Day: January 13, 2010

OK, so the genders really do have unique viewpoints….

Who says being a financial geek is boring? As Behavioral Economist extraordinaire / Harvard University Professor Dan Ariely points out the sexes really do have different outlooks on life and he uses the google search auto complete feature to illustrate this fact. And that my friends best explains why my focus here on slabbed has been explaining the myriad of ways certain insurers f*cked us after Katrina while Nowdy’s focus has been reconciling the differing viewpoints so everyone can kiss and make up.  😉

sop

No ch

McClatchy DC’s Greg Gordon has done a bang up job dissecting Goldman Sachs’ huge profits after the bailout.  This topic represents the intersection of TARP, the Wall Street investment banks and the offshore reinsurance industry. With subprime mortgages stuffed inside insurance linked securities that were peddled both domestically and overseas, the securitized reinsurance contained a derivative based financial guarantee which was likely made good by TARP (my posts on Allstate’s Willow Re, which was not bailed out can be found here in general with my “bell cow post” here. With a tip of the hat to our good friend Mr CLS I can short cut the exhaustive written series of articles by Greg Gordon that focuses on bailed out Goldman Sachs with a recent Youtube interview he gave.

As an aside I continue to believe the collapse of this glorified pyramid scheme explains more on the recent volatility of the costs of RE than anything you’ll hear from the paid shills at their tradegroups (Ol’ Eli is so proud of his work there his Bio is access restricted). I think after a fair read of the information open-minded folks would tend to agree. Or put another way the tail risk associated with Hurricanes does change over time but not overnight. And those that could game the system made out like bandits. The Youtube embed is below the fold. Continue reading “No ch”

How about a bit more Jefferson Parish Lagniappe? DA Paul Connick’s office tied to the ongoing corruption scandal

Now folks does anyone seriously think these type shenanigans could happen if the local DA wasn’t alseep at the switch or perhaps even profiting from mutually beneficial business relationships? Our sources are telling us we’ll be hearing more about Paul Connick. Meantime lets check in with Richard Raineyat the Times Picayune for the latest:

Lagniappe Industries, the private insurance company of former Jefferson Parish chief administrator Tim Whitmer, not only paid former parish presidents Aaron Broussard and Tim Coulon for work but also paid an employee of the district attorney’s office, which is assisting federal authorities in their Lagniappe investigation.

Ronnie Burke, executive assistant to District Attorney Paul Connick Jr., made $600 monthly from Lagniappe, according to newly released records. His brother is Gary Burke, whose B&A Insurance split commissions with Lagniappe on a West Jefferson Medical Center policy even though B&A’s contract with the hospital banned commission splitting. Ronnie Burke’s nephew is Sean Burke, an aide to Parish Council Chairman John Young.

Payroll records show Lagniappe paid Ronnie Burke from January 2007 through July 2008. They do not reflect Burke’s duties for the brokerage. Continue reading “How about a bit more Jefferson Parish Lagniappe? DA Paul Connick’s office tied to the ongoing corruption scandal”