Tag: Bankruptcy

Tueday Music: Special dedication to Jimbo the Clown and the lit and hallucinating buffoons on the Wall Street Journal Editorial Board

Louisiana Insurance Commish Jim Donelon

Folks while we celebrate 4 years of Slabbed please join me in re visiting one of my more timeless insurance post, Around the GO Zone in 60 Seconds: Drinking ‘Shroom juice at the Wall Street Journal, Cottages, Community, Warr and Wind Pool whereby I opined the Wall Street journal Editorial Board were a bunch of  “lit and hallucinating buffoons” for writing this OpEd that extolled the virtues of State Farm and Commish Jim Donelon aka Jimbo the Clown.  The sheer stupidity of the whole gang is simply timeless, especially since everyone kinda knows Louisiana Citizens is insolvent, got a going concern opinion and the like.

Well folks, last Friday the Louisiana Supreme Court ruled, in an open and shut case, that Louisiana Citizens did not adjust claims per the consumer protection portion of the state insurance law and was on the hook for bad faith penalties. Despite the split court I’ll add this case was open and shut except in certain results oriented courthouse circles who also know Citizens is insolvent and would give the entity a pass because of it, no doubt to save themselves the insurance assessment that is certainty coming everyone’s way now that the law has been correctly applied.

I everyone hope remembers how Citizens was hijacked and used as the personal piggy banks for insurance industry cronies connected to luminaries such as former Commish Robert Wooley and now Jimbo the Clown himself.  We’ve blogged lots on the Citizens Insurance Insolvency and parade of disaster CEO’s that have stunk up the place.  We’ve also blogged on the Wall Street Journal and the PR plants that spout self-serving crap for big business on its editorial pages. But frankly I never thought I’d blog on Jimbo the Clown bitching a blue streak because the Supreme Court correctly ruled in favor of the policyholder in an open and shut case, especially given his very recent campaign ads where he trumpeted being tough on an insurance company fining them $250,000 for fucking people over after Katrina. I reckon Jimbo thinks the voters in Louisiana are schmucks.

So for Jimbo, the lit and hallucinating buffoons at the Wall Street Journal Editorial Board and for the shills in Herr Hartwig’s boiler room today’s music is for you. ~ sop

Former Raiders punter and Southern Miss great Ray Guy files for bankruptcy

Hat tip Thomas Morstead on twitter which lead to this page from Sports Collectors Daily concerning the fact that Ray Guy is losing the 3 super bowl rings he garnered during his career with the Oakland Raiders.  I mention this because some of our most noticed work on a national level ironically generated little in the way of reader comments and that is certainly true of the post I did on Sudden Wealth Syndrome back in April 2010 that garners consistent high quality traffic to this day which in turn likely explains why it shows on page 1 of Google search results under that search string.

In Guy’s case I am not certain given the passage of years since his playing days that Sudden Wealth Syndrome applies here but it is also undeniable he joins a long and distinguished list of former NFL players that end up in bankruptcy court.

The journey which lead me to begin following Morstead on Twitter today has its roots with our Bro Editilla over at the Ladder, who’s twitter tirades are the stuff of cyber legend. Even better is the whole chain of events is conveniently explained by Grand Master Wang over at Moosedenied who suggests that this area’s favorite NFL punter needs a nickname and is well worth reading.

sop

Slicked and Slabbed the BP Disaster Part 6: The BP bankruptcy watch commences

It’s official folks, a stock analyst has whispered the bankruptcy words with respect to BP and it evidently caused a late session stampede out of the common stock. The Times Picayune AP story on the stampede aspect can be found here.  A good overall analysis of why yesterday’s 16% drop is significant can be found courtesy of the WaPo’s Frank Ahrens here as BP’s common stock now trades below book value, a widely cited but IMHO a useless measure of an enterprises intrinsic worth.

I had to laugh at Mr Ahrens’ report because I ate supper earlier this week in Jackson with a noted litigator who will most likely be part of the people’s legal team (ie a trial lawyer) against BP and I made some remarks regarding recent trading volume that today’s news will validate.  $5 is the magic number folks, if BP’s ADRs bust that number all bets are off IMHO. My prior posts on the general subject can be found here and here.

Finally I’ll add there is a significance in the rumored bankruptcy filing timeline cited in that AP story that bears out something I’ve disclosed at this point to the 2 individuals who I’ve befriended since beginning this project called slabbed. Continue reading “Slicked and Slabbed the BP Disaster Part 6: The BP bankruptcy watch commences”

Roubini, Taleb Talk Economic Recovery and Risk on CNBC

I noted the majority of the comments on the Huff Post post which featured this video were driven from a political idealogy standpoint than one of economic common sense which is one of the reasons I opined on the last Taleb CNBC video I posted that:

using history as a guide we’ll go bankrupt before most folks are able to pull their heads out of their asses.

This is simple common sense, not only do we spend far more than we take in, we have also rewarded those who brought us this disaster known as the financial crisis. My own greatest heartburn isn’t derived from the short term measures taken designed to cushion the economic blow, rather we have no long term solution designed to prevent the inevitable.

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