So AIG’s unit Lavastone bought these insurance policies and after the fact determined they paid to much for them? Like when I buy a car and months later I feel like I paid too much for it I can go to Ford, GM or whatever and sue them for charging me too much? Get over it AIG. Hey, you were selling worthless credit default swaps, you have to return premium for those?
I didn’t even know life settlements were a thing. This entire story just reeks of filth and shadiness.
I certainly had no idea a third-party could buy an insured’s life insurance policy outright and collect the net benefit by paying premiums. Was under the impression that a life insurance policy wasn’t a piece of mere investment property that was transferable to someone other than the insured. I must be in the wrong side of the business. Damn.
I find it very ironic, rather hypocritical, that AIG is claiming that the “Life Settlement” company AIG was “in cahoots with”… Coventry, should be held to TRIPLE DAMAGES under “Racketeering Statutes”! Is that not the Kettle calling the Pot Black? Why was AIG not tried for RICO violations, along with the BIG BANKS & Wall Street “Investment” firms for creating, condoning, managing then DUMPING the WORLDS LARGEST PONZI SCHEME onto the American TAX PAYER? The “Ponzi Scheme” I refer to was the Easy Money Mortgage Market, which made Bernie Madoff look a small time “petty thief! There was ABSOLUTELY collision between the “players”, but NO CONSEQUENSES! Now I’ve got to get back to work and sell a CHARTIS High Value Homeowners “Package”… AIG’s complaint to me is “PURE” BS! Of that, I am OmniSure…
OmniSure, you hit the nail right on the head. Another thing I am suspicious of is Reverse Mortgages that we see the advertising on with elderly citizens. If it looks too good to be true, it probably is.
What goes around, comes around, AIG.
Well I am sure AIG is an expert in fraud and chicanery given their history and performance Too big to fail and all that.
So AIG’s unit Lavastone bought these insurance policies and after the fact determined they paid to much for them? Like when I buy a car and months later I feel like I paid too much for it I can go to Ford, GM or whatever and sue them for charging me too much? Get over it AIG. Hey, you were selling worthless credit default swaps, you have to return premium for those?
I didn’t even know life settlements were a thing. This entire story just reeks of filth and shadiness.
I certainly had no idea a third-party could buy an insured’s life insurance policy outright and collect the net benefit by paying premiums. Was under the impression that a life insurance policy wasn’t a piece of mere investment property that was transferable to someone other than the insured. I must be in the wrong side of the business. Damn.
Supreme, there are few things AIG has done in the past that don’t reek with filth and corruption.
I find it very ironic, rather hypocritical, that AIG is claiming that the “Life Settlement” company AIG was “in cahoots with”… Coventry, should be held to TRIPLE DAMAGES under “Racketeering Statutes”! Is that not the Kettle calling the Pot Black? Why was AIG not tried for RICO violations, along with the BIG BANKS & Wall Street “Investment” firms for creating, condoning, managing then DUMPING the WORLDS LARGEST PONZI SCHEME onto the American TAX PAYER? The “Ponzi Scheme” I refer to was the Easy Money Mortgage Market, which made Bernie Madoff look a small time “petty thief! There was ABSOLUTELY collision between the “players”, but NO CONSEQUENSES! Now I’ve got to get back to work and sell a CHARTIS High Value Homeowners “Package”… AIG’s complaint to me is “PURE” BS! Of that, I am OmniSure…
OmniSure, you hit the nail right on the head. Another thing I am suspicious of is Reverse Mortgages that we see the advertising on with elderly citizens. If it looks too good to be true, it probably is.