Breaking: Perdigao Pleads Guilty to 30 of 63 Counts (Updated 3X)

Just up on the Times Picayune breaking news:

One of the state’s best minds in gaming law pleaded guilty this morning to bilking the white-shoe law firm he worked for of $30 million, then stashing the bulk of it in a Swiss bank account.

Jamie Perdigao, 46, pleaded guilty to 30 of the 63 felony counts he was facing, and agreed to forfeit the $30 million, which was already in the possession of the U.S. Marshal’s Office. Clad in prison garb and shackled at the wrists and ankles, Perdigao made his plea before U.S. District Judge Eldon Fallon. Continue reading “Breaking: Perdigao Pleads Guilty to 30 of 63 Counts (Updated 3X)”

Joe Sam Owens on Commissioner Chaney: "If I didn't know he was the commissioner of insurance, I would have thought he worked for State Farm."

Pretty much sums up the feeling of the populace here in the wake of the release of the Mississippi Insurance Department’s State Farm Market Conduct Exam. Personally I’m grateful the commissioner ignored the results of his examiners own testing as it reveals him for the captured regulator he is. As Anita Lee reports others on the coast don’t feel quite the same way:

Policyholders’ attorneys wonder why the Insurance Department’s Market Conduct Examination of State Farm found the company underpaid claims, but stopped short of concluding the conduct was intentional.

“In lieu of finding this was an intentional decision by State Farm and holding them accountable for it,” said attorney William F. “Chip” Merlin, “they let them off the hook.”

The most contentious claims, and those the examination considered in detail, involved Coast properties destroyed by wind and water. In many cases State Farm denied payment, instead blaming storm surge covered by federal flood insurance. The market-conduct exam concluded that, of 800 claims files reviewed, 173 lacked documentation to show State Farm had fulfilled its obligation to fully investigate. Continue reading “Joe Sam Owens on Commissioner Chaney: "If I didn't know he was the commissioner of insurance, I would have thought he worked for State Farm."”

Joe Sam Owens on Commissioner Chaney: “If I didn’t know he was the commissioner of insurance, I would have thought he worked for State Farm.”

Pretty much sums up the feeling of the populace here in the wake of the release of the Mississippi Insurance Department’s State Farm Market Conduct Exam. Personally I’m grateful the commissioner ignored the results of his examiners own testing as it reveals him for the captured regulator he is. As Anita Lee reports others on the coast don’t feel quite the same way:

Policyholders’ attorneys wonder why the Insurance Department’s Market Conduct Examination of State Farm found the company underpaid claims, but stopped short of concluding the conduct was intentional.

“In lieu of finding this was an intentional decision by State Farm and holding them accountable for it,” said attorney William F. “Chip” Merlin, “they let them off the hook.”

The most contentious claims, and those the examination considered in detail, involved Coast properties destroyed by wind and water. In many cases State Farm denied payment, instead blaming storm surge covered by federal flood insurance. The market-conduct exam concluded that, of 800 claims files reviewed, 173 lacked documentation to show State Farm had fulfilled its obligation to fully investigate. Continue reading “Joe Sam Owens on Commissioner Chaney: “If I didn’t know he was the commissioner of insurance, I would have thought he worked for State Farm.””

The Special Committee on Judicial Election Campaign Intervention Tells Bubba Pierce His Supporters Cross the Line

Our readers know current big business/insurance company supported Supreme Court Candidate Bubba Pierce has been making lots of new out of state friends lately. Former Supreme Court Justice Fred Banks, Chair of the Special Committee on Judicial Election Campaign Intervention, has taken a dim view of what Bubba’s new friends are saying as we reported yesterday. Mr Banks went a step further an released a copy of the letter he sent to Bubba’s campaign letting him know he is responsible for the slander contained in the LEAA ads against Bubba’s opponent Current Justice Oliver Diaz.  Anita Lee has the story for the Sun Herald including reporting WLOX has belatedly pulled the ads:

Supreme Court candidate Randy “Bubba” Pierce said he had nothing to do with misleading and inaccurate advertisements run about his opponent, incumbent Justice Oliver Diaz, but a judicial elections committee wants Pierce to tell ad sponsors they should stop their attacks.

