My 5 years exclusively blogging on finance message boards gave me the skills to bring you Slabbed. This issue in the Garlandfill saga, Corporate Ethics, is a topic we have covered a time or two on Slabbed and is very fair game on the investor sites like Yahoo! ETM which in turn also explains why the Society of Corporate Compliance and Ethics follows us on twitter. I think they are good folks there that do mucho good in the business world.
This kind of discussion is brought to you by the First Amendment to the Constitution of the United States. Those freedoms that we enjoy and often take for granted have been literally been paid for in blood. God Bless America!
Unfortunately we have readers that do not enjoy the same constitutional protections that we do in the US. Canada, for instance is far behind us in this area with their landmark free speech case involving journalists coming at the tail end of 2009. And even then they do not have our SLAPP protection under the law. These people yearn to enjoy the sunshine as we do and in the case of Charles Leary and Vaughn Perret, Slabbed will be their beacon of hope. I say this because the post on Shelburne County Today covering the Trout Point scandal is now 404.
Covering Trout Point and the tactic of using the courts to silence critics in Canada has gained me a greater appreciation why so many companies that scam people are based there. While participating in occasional informal finance roundtable discussions several times a college professor of finance whose opinions I respect mentioned how much Naked Short Selling originates with certain unsavory Canadian broker dealers for example. And then there is insurance scammer Kingsway Financial Services which we have well covered here on Slabbed that is also well noted with the good folks at RipOff Report as an accomplished travel/sweepstakes scammer that somehow manages to remain in business despite using a Nigerian business model in Advance Fee Fraud. And yet in spite of all this they are still allowed to trade on the US financial markets though it appears they are finally on the verge of being delisted from the NYSE. It is simply amazing in respects.
Here at Slabbed we do not take our First Amendment freedoms for granted no siree. And we’ll be that Shining City Upon the Hill so that people across this world, from the Iranians that were likely wanking while looking at the Stormy Daniels pic on this post, to our friends up north that want to tell their story of Trout Point Lodge will have both a place of refuge and hope.
I fully intend to cover the latest developments when I get a chance but I wanted to give you dishonest sum’ bitches a quick shout out in advance of the post. Without a doubt the sleaziest stock operators, grifters and scammers hail from Canada.
If I was a consumer with an outstanding claim with Lincoln General I’d be very concerned about ever getting paid.
Yeah I know it must hurt some of y’all reading my post that introduced Kingsway Financial Services to our readers and probably less consolation that the average Slabbed reader is very well heeled representing the cream of retail P&C insurance, their lawyers, offshore reinsurers, consumer lawyers and our political establishment. I also suspect some of ya’ll are still scratching your heads wondering what a blog from Soggy Bottom Mississippi is doing covering the world of insurance (Lynda and I haven’t finished chatting as of the date and time of the composition of this post so please feel free to join that conversation too) and high finance. Well wonder no more, just thank Ed Rust, Ed Liddy, Jerry Jurgensen and their hatchet men as we come from a strange world where drywall seems to cost more when the claim was adjusted on the taxpayer dime. We know you are out there as our site traffic has bumped up a good bit since that first Kingsway post.
So rather than highlight the reported Kingsway “Nigerian” Free Prize scam, I’d decided to take a stab at stimulating a conversation Continue reading “Let’s talk consumers, public perceptions and insurance. Allow me to introduce our Kingsway readers to the Slabbed Nation”
TURNING and turning in the widening gyre
The falcon cannot hear the falconer;
Things fall apart; the centre cannot hold;
Mere anarchy is loosed upon the world,
The blood-dimmed tide is loosed, and everywhere
The ceremony of innocence is drowned;
The best lack all conviction, while the worst
Are full of passionate intensity.
TURNING and turning in the widening gyre
Surely some revelation is at hand;
Surely the Second Coming is at hand.
The Second Coming! Hardly are those words out
When a vast image out of Spiritus Mundi
Troubles my sight: somewhere in sands of the desert
A shape with lion body and the head of a man,
A gaze blank and pitiless as the sun,
Is moving its slow thighs, while all about it
Reel shadows of the indignant desert birds.
The darkness drops again; but now I know
That twenty centuries of stony sleep
Were vexed to nightmare by a rocking cradle,
And what rough beast, its hour come round at last,
Slouches towards Bethlehem to be born
Nowdy my mind is open to the possibility Kingsway Financial Services has been slabbed. God bless the innocent employees and shareholders. Continue reading “The Center cannot hold! While financial issues churn, Kingsway Financial Services burns. KFS = Kentucky Fried Shareholders?”
Like Dylan Favre signing with State perhaps? Or a link to the LA Times courtesy of Editilla as we welcome more folks to the FEMA map party along the with accompanying NFIP implications? Or my personal favorite in making good on my promise to insurance defense hoes H Scot Spragins and his sidekick Lucky Tucker to make them famous worldwide? Yep that is right guys (and as Nowdy will attest) many Laurel and Hardy web searches land on our pages each day. Care to guess where? LMAO!!!!!
Oh yeah I ain’t done with Kingsway Financial Services, not by a long shot.
As I spoke with my source on the telephone my jaw literally dropped—-between my day job as a CPA and passion as a hobbyist investor I thought I had seen the sleaziest of the sleazy in characters like Angelo Mozilo, John Mack, Ed Liddy, Hank Greenberg etc but those guys have nothing on the management team of Canadian insurer Kingsway Financial Services Inc. Once again I was also reminded that while stories like the Balloon Boy and White House Party crashers dominate the news, the best stories in my opinion come from the world of finance and are generally under reported by the media. First some background courtesy of Yahoo Finance:
Kingsway Financial Services Inc., through its subsidiaries, provides property and casualty insurance to individuals and businesses in the United States and Canada. It primarily offers non-standard automobile and trucking insurance. The companys non-standard automobile insurance covers drivers who do not qualify for standard automobile insurance coverage because of their payment history, driving record, place of residence, age, vehicle type, or other factors; and trucking insurance cover liability, accident benefits, physical damage, cargo, and comprehensive general liability under a package program. It also provides standard automobile insurance; commercial automobile insurance; commercial and personal property coverages; motorcycle insurance; residential wind insurance coverage; construction defect claims; and other specialty coverages, such as customs, bail, and surety bonds. In addition, the company purchases reinsurance from third parties.
The Yahoo profile typically derives from the first footnote to the annual financial statements issued by the company. Not included of course is a short financial history which in Kingsway’s case we define as beginning in 2005 when this huge company began to implode racked by bad underwriting and investment decisions. In this case the shareholders tried to get management to right the ship led by activist investor Joseph Stilwell whose group owns over 10% of Kingsway. Mr Stilwell also could answer to the title bagholder as I’ll explain a bit later.
In Kingsway’s case the problems are massive and well documented. Over the past year several of the Board of Directors have resigned as has the Chief Financial Officer and Kingsway’s unresponsive CEO W. Shaun Jackson. Insurer specialized AM Best and the other ratings agencies have been steadily downgrading the company which also appears to be in violation of certain debt covenants. One particular operating company, Lincoln General Insurance Company, which underwrote commercial truck insurance in Pennsylvania was particularly unprofitable to the detriment of the entire organization. Continue reading ““Run-off” the cliff and into the ground. The sleazy (and continuing) story of multi-national insurer Kingsway Financial Services”