This very well could be the most important Slabbed post of the year…

And it has nothing to do with Jefferson Parish Political Corruption.

For literally years our good friend Mr CLS has been methodically hammering away at the complexities surrounding insurance securitization and the implications of such for each and every one of us, especially those of us on the coast being price gouged for wind coverage. So suppose you’re a reporter with insurance beat responsibilities like Becky Mowbray, Anita Lee, Jeff Amy, Paige St John, Beatrice Garcia or a national outfit like Bloomberg that has done some quality coverage on insurance issues that is ready to kick it up a notch in terms of understanding.  What is now coming to light with Bank of America’s alleged forced placed insurance fraud is a must read as more turds float to the surface in the global insurance finance cesspool.

Some of the very same problems could very well exist in other facets of the securitized insurance market; problems the folks at U Penn Wharton School no doubt did not conceive of when they were pioneering insurance linked securities such at Catastrophe Bonds not long ago as the reasons for the lack of market transparency in the global insurance markets come into sharper focus.

Don’t look for the political shoe shine boys for big insurance such as the coast’s own Steven Palazzo or Commish Mike Chaney to say much on this.  Both men, despite paying lots of lip service to the topic of insurance, remain firmly, purposely ignorant of the any fraud perpetrated by their big business buddies on Wall Street.

sop

3 thoughts on “This very well could be the most important Slabbed post of the year…”

  1. I am not in any way defending BOA if they have acted illegally. My comment concerns the nature of “forced insurance” which is handled properly by most of the lending/insurance industries. As indicated in one of the articles, the nature of the risks in and of itself requires higher premiums. In these cases the carrier is insuring a distressed property and vacant in many cases as well. Also, the is an agreement to basically take all risks with the lending institution.

    In closing, I wonder if BOA is rethinking their purchase of Countrywide. It seems every time they open a door they find another den of snakes.

    1. I think BOA was a den of snakes too Sup. Funny thing was the insiders at CFC never bothered to hide the score on their Yahoo board back in the day. It was literally that blatant to all but those blinded by greed.

      With wikileaks set to leak the banking industry no telling what else is out there. I just know I’m looking forward to both that and the day Hank Paulson, Timmy Geithner and Ben Bernanke are hauled to the pen in chains.

      Meantime the village idiot remains just that.

      sop

  2. OK..we been sittin on the sidelines justa waitin for da fireworks to start and now we can’t help but chime in….

    NEWS FlASH–PALAZZO’S 2 TOP AIDS UNEXPECTEDLY RESIGN !!

    Palazzo’s 2 top dogs (Chief of Staff Erskine Wells and Communications Director Jonathan Samford) bolted “unexpectedly” from the Palazzo camp this week. Note closely the wording of the e-mail Wells gave to the media as they contained not a word about Palazzo, the words only directed at his “colleagues”. Both of these 2 guys are trying to keep their noses clean to protect their futures in the DC marketplace. Word travels fast in the those environs..so they TRY to exit gracefully. Mums the word.. for now. The scent of what really happened will no doubt travel with light speed in the circles the resignee’s circulate in. Trolling for a new Chief of Staff for Palazzo will be nigh on impossible once word is out of what precipitated the hasty exits. Hunter Lipscomb, Palazzo’s legislative assistant said “It’s just a personnel matter that I really can’t discuss”. We bet you can’t Hunter, cause it would shine a light onto the overwhelming incompetence that is becoming apparent at Palazzo.com

    Palazzo might as well just hang out a sign that says “Professionals Need Not Apply”. They won’t is our guess, at least none with an IQ over 60. Wait, stop the presses we may have spoken too quickly, there just may be a candidate back home in Hooterville.

    Word on the street is that Steven’s wife, Lisa Palazzo (who incidentally wears the pants in the family when she isn’t pickled) had a “falling out” with the two. Lisa just may be the real “chief” of The Staff, controlling the lever of power. She certainly wouldn’t be the first woman with such designs, though not the brightest, by a considerable margin.

    Lisa’s ability to coexist with 2 seasoned pro’s was something us political handicappers were wagering on from the start. We figured it couldn’t last.

    Many have called, surmissing the sudden departures could be because the two got wind of a possible finding from the Federal Elections Commission in re the multiple shady looking contributions to Palazzo’s campaign, most of which have the distinct odor of Lisa and her social climbing mother Edna Scoggins on them. We wish it were true, but we don’t have much hopes that the incompetents at the FEC are really doing their jobs so we think the motive lies elsewhere.

    We can certainly see how Lisa would think she is “entitled” to run things, heck she and her momma bought and paid for little Stevie’s seat, she ought to be able to run the show, right? The nerve of Steven to hire to professionals! We wonder just how hard the two poor chaps vetted their prospective new boss, they probably just took the word of the Good Ole Boy Network who got Mr.NotSoBright elected, on face value, and got stung for doing so.

    So, faced with a growing backlog of questions arising from the incident, what does Hayseed Incorporated do…quick find someone that will be subservient to Lisa, let’s see, humm.. how about Michael Janus, the City Manager of D’Iberville, MS??.. he ain’t got NO DC experience and like Lisa would probably kill to stand under the Klieg Lights..quick..go fetch him, so we can get this debacle off the front page.

    Inquiring minds now want to know..will Janus the City “Manager” be up to the job of “managing” Lisa?

    Stay tuned folks, this is Just the Start. The Keystone Kops have just landed in DC, or more succinctly the D’Iberville Hillbillies.

    Act One, Scene One is now Playing.

    The skids are greased……….

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