I agree with Dragr. If we continue to let these people off so easily, with just a slap on the wrist, they will continue to do this over and over. What is money to these people? Nothing, just a minor price to pay. BUT if these thieves start to serve some hard time, on a regular jail, not on a “cupcake camp” or a golf course jail, then others will think it twice before they attempt a similar “Slimebergate”. Let’s set a few examples of this. Let’s show we have the ba–s to go after these “powerful” weasels.
Our society’s law enforcement is backwards. A homeless, mentally sick drunk steals food to eat, and he goes to jail. Who did he harm by stealing an apple? No one. But these weasels destroy the lives of hundreds of families, children etc., and these weasels walk, only paying a fine (money which they stole to begin with…) What type of society law enforcement do we have?
The Slimebergs ought to have ended up in the slammer for what they did to that company and it’s employees. Hundreds of lives have been adversely affected by their greed. What is the outcome of the action involving the Reliance 401k plan? They forced employees’ matching funds to go solely into Corporate stock, which is now worthless. They got off too easy.
The Reliance case has been going on for almost 4 years, and provides a valuable source of research for serious scholars of the law and practice of insurance regulation. Some thoughts and links to additional Reliance research materials are at Unintended Consequences, a research weblog focusing in part on insurance regulatory law. That includes links to the full text of the settlement agreement that details the complex facts and some of the issues of the case. That’s at: http://www.dougsimpson.com/blog/archives/000377.html
Hi! I worked for Reliance in San Francisco back in 1966 and I\’m trying to locate a colleague name of Ross Crowley.
Anybody knowing him please pass this email along to him, thank you, sure would appreciate it. :)
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I agree with Dragr. If we continue to let these people off so easily, with just a slap on the wrist, they will continue to do this over and over. What is money to these people? Nothing, just a minor price to pay. BUT if these thieves start to serve some hard time, on a regular jail, not on a “cupcake camp” or a golf course jail, then others will think it twice before they attempt a similar “Slimebergate”. Let’s set a few examples of this. Let’s show we have the ba–s to go after these “powerful” weasels.
Our society’s law enforcement is backwards. A homeless, mentally sick drunk steals food to eat, and he goes to jail. Who did he harm by stealing an apple? No one. But these weasels destroy the lives of hundreds of families, children etc., and these weasels walk, only paying a fine (money which they stole to begin with…) What type of society law enforcement do we have?
The Slimebergs ought to have ended up in the slammer for what they did to that company and it’s employees. Hundreds of lives have been adversely affected by their greed. What is the outcome of the action involving the Reliance 401k plan? They forced employees’ matching funds to go solely into Corporate stock, which is now worthless. They got off too easy.
To what extent has any of Reliance’s reinsurers commuted their liabilities?
Does anyone know if Reliance’s D & O policy is paying this fine, or are the directors paying it personally?
The Reliance case has been going on for almost 4 years, and provides a valuable source of research for serious scholars of the law and practice of insurance regulation. Some thoughts and links to additional Reliance research materials are at Unintended Consequences, a research weblog focusing in part on insurance regulatory law. That includes links to the full text of the settlement agreement that details the complex facts and some of the issues of the case. That’s at: http://www.dougsimpson.com/blog/archives/000377.html
Doug Simpson
http://dougsimpson.com
Hi! I worked for Reliance in San Francisco back in 1966 and I\’m trying to locate a colleague name of Ross Crowley.
Anybody knowing him please pass this email along to him, thank you, sure would appreciate it. :)
Robby Shaw
Cedar Park, TX