well, if that is the case, when aig car insurance had part of it listed as aig and part of listed as 21st century, then they moved all (attempted to move all) to 21st century to remove the tag.. now they have sold it to farmers… so what now?
i have heard to many customers complain, where am i now?
Well, it is what it is good franchise. As you see in the article this part has nothing to do neither with the bailout nor with the losses. I am sure this move will help in stablizing the company and will benefit the tax payer.
Christine Bremer Muggli: AIG trampled consumers for years
Christine Bremer Muggli — 9/25/2008
The complaints of the insurance industry have been never-ending. Insurance company CEOs demanded no regulation, no oversight, and no accountability. Often, they got exactly what they asked for. On the other hand, policyholders got treated with hardball tactics as insurance companies denied and delayed their way out of paying just claims.
And now, the American public is getting stiffed again.
The king of all insurance companies, AIG, trampled over consumers and other businesses for years, and now, the government and taxpayers are bailing them out. Apparently, the reward for greed and misbehavior is a golden parachute, courtesy of Uncle Sam.
AIG is not a bastion of the American economy, but has skirted the rules and taken advantage of a lack of regulation to prey upon American consumers and businesses. Commentators described AIG as “the new Enron” for its litany of corporate fraud. AIG has paid out billions in fines and settlements to the Securities and Exchange Commission and to the Internal Revenue Service. Even in America’s greatest times of need, AIG was found to be exploiting Hurricane Andrew and Sept. 11 to raise rates and “capitalize” on the marketplace.
A report from the American Association for Justice found AIG to be the third worst insurer in America, with Allstate ranking as the worst. So it’s only fitting that former Allstate CEO Edward Liddy has been tapped to take over AIG. While at Allstate, Liddy set the bar for corporate abuse of policyholders and using hardball tactics to deny claims.
AIG and other insurance companies frequently rail against trial lawyers and how litigation is hurting their bottom line. By pushing through tort reform in many states, insurance companies got what they wanted: the ability to trample over policyholders without being held accountable. This is what happens when a dangerously unregulated insurance industry is allowed to run wild: Greed bites off its own tail.
Before being forced out in June, the last AIG CEO received a $68 million compensation package. The former heads of Fannie Mae and Freddie Mac will receive around $5 million each through their pensions and 401(k) alone. Lehman’s CEO received a $22 million bonus in March. Now those firms are in trouble or have already collapsed.
In the last couple of months, reports have shown how corporations have funded executive benefits by manipulating rank-and-file pensions, two-thirds of major U.S. companies pay no federal income tax, and the median pay of S&P 500 CEOs has risen to $8.4 million.
And we’re paying for all of it.
Next time you hear the U.S. Chamber of Commerce or Wisconsin Manufactureres & Commerce calling for tort reform or pinning America’s ills on trial lawyers, think about AIG. Look where the lack of oversight, regulation, and accountability has left us today.
Oh, the gloom and doom. It appears by your rant (Ins Co Ceos) the entire industry is corrupt and greedy. Have you thought of another line of work?
If you don’t like the insurance industry you’re more than welcome to self insure.
“The Mission of the American Association for Justice is to promote a fair and effective justice system—and to support the work of attorneys in their efforts to ensure that any person who is injured by the misconduct or negligence of others can obtain justice in America’s courtrooms, even when taking on the most powerful interests”
Thank goodness we have these folks out there to keep them AIG crooks in line.
Yes and there is absolutely NO fraud by policyholders and third party claimant (including pltf attys). Yes, they are always on the up and up and never lie. ICCEOs – your real name must be Pollyanna. What a dolt.
AIG commercial property and casualty is a huge player in the insurance industry, not because they are evil bullies trying to take over the world, but because they offer great products and very competitive pricing.
As for the AIG London Financial products guys, I think they should all have their gonads char-grilled and fed back to them with a side dog-poop gravy. Public executions should be brought back for those guys.
People quoted in articles you read saying AIG is the worst insurance company out there are PAID to say those things. Think about it, now is a great time for competitors to distort the truth and move in on the market share.
well, if you think about distort, is that like putting percentages in a way you make yourself look good?
for example, how many times have you heard, those folks that have had these companies for insurance, look at what they saved. well, how many folks did the switch? they don’t say, because they don’t have to. they make it sound like everyone can make that big of savings.
competitive pricing is good for the whole. the toxic debting was bad for the whole, because it re-ran upon itself and then got caught by it’s tail. this is what caused the failure w/in AIG. problem is that because the name AIG is tag with it’s other products, they lost money when they had to sell part of itself. they lost money just because of the name being attached with a product. and yet, they still wanted more money to pay bonuses/retention. i am a taxpayer, so i want to know what is my dividend when they finally start to make a profit?
