg.com/Story?docId=1376-MLGWNZ1A1I4H01-5Q54PSOK2T3TVJ1OKQ5N3F1772