Nothing but Thursday Links…..

Conservation groups oppose change in DMR rules ~ Paul Hampton

Its Great to be the CEO Running a Huge Criminal Bank ~ Bill Black

I-Team: Perricone, Mann surrender federal law licenses ~ Travers Mackel

Councilman says there is no merit to trespass, tampering allegations ~ Dwayne Bremer

St. Tammany DA Walter Reed’s payments to son’s companies reach almost $95,000 ~ Heather Nolan and Lee Zurik

Mississippi daycare worker dies in tornado, found clutching toddler she saved ~ Jeff Amy

After Donald Sterling, the NAACP plans to tighten up its award policies ~ Jarvis DeBerry

BREAKING: The Idiots at Louisiana Citziens to squander $500,000 in scarce reserves to appeal judgment to the US Supreme Court (Updated)

Louisiana Insurance Commish Jim Donelon

How sad that an insurer set up via taxpayer fiat is so against the policyholders it was created to serve.  I’ll add that based upon the last legislative auditor report such a move tells me the Citizens is insolvent. I wonder if they are still running quickbooks? What a joke they are!

And to think just 3 years ago the lit and hallucinating buffoons on the Wall Street Journal Editorial Board were praising Jimbo the Clown and Louisiana Citizens Insurance.

File this one under sold out.

Update:

It did not take the Supreme Court long to bitchslap Jimbo down and make no mistake folks this is all Jimbo the Clown. Even worse, he claims to have more ideas to make this mess worse.  Whadda Clown!

sop

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

The News Corp Journalism scandal reveals the ugly underbelly of journalism, Rupert Murdoch style.

Not that American’s own Faux News doesn’t have its own problems such as having a Republican political operative, I mean VP ordering the so called news staff how to frame their reporting on things like climate change, Obama speeches etc. but the revelations and associated stench coming from News Corp’s UK based outlet News of the World are simply stunning and now it appears journalism News Corp style has crossed into the realm of the criminal.

I mean shit it is bad enough Fox News is the official US based propaganda arm for the nation of Israel and the GOP but imagine how bad it is at Wall Street Journal as their editorial board was already a bunch of corporate whores before Murdoch bought the paper. The man at the top sets the tone folks (except when scandal hits and then it is the secretary’s fault) and with Murdoch style news reporting the news takes a back seat to collecting the benjamins.

sop

Jimbo the Clown never got the memo that Louisiana Citizens Insurance is insolvent. A Captured Regulator Update.

Louisiana Insurance Commish Jim Donelon

A dimmer bulb has never flickered in the Louisiana DOI folks.

Donelon said he took off another 2.3 percent because it was excessive and served to build the company’s capital and reserves.

“They don’t need to be building reserves” with rates, Donelon said. He said other fees help Citizens remain solvent.

Reserves????  Didn’t you mean the almost billion dollar deficit Jimbo? A common clown may well be able to fool the big business lackey/buffoons over at the Wall Street Journal editorial board but the numbers don’t lie and convey the ugly truth about Louisiana’s corrupt, special interest ridden insurer of last resort.

sop

Slicked and Slabbed news miscallany: Oil in the food chain, whale sharks and great minds thinking alike.

Folks there is so much news out there besides what we’re focusing on in detail I thought a post with links to what I am reading may help our many out of area readers get a flavor for what is really happening on the ground.

First up is oil in the food chain as the Sun Herald’s Geoff Pender reports that oil is coating crab larvae, a favorite food of fish and birds alike. Frankly this is terrible news.

So while it looks as though we’ll be without fresh local crabs for a while I highly recommend the Crab Fest being held this weekend on the grounds of Our Lady of the Gulf Church in Bay St Louis.  A crowd favorite is the Crab Roule’ booth which is staffed by local luminaries that never forget their ties to the ordinary people in their community. For those not initiated in the ways of the coast, Crab Roule’ is the crustacean version of the chicken drop sans “the drop” and is great fun. If you in the City or off the coast come on over because there is lots of great food, art booths, rides for the kids, live music etc. and is very family friendly (which on the coast means the adults can eat seafood and imbibe adult beverages while the kids have a blast).

Next up is Anita Lee’s story in today’s Sun Herald which extensively quotes Fred McCallister of Allegiance Capital Corporation and his analysis of BP’s spill response as it relates to protecting their bottom line.  Anita is what Nowdy would call a true Katrina warrior and her reporting on insurers after Katrina was simply excellent. Continue reading “Slicked and Slabbed news miscallany: Oil in the food chain, whale sharks and great minds thinking alike.”

Slabbed Daily June 23: Is Louisiana’s Insurance Market Really Healthy?

So who is right, the Wall Street Journal Editorial Board who termed Louisiana’s private market “thriving” or our new Bermudan money changing friends fronted by the Competitive Enterprise Institute that our own Commish likes so well who last week gave Louisiana’s insurance market an F. (h/t Editilla)

Louisiana is one of six states receiving an “F” on a newly released report card ranking states’ insurance climates. Continue reading “Slabbed Daily June 23: Is Louisiana’s Insurance Market Really Healthy?”

Around the GO Zone in 60 Seconds: Drinking ‘Shroom juice at the Wall Street Journal, Cottages, Community, Warr and Wind Pool

I must be quick so I can get on the road to Buzzard Roost and there are several items that we need to cover so let’s start with the men and women on the Wall Street Journal’s Editorial board who evidently found a local source for psyclobin mushrooms (and consumed alot of tea) before they wrote this:

Mr. Crist’s behavior stands in contrast to that of Louisiana, of all places. Baton Rouge also established a Citizens insurer after Katrina but only as a “last resort.” Louisiana has a thriving private insurance market, in part because regulators have let companies adjust their rates. By law, Louisiana Citizens cannot offer competitive prices, save in a few high-risk coastal areas. From a peak of about 170,000 policies in 2007, it now holds about 130,000 (about what it had before Katrina) and is aiming to get below 100,000.

Note how these lit and hallucinating buffoons neglected to mention how many policies Louisiana Citizen’s had in 2004 and 2005 or the fact the guy running Louisiana Citizens (now under federal indictment) that entire time was paying his daughter’s prom bill with policyholder premiums.  Maybe next time they should check with Jim Brown before they have their combo mushroom binges/editorial board meetings. Since Bob Bartley died the only thing I can add about the remaining folks in opinion at the WSJ is that you guys really suck.

Watching the cottage controversy unfold from afar I shake my head at the utter uselessness of the approach taken by certain of the affordable housing advocates. Nowdy, who happens to know a thing or two about these type issues, contends in our internal Slabbed editorial board meetings very real issues are being obscured by the yet “another Thompson/Barbour pissing contest” and I’m inclined to agree and in this case I don’t blame our Gov.  It is simple economics; throwing money putting people without means into “affordable housing” does nothing to fix the larger problem.  Good paying jobs makes housing affordable. Meantime we have renters that actually work full time who are wondering where they will live when the FEMA rental assistance program ends this month. To the extent the renters work, received no grant and have no shot at a freebie cottage they have my sympathies. And since they work they can’t spend time raising cain at local City council meetings which brings us back to the “uselessness”. Solutions to thorny issues lie in the advancement of knowledge and awareness. People of goodwill can genuinely disagree but that doesn’t mean they can’t work together trying to find workable solutions to hard issues. Sometimes the politicians don’t make it easy but I’ve found both the Bay and Waveland the city councils are listening to a variety of opinions and genuinely want to do what is best for the community. Continue reading “Around the GO Zone in 60 Seconds: Drinking ‘Shroom juice at the Wall Street Journal, Cottages, Community, Warr and Wind Pool”