One has to wonder how many other insurance execs are going to fall. This must be earthquake news in Houston–home of shock-city–Enron. Another lion of society, worshipped by local newspapers (prompted and reminded by paid local PR firms)bites the dust.
Acting for the shareholders indeed! What was the point? To be able to drive 12 fancy cars instead of 6? To have 4 homes in Colorado instead of 2? Way evidently did a great job growing this company but threw it all away on petty venality…
Hmm, I wonder if they (Way and the other guy, or HCC itself) wrote their own D&O coverage?
Well, take a look at Argonaut Group (AGII). Their CEO, Watson, emulates as much of Way\’s practices as he can (from private jets to stock option deals), especially if it meant money in his pocket.
HCC is in numerous agreements with AGII, and has been privy to inside information not otherwise disclosed to shareholders (in violation of SEC regs).
Somebody ought to investigate AGII. It is common knowledge among his executive team (or so they tell me) that Watson often avails himself of company resources not approved by their board nor shown on his personal tax filings – including using company employees to run errands for his wife.
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One has to wonder how many other insurance execs are going to fall. This must be earthquake news in Houston–home of shock-city–Enron. Another lion of society, worshipped by local newspapers (prompted and reminded by paid local PR firms)bites the dust.
Acting for the shareholders indeed! What was the point? To be able to drive 12 fancy cars instead of 6? To have 4 homes in Colorado instead of 2? Way evidently did a great job growing this company but threw it all away on petty venality…
Hmm, I wonder if they (Way and the other guy, or HCC itself) wrote their own D&O coverage?
Well, take a look at Argonaut Group (AGII). Their CEO, Watson, emulates as much of Way\’s practices as he can (from private jets to stock option deals), especially if it meant money in his pocket.
HCC is in numerous agreements with AGII, and has been privy to inside information not otherwise disclosed to shareholders (in violation of SEC regs).
Somebody ought to investigate AGII. It is common knowledge among his executive team (or so they tell me) that Watson often avails himself of company resources not approved by their board nor shown on his personal tax filings – including using company employees to run errands for his wife.