A group called the Law Enforcement Alliance of America, whose supporters are anonymous, has attacked Diaz on television with inaccurate and misleading claims about his Supreme Court rulings, implying Diaz supports killers and rapists. A direct-mail print ad that supports Pierce in the Southern District race says out-of-state trial lawyers are trying to buy the seat, although campaign-finance reports reflect few contributions for Diaz from outside Mississippi. Continue reading “The Special Committee on Judicial Election Campaign Intervention Tells Bubba Pierce His Supporters Cross the Line”

WLOX on the Mockingbird Closing

In many respects it duplicated the Seacoast echo reporting but contained a dirty secret well known to those of us that belong to the local Chamber of Commerce: Times are very tough with the high costs of insurance and small businesses are closing as a result robbing the community of needed jobs in the process. Al Showers reports for WLOX with quotes from our good friend Steve’s sister, executive director extraordinaire of the local Chamber:

“I think I speak on behalf of the community when I say we all feel like we’ve just lost our best friend,” said Tish Williams, Executive Director of the Hancock Chamber.

“It means a lot to us too, and we love being here for everyone,” café owner Alice Chambers said.

Chambers and her husband Martin opened the Mockingbird Cafe’ two years ago. They say a sluggish economy, coupled with the $28,000 yearly cost to insure their building made it impossible for them to keep the doors open. Continue reading “WLOX on the Mockingbird Closing”

Chaney gets a tube of his own compliments of SLABBED – and it's his favorite color "State Farm Red"

Sop correctly gave MID a two thumbs up rating on the methodology of the State Farm Market Conduct Exam – and, if the report had ended on page 32, I’d give Commissioner Chaney two thumbs up, too.

However, the report doesn’t end for another 21 pages – all spent wiping the lipstick off the wrong pig – earning Chaney a tube of State Farm Red all his own for content exceeding the stated Purpose and Scope of the examination:

This examination pursuant to its authority focused on whether the Company treated its policyholders  fairly, honored the terms and conditions of its policies, and complied with Mississippi insurance law and regulations, as well as Department of Insurance Bulletins.

The scope of this examination did not encompass an investigation of specifically relating to fraudulent or criminal activity per se and no conclusions have been drawn as to the presence or absence of fraud. It should be noted, MID is not a law enforcement entity…

While the portion of the examination that is clearly pursuant to its authority provides data supporting the Rigsby qui tam claim, the narrative beginning on page 32 wanders through poorly supported conclusions Continue reading “Chaney gets a tube of his own compliments of SLABBED – and it's his favorite color "State Farm Red"”

Chaney gets a tube of his own compliments of SLABBED – and it’s his favorite color “State Farm Red”

Sop correctly gave MID a two thumbs up rating on the methodology of the State Farm Market Conduct Exam – and, if the report had ended on page 32, I’d give Commissioner Chaney two thumbs up, too.

However, the report doesn’t end for another 21 pages – all spent wiping the lipstick off the wrong pig – earning Chaney a tube of State Farm Red all his own for content exceeding the stated Purpose and Scope of the examination:

This examination pursuant to its authority focused on whether the Company treated its policyholders  fairly, honored the terms and conditions of its policies, and complied with Mississippi insurance law and regulations, as well as Department of Insurance Bulletins.

The scope of this examination did not encompass an investigation of specifically relating to fraudulent or criminal activity per se and no conclusions have been drawn as to the presence or absence of fraud. It should be noted, MID is not a law enforcement entity…

While the portion of the examination that is clearly pursuant to its authority provides data supporting the Rigsby qui tam claim, the narrative beginning on page 32 wanders through poorly supported conclusions Continue reading “Chaney gets a tube of his own compliments of SLABBED – and it’s his favorite color “State Farm Red””