this just goes to show, that this company just could not keep it’s hand clean, more into spending on splurges for it’s associates but tending to the family business with the gov’t. this will put another tax hold onto this company and the fed gov’t will be holding this for sometime.
another reason why it was a bad idea to bailout this company…. it should have went bankrupt!
Another bonanza for the state insurance commissioners’ offshore bank accounts for their cuts of this atrocity, especially the worst of them all in Delaware. AIG would have paid a lot more if not for the wheeling and dealing in each state.
Lets see, The Fed’s bailout AIG, to the tune of 120 Billion The States then Fine and assess penalties of 146 Million. Hmmmmmmm, See the connection here. This is just another bailout of States!
Is Chartis (voluntary) trying to recoup these costs by charging higher Terrorism premiums than any other ins co in Mass that I’m aware of? Did the Mass DOI approve their higher Terr charges, and if so, why?
Actually Sarah, I think we eventually funded them $180billion with a B. This is a very nasty company who for years didn’t play by the same rules as other companies. They got caught with Marsh Mc in the bid rigging scheme and these financial wizards intentially defrauded the states to keep from paying premium taxes. Basically, it is the culture of corruption fostered by Hank Greenburg. Now the taxpayer money sent to them will be used to pay these fines. Gee, they sound like a mini Federal Government moving money from one pocket to the other. This isn’t their money, it is ours and now we get to send it to the states.
The key issue with this involving their insurance operations (Chartis) is the culture of corruption and entitlement that permeates throughout all their operating companies.
Chartis is a key part of AIG’s hope for future viability, but it faces operational challenges that it will inhibit its ability to make money for shareholders.
Hopefully, this is an example that the greed, fraud and lack of integrity that existed for so long throughout the organization is waning.
I tell my MGA’s not to send me quotes with Chartis or any other AIG company. Their are plenty other carriers out there who can do the coverage and I don’t want to take a chance on them or to sully my reputation.
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this just goes to show, that this company just could not keep it’s hand clean, more into spending on splurges for it’s associates but tending to the family business with the gov’t. this will put another tax hold onto this company and the fed gov’t will be holding this for sometime.
another reason why it was a bad idea to bailout this company…. it should have went bankrupt!
Another bonanza for the state insurance commissioners’ offshore bank accounts for their cuts of this atrocity, especially the worst of them all in Delaware. AIG would have paid a lot more if not for the wheeling and dealing in each state.
Lets see, The Fed’s bailout AIG, to the tune of 120 Billion The States then Fine and assess penalties of 146 Million. Hmmmmmmm, See the connection here. This is just another bailout of States!
Is Chartis (voluntary) trying to recoup these costs by charging higher Terrorism premiums than any other ins co in Mass that I’m aware of? Did the Mass DOI approve their higher Terr charges, and if so, why?
Actually Sarah, I think we eventually funded them $180billion with a B. This is a very nasty company who for years didn’t play by the same rules as other companies. They got caught with Marsh Mc in the bid rigging scheme and these financial wizards intentially defrauded the states to keep from paying premium taxes. Basically, it is the culture of corruption fostered by Hank Greenburg. Now the taxpayer money sent to them will be used to pay these fines. Gee, they sound like a mini Federal Government moving money from one pocket to the other. This isn’t their money, it is ours and now we get to send it to the states.
The key issue with this involving their insurance operations (Chartis) is the culture of corruption and entitlement that permeates throughout all their operating companies.
Chartis is a key part of AIG’s hope for future viability, but it faces operational challenges that it will inhibit its ability to make money for shareholders.
Hopefully, this is an example that the greed, fraud and lack of integrity that existed for so long throughout the organization is waning.
The corporate culture within this organization is amazing! Although, nothing surprises me when the headline read AIG ………
I tell my MGA’s not to send me quotes with Chartis or any other AIG company. Their are plenty other carriers out there who can do the coverage and I don’t want to take a chance on them or to sully my reputation.