When Gecio almost went broke (pre Buffet) in the 70’s, got kicked out of NJ, and was rescued by a “secret” consortium of Eastern auto insurers, was Byrne the Travelers guy who went in and saved them? Afterwards, Buffet began buying shares a little at a time…I would say about 72-74…
Yes, Jack Byrne was the Travelers guy. Lost out to Ed Budd when the then Traveler’s CEO, Morrison Beach, retired from Travelers in about 1976. Ed Budd became CEO, Jack moved on.
The secret consortium isn’t quite correct. Typically, carriers don’t move in to protect their fallen brethren (e.g., Mission, Executive Life, etc.). GEICO held a large portfolio of Municipal Assistance Bonds (“Big Macs” issued by NYC to bail itself out). The Wall Street bunch took a look at the possible fire sale of the Big Macs by GEICO in liquidation and did some serious arm twisting. Thus, the “bail out” by a coalition of the unwilling.
PS. Travelers did not participate in the bail out.
When Gecio almost went broke (pre Buffet) in the 70’s, got kicked out of NJ, and was rescued by a “secret” consortium of Eastern auto insurers, was Byrne the Travelers guy who went in and saved them? Afterwards, Buffet began buying shares a little at a time…I would say about 72-74…
if they almsot went broke “they’ve come a long way baby”
Yes, Jack Byrne was the Travelers guy. Lost out to Ed Budd when the then Traveler’s CEO, Morrison Beach, retired from Travelers in about 1976. Ed Budd became CEO, Jack moved on.
The secret consortium isn’t quite correct. Typically, carriers don’t move in to protect their fallen brethren (e.g., Mission, Executive Life, etc.). GEICO held a large portfolio of Municipal Assistance Bonds (“Big Macs” issued by NYC to bail itself out). The Wall Street bunch took a look at the possible fire sale of the Big Macs by GEICO in liquidation and did some serious arm twisting. Thus, the “bail out” by a coalition of the unwilling.
PS. Travelers did not participate in the bail out.