Our new boy on the poster, Sen Charles Grassley of Iowa, doesn’t have
the worst overall record of Repubs or Dems but he has, by virtual of
his longevity in Congress, reached a position where he has been able to
influence enactment of some of the most damaging legislation to our
freedoms and well-being. The ethanol disaster is one and now, Obama’s
plan to take over healthcare has Grassley in position to enable Obama’s
power grab. He’s working on a “compromise” that he says won’t concede
the entire health care system of the USA to the State –just a part of
what is left in the free market. Government already controls about half
of healthcare through Medicare and other federal programs. Where is
THAT in the US Constitution? Who benefits from a FedGov command of
health care for each and every one of us commoners? Note that all of
the plans offered so far by the Obama regime exempts royalty --federal
officials and Congress-- from the restrictions and regulations.
psst...also insure government sachs!
The worry is that the company, which has never paid out a claim, might be unable to cope with the Lehman bankruptcy.
If it were overwhelmed by claims, the banks and brokerage companies that own Capco, as it is known, could end up owing billions of dollars. By some industry estimates reviewed by the insurance department, Capco could face nearly $11 billion in claims but has only about $150 million with which to meet them. The state is examining whether the company sold policies without the means to cover them
hmm BO got one also but no one wants to talk about that oh well...
The Senate Ethics Committee investigation looking into allegedly preferential treatment afforded powerful Senators Dodd (D-CT) and Conrad (D-ND) by mortgage giant Countrywide Financial has sprung a few leaks. And the emerging details do not look good for either senator.
U.S. House of Representatives Speaker Nancy Pelosi ramped up her criticism of insurance companies, accusing them of unethical behavior and working to kill a plan to create a new government-run health plan.
“It’s almost immoral what they are doing,” Pelosi said to reporters, referring to insurance companies. “Of course they’ve been immoral all along in how they have treated the people that they insure,” she said, adding, “They are the villains. They have been part of the problem in a major way. They are doing everything in their power to stop a public option from happening.”
oh, but…she’ll still take their money
Pelosi Will Keep “Villains” Campaign Contributions
Customer Asset Protection Company, a little-known insurer whose members include Morgan Stanley, Goldman Sachs,, JPMorgan Chase and Wells Fargo, is becoming the focus of swirling questions as Lehman Brothers' bankruptcy filing puts it to the test.
By some industry estimates reviewed by the insurance department, Capco could face nearly $11 billion in claims as a result of the Lehman bankruptcy but has only about $150 million with which to meet them, NYT writes.
How do you say Ponzi, in insuranceeze?
Remember the fairy tale about AIG being an otherwise healthy insurance company that just got a little crazy selling credit default swaps? Well, it's time to put that one to rest. snippet..
Regulators have been turning a blind eye to this sort of thing because they are worried about putting the taxpayer investment in AIG at risk.
Read that again: we invested billions in AIG and now we can't properly regulate it without putting that investment at risk. It's a brand new type of regulatory capture. Great work, team.
Additionally, the phenomenal spike in call option volume two months ago in insurance companies before it was announced they would all become eligble for TARP was about as fraudulent as one can imagine, and yet neither the SEC or FINRA have done anything
A woman is suing the city of Woodstock and a narcotics officer she said raped her at a police station. She said the incident happened after she agreed to work as a confidential informant after a drug arrest.
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