No matter what you do, dress it up, put lipstick on it, give it a bath, a new “do”, a pig is still a pig….and AIG by any other name is still AIG.
well, if that is the case, when aig car insurance had part of it listed as aig and part of listed as 21st century, then they moved all (attempted to move all) to 21st century to remove the tag.. now they have sold it to farmers… so what now?
i have heard to many customers complain, where am i now?
Well, it is what it is good franchise. As you see in the article this part has nothing to do neither with the bailout nor with the losses. I am sure this move will help in stablizing the company and will benefit the tax payer.
Christine Bremer Muggli: AIG trampled consumers for years
Christine Bremer Muggli — 9/25/2008
The complaints of the insurance industry have been never-ending. Insurance company CEOs demanded no regulation, no oversight, and no accountability. Often, they got exactly what they asked for. On the other hand, policyholders got treated with hardball tactics as insurance companies denied and delayed their way out of paying just claims.
And now, the American public is getting stiffed again.
The king of all insurance companies, AIG, trampled over consumers and other businesses for years, and now, the government and taxpayers are bailing them out. Apparently, the reward for greed and misbehavior is a golden parachute, courtesy of Uncle Sam.
AIG is not a bastion of the American economy, but has skirted the rules and taken advantage of a lack of regulation to prey upon American consumers and businesses. Commentators described AIG as “the new Enron” for its litany of corporate fraud. AIG has paid out billions in fines and settlements to the Securities and Exchange Commission and to the Internal Revenue Service. Even in America’s greatest times of need, AIG was found to be exploiting Hurricane Andrew and Sept. 11 to raise rates and “capitalize” on the marketplace.
A report from the American Association for Justice found AIG to be the third worst insurer in America, with Allstate ranking as the worst. So it’s only fitting that former Allstate CEO Edward Liddy has been tapped to take over AIG. While at Allstate, Liddy set the bar for corporate abuse of policyholders and using hardball tactics to deny claims.
AIG and other insurance companies frequently rail against trial lawyers and how litigation is hurting their bottom line. By pushing through tort reform in many states, insurance companies got what they wanted: the ability to trample over policyholders without being held accountable. This is what happens when a dangerously unregulated insurance industry is allowed to run wild: Greed bites off its own tail.
Before being forced out in June, the last AIG CEO received a $68 million compensation package. The former heads of Fannie Mae and Freddie Mac will receive around $5 million each through their pensions and 401(k) alone. Lehman’s CEO received a $22 million bonus in March. Now those firms are in trouble or have already collapsed.
In the last couple of months, reports have shown how corporations have funded executive benefits by manipulating rank-and-file pensions, two-thirds of major U.S. companies pay no federal income tax, and the median pay of S&P 500 CEOs has risen to $8.4 million.
And we’re paying for all of it.
Next time you hear the U.S. Chamber of Commerce or Wisconsin Manufactureres & Commerce calling for tort reform or pinning America’s ills on trial lawyers, think about AIG. Look where the lack of oversight, regulation, and accountability has left us today.
Oh, the gloom and doom. It appears by your rant (Ins Co Ceos) the entire industry is corrupt and greedy. Have you thought of another line of work?
If you don’t like the insurance industry you’re more than welcome to self insure.
“The Mission of the American Association for Justice is to promote a fair and effective justice system—and to support the work of attorneys in their efforts to ensure that any person who is injured by the misconduct or negligence of others can obtain justice in America’s courtrooms, even when taking on the most powerful interests”
Thank goodness we have these folks out there to keep them AIG crooks in line.
Yes and there is absolutely NO fraud by policyholders and third party claimant (including pltf attys). Yes, they are always on the up and up and never lie. ICCEOs – your real name must be Pollyanna. What a dolt.
Yes i’m an idiot… I was drunk when I wrote that.
AIG commercial property and casualty is a huge player in the insurance industry, not because they are evil bullies trying to take over the world, but because they offer great products and very competitive pricing.
As for the AIG London Financial products guys, I think they should all have their gonads char-grilled and fed back to them with a side dog-poop gravy. Public executions should be brought back for those guys.
People quoted in articles you read saying AIG is the worst insurance company out there are PAID to say those things. Think about it, now is a great time for competitors to distort the truth and move in on the market share.
well, if you think about distort, is that like putting percentages in a way you make yourself look good?
for example, how many times have you heard, those folks that have had these companies for insurance, look at what they saved. well, how many folks did the switch? they don’t say, because they don’t have to. they make it sound like everyone can make that big of savings.
competitive pricing is good for the whole. the toxic debting was bad for the whole, because it re-ran upon itself and then got caught by it’s tail. this is what caused the failure w/in AIG. problem is that because the name AIG is tag with it’s other products, they lost money when they had to sell part of itself. they lost money just because of the name being attached with a product. and yet, they still wanted more money to pay bonuses/retention. i am a taxpayer, so i want to know what is my dividend when they finally start to make a profit?