My husband has been in business for 30 years installing flooring, and has never paid more than 200.00 for a bond. For the last two years due to the economy we have seen work decrese more than 75%, as well as the job market for his age, and know we cant even keep his contractors license because the bond went to 1340.00 for one year.The work that is availible out there are individuals looking for quality workmanship and a license, and there are very few of that as it is.Not to mintion the installers who are cheating the system with out a license and bond, but for 30 years and not one liability claim
filed and we get shot down, wow.. where do we go from here.
After Enron, the accounting firm Arthur Anderson went under because they didn’t do their job and people relied upon their work before buying Enron stock. What is the difference with these rating agencies and Arthur Anderson? A.M. Best, S&P, Moody’s etc. they simply didn’t do their job and others relied upon their work before they invested in the worthless credit default swaps. The Insurance Journal keeps reporting the ratings from these sources like nothing ever happened.
Everyone knows that without the rating even AIG couldn’t have sold the worthless paper. It was the rating that gave the paper its value.
These agencies should be held responsible.
AM Best has had several under NEGATIVE watch for many months – and what have they done? Nothing. Certainly, the books look worse this year than last year, but yet the only action to some of these A+ and A++ carriers is NEGATIVE implications. No action. Bad, AM Best, Bad…..
My husband has been in business for 30 years installing flooring, and has never paid more than 200.00 for a bond. For the last two years due to the economy we have seen work decrese more than 75%, as well as the job market for his age, and know we cant even keep his contractors license because the bond went to 1340.00 for one year.The work that is availible out there are individuals looking for quality workmanship and a license, and there are very few of that as it is.Not to mintion the installers who are cheating the system with out a license and bond, but for 30 years and not one liability claim
filed and we get shot down, wow.. where do we go from here.
After Enron, the accounting firm Arthur Anderson went under because they didn’t do their job and people relied upon their work before buying Enron stock. What is the difference with these rating agencies and Arthur Anderson? A.M. Best, S&P, Moody’s etc. they simply didn’t do their job and others relied upon their work before they invested in the worthless credit default swaps. The Insurance Journal keeps reporting the ratings from these sources like nothing ever happened.
Everyone knows that without the rating even AIG couldn’t have sold the worthless paper. It was the rating that gave the paper its value.
These agencies should be held responsible.
AM Best has had several under NEGATIVE watch for many months – and what have they done? Nothing. Certainly, the books look worse this year than last year, but yet the only action to some of these A+ and A++ carriers is NEGATIVE implications. No action. Bad, AM Best, Bad…..