Shades of Mike Segal and Near North on a much larger scale. Let’s see if equal punishment & penalty is meted out. Remember, AIG loaned $10,000,000 to Near North which helped Segal repay the trust fund. Inadvertent and unbeknownst?
Too bad that America the great with all of its good things has to have this sort of stuff going on here. This is really ashame. This is just a taste of what big business started doing in the Clinton corperate raider years……just on the heels of ENRON and World com……….the fleecing of America it is not ok to take some ones hard earned dollars and play games with it. Insurance companies are more profitable post 911 and now this why??
It is spelled “disciple”. I believe it is the entire club. The probe ought to be broadened for AIG, ACE and Marsh to the whole of the industry, with particular concentration on all of the upper level management of all of the national carriers that merged, been acquired or went belly up since 1990 when it all began with Sandy Weill’s raids on Travelers & Aetna, with the USF&G/StPaul/Metlife/Royal/Travelers, the CIGNA divestment of its P&C operations, the Reliance and Kemper collapse, and how a carrier like CNA with a combined ratio in the red for the past 10 consecutive years and survive. The fish stinks from the head down. It’s the closed little club at the top of the tower that needs some airing out.
who knew what?, that finite reinsurances are “only” a balance sheet management tool?…everyone, including the actuaries and accountants who signed off on them, the regulators who have had ample opportunity to review them for the past twenty years they’ve been evolving…. surely the issue for Berkshire Hathaway is far more interesting than it is for AIG because plenty of people have been waiting decades for AIG to “get what’s coming” but surely everyone thinks Buffet’s companies are above that type of fray
Our ‘Big Insurance’ commentator hit it on the head: the whole industry needs a thorough inspection from head to toe.
The industry and many of its chief executives spend many millions of dollars to influence what goes on in every state legislature, as well as, the federal government. You may recall the industry spent over $100 million to defeat Proposition 103 in California and that was just one event in one state. They continue to spend millions to promote their industry favorable legislation (e.g. use of Credit Scoring in Underwriting) and smother legislation they view as ‘harmful’ or unfavorable to their interests.
My guess is that there probably is a fairly strong correlation between the dollars spent to ‘influence’ government and the degree of ‘corruption’ and/or unethical behavior. Enron and Citigroup (Sandy Weill) serve as perfect examples.
If we had an ‘Eliot Spitzer’ in every state and about 50 more at the federal level, we might begin to uncover the ‘stink’ surrounding not just big insurance but all of big business in America.
Consumers will hopefully get to see exactly what the insurance and financial industry to up to.
I am glad to see that E. Spitzer is no longer being labeled as the problem–don’t blame the messenger.
I believe that it is only a matter of time until criminal charges are brought up against the Greenberg Crime Family. Can we throw a RICO charge in there?
Why am I not surprised that someone thought it convenient to drag Bad Bill into this. Are we going to see another congressional investigation to determine the link between Whitewater and finite reinsurance?
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too bad he doesn’t live in CA…forgot, Arnold could spring him out..maybe even Bush.. god knows how much he’s donated in that direction
Shades of Mike Segal and Near North on a much larger scale. Let’s see if equal punishment & penalty is meted out. Remember, AIG loaned $10,000,000 to Near North which helped Segal repay the trust fund. Inadvertent and unbeknownst?
Wow Mr. Howse. I thought if a fella used his full name he must have a close tie to the subject article. I am disappointed you did not say more.
Too bad that America the great with all of its good things has to have this sort of stuff going on here. This is really ashame. This is just a taste of what big business started doing in the Clinton corperate raider years……just on the heels of ENRON and World com……….the fleecing of America it is not ok to take some ones hard earned dollars and play games with it. Insurance companies are more profitable post 911 and now this why??
Who knew?
It is spelled “disciple”. I believe it is the entire club. The probe ought to be broadened for AIG, ACE and Marsh to the whole of the industry, with particular concentration on all of the upper level management of all of the national carriers that merged, been acquired or went belly up since 1990 when it all began with Sandy Weill’s raids on Travelers & Aetna, with the USF&G/StPaul/Metlife/Royal/Travelers, the CIGNA divestment of its P&C operations, the Reliance and Kemper collapse, and how a carrier like CNA with a combined ratio in the red for the past 10 consecutive years and survive. The fish stinks from the head down. It’s the closed little club at the top of the tower that needs some airing out.
who knew what?, that finite reinsurances are “only” a balance sheet management tool?…everyone, including the actuaries and accountants who signed off on them, the regulators who have had ample opportunity to review them for the past twenty years they’ve been evolving…. surely the issue for Berkshire Hathaway is far more interesting than it is for AIG because plenty of people have been waiting decades for AIG to “get what’s coming” but surely everyone thinks Buffet’s companies are above that type of fray
Our ‘Big Insurance’ commentator hit it on the head: the whole industry needs a thorough inspection from head to toe.
The industry and many of its chief executives spend many millions of dollars to influence what goes on in every state legislature, as well as, the federal government. You may recall the industry spent over $100 million to defeat Proposition 103 in California and that was just one event in one state. They continue to spend millions to promote their industry favorable legislation (e.g. use of Credit Scoring in Underwriting) and smother legislation they view as ‘harmful’ or unfavorable to their interests.
My guess is that there probably is a fairly strong correlation between the dollars spent to ‘influence’ government and the degree of ‘corruption’ and/or unethical behavior. Enron and Citigroup (Sandy Weill) serve as perfect examples.
If we had an ‘Eliot Spitzer’ in every state and about 50 more at the federal level, we might begin to uncover the ‘stink’ surrounding not just big insurance but all of big business in America.
Rolfneu, you hit the nail on the head!
Consumers will hopefully get to see exactly what the insurance and financial industry to up to.
I am glad to see that E. Spitzer is no longer being labeled as the problem–don’t blame the messenger.
I believe that it is only a matter of time until criminal charges are brought up against the Greenberg Crime Family. Can we throw a RICO charge in there?
Why am I not surprised that someone thought it convenient to drag Bad Bill into this. Are we going to see another congressional investigation to determine the link between Whitewater and finite reinsurance?