Hank Greenberg, where have I heard that name before???

Maybe right here on Slabbed that’s where. [Links here and here]

Greenberg may be 91 and possibly will be wearing DependsTM to his trial but his date with the justice system is no longer being delayed.

Former AIG Chief Hank Greenberg Must Stand Trial For Fraud, N.Y. Court Rules ~ Jim Zarolli

SLABBED Daily – June 19

Editilla was cooking on yesterday’s Ladder! Here’s a sample, have a bite – but first, Editilla just sent this sizzle on the Ladder today:

4 Investigates: Corps employees masquerading as commenters?

Is the Corps of Engineers Astro-Turfing It’s Critics?

Speaking of turning up the heat, Sam Friedman asks, Is this Hank’s last stand?

Chip Merlin has warmed things up in Florida with his latest post:  The Dirty Secret of Exclusions Some Major Insurance Companies Like State Farm, Allstate, Nationwide and even USAA, Do Not Want You to Think About and a great one I missed: Depreciation Should Not Be Taken for Partial Losses That Are To Be Repaired

… from round and about:

A.M. Best Downgrades State Farm Florida; Outlook Negative (Insurance Journal)

Obama Insurance Views Mirror Those of P/C Agents, Insurers, Regulators (Insurance Journal)

Insureds Entitled to Additional Flood Coverage in California (Insurance Law Hawaii)

…and straight from Congressman Taylor’s blog: Nationwide’s two-page Wind versus Flood Q & A for Mississippi and Alabama h/t Brian Martin

Not exactly a beach book but a lot of interesting reading. TGIF

kudos for Wilson – not yet

Regulate me, please, the opinion column written by Allstate CEO Tom Wilson, appeared in the April 15 NYT in the guise of Wilson’s on-going effort to garner support for national regulation of the insurance industry.

Calling  it his CDS mea culpa, Option ARMageddon gave Wilson “kudos” for coming clean:

My company, Allstate, serves more than 17 million American households.  While we played only a small role in unregulated insurance markets, we have a duty to help stabilize the financial system. It was, after all, an insurance product that contributed to the risk that almost brought down the global economy.

New York State’s Insurance Superintendent, Eric Dinallo, on the other hand, had no kudos to offer:

“While the credit default swap market is not regulated, insurance company use of credit default swaps is,” Mr. Dinallo said in a statement. “In New York, no insurance company can use credit default swaps except under very specific and limited ways and only with approval.”

Was Option ARMageddon spot on or was Wilson’s agenda to set up Dinallo and DOI to the advantage of his efforts to secure national regulation of the insurance industry?  Dinallo’s press release suggests Wilson may have had another agenda – one that would lead to Hank Greenberg, AIG, and, perhaps, other insurers. Continue reading “kudos for Wilson – not yet”

AIG’s Greenberg spends almost quarter billion to clear his name – then takes the 5th

Maurice “Hank” Greenberg made AIG an indispensable company. When the board forced him out, he began a furious campaign to reclaim his good name. But no one foresaw how strange the last chapter of this tale would be.

Fortune magazine provides the background.

These are wrenching times for 83-year-old Hank Greenberg, former chairman and chief executive of American International Group. Four years ago he was one of the most powerful men in the world. He controlled a company with $800 billion in assets. U.S. Presidents, foreign heads of state, and intelligence chiefs sought his counsel. His foundations dispensed hundreds of millions of dollars each year to charities.

Today he is Maurice R. Greenberg, defendant… Continue reading “AIG’s Greenberg spends almost quarter billion to clear his name – then takes the 5th”

AIG's Greenberg spends almost quarter billion to clear his name – then takes the 5th

Maurice “Hank” Greenberg made AIG an indispensable company. When the board forced him out, he began a furious campaign to reclaim his good name. But no one foresaw how strange the last chapter of this tale would be.

Fortune magazine provides the background.

These are wrenching times for 83-year-old Hank Greenberg, former chairman and chief executive of American International Group. Four years ago he was one of the most powerful men in the world. He controlled a company with $800 billion in assets. U.S. Presidents, foreign heads of state, and intelligence chiefs sought his counsel. His foundations dispensed hundreds of millions of dollars each year to charities.

Today he is Maurice R. Greenberg, defendant… Continue reading “AIG's Greenberg spends almost quarter billion to clear his name – then takes the 5th”