Anyone who deals with AIG on any sizable level knows that they are a company that makes no secrete of the fact they aren’t a “typical” insurance company.
They ignore regulatory issues at every single level – at least from an agency standpoint.
Why would anyone find it difficult to believe they deserve this inquiry into their operations?
Part of it is because all these comments by “loyalists” are probably long time AIG employees who have never learned a thing about the insurance business from any authority except AIGspeak.
Just the tip of the iceberg-GenRe will be very lucky to escape with only one guilty admission.
AIG has restated their accounting for the past five years-what about the PRIOR 20????
Well, Afraid To Say, I guess you see no need for honesty in the business.
Everyone was jumping on Spitzer because he’s running for Governor, but it seems he does have a case. Whether or not his political ambitions are his motivation, his is still a Prosecutor. I’m not from NY, and I wouldn’t vote for Spitzer if I was, but he’s doing his job, unlike some of the other states’ Authorities. It took a non-insurance industry watchdog to figure out something was wrong, while all the NAIC guys and their political buddies sat back and watched.
As an Agent for 30 years, I always felt AIG was a little odd in their “atypical” ways. It’s about time someone snagged Greenberg and his cohorts.
This does not surprise me at all. Basically, insurers today are cutting corners to maximize on profits. But what they are overlooking, is that regulators will always review prior business. Especially, when it involves financial transactions that affect the economy and the industry as a whole. This is why I urge clients and prospective clients to get both their financial and market conduct affairs in order right away.
Bob, I find you post quite puzzling.
You acknowledge that Mr. Spitzer is adequately performing his duties as Attorney General yet you go on to say that you would not vote for him.
Unless I am mistaken, we normally promote and reward individuals for doing a good job.
And if you were a New Yorker, you would quickly realize that the only sensible alternate is Mr. Spitzer.
Bob, as an agent, you should be happy that Mr. Spitzer is attempting to level the playing field.
Can we get it together!
Many agree that AiG has been’atypical’for years.
This could be the tip of the iceberg of many colors.
I think Mr. Spitzer needs to go to Salem (MASS) to hunt witches
Anyone who deals with AIG on any sizable level knows that they are a company that makes no secrete of the fact they aren’t a “typical” insurance company.
They ignore regulatory issues at every single level – at least from an agency standpoint.
Why would anyone find it difficult to believe they deserve this inquiry into their operations?
Part of it is because all these comments by “loyalists” are probably long time AIG employees who have never learned a thing about the insurance business from any authority except AIGspeak.
He is doing his job and I’m happy for him.
Just the tip of the iceberg-GenRe will be very lucky to escape with only one guilty admission.
AIG has restated their accounting for the past five years-what about the PRIOR 20????
Well, Afraid To Say, I guess you see no need for honesty in the business.
Everyone was jumping on Spitzer because he’s running for Governor, but it seems he does have a case. Whether or not his political ambitions are his motivation, his is still a Prosecutor. I’m not from NY, and I wouldn’t vote for Spitzer if I was, but he’s doing his job, unlike some of the other states’ Authorities. It took a non-insurance industry watchdog to figure out something was wrong, while all the NAIC guys and their political buddies sat back and watched.
As an Agent for 30 years, I always felt AIG was a little odd in their “atypical” ways. It’s about time someone snagged Greenberg and his cohorts.
This does not surprise me at all. Basically, insurers today are cutting corners to maximize on profits. But what they are overlooking, is that regulators will always review prior business. Especially, when it involves financial transactions that affect the economy and the industry as a whole. This is why I urge clients and prospective clients to get both their financial and market conduct affairs in order right away.