Litigation

"AIG Battles Back"-Insurance Journal

Posted on October 14, 2008
You may have read reports that American International Group, Inc. (AIG) will be downsizing by selling off some of its many companies. Despite the anticipated sell off one AIG core component, AIG Commercial Insurance, is expected to remain sizable. To...

Prudential Financial, Met Life announce 3Q 2008 Profits AFTER Charges for Lehman, AIG, Wamu

Posted on October 14, 2008
After MetLIfe announced that it expects to report $600M in operating earnings for the third quarter of 2008, Prudential Financial Inc. issued a press release on October 9, 2008 stating that its after-tax adjusted operating income for its financial services...

Pinto's Gas Tank

Posted on October 12, 2008
Actress Marlies Pinto lists among her credits "Structured Settlement Commercial, Lead, Blur Advertising, NYC". These "Pinto Beans" a goofy send up of Crazy Eddies and a pillow fight were rejected AND never aired according to Law Cash President Harvey Hirschfeld...

Bacon and "Aigs"

Posted on October 12, 2008
16th Century English philosopher and statesman Francis Bacon once said " The ill and unfit choice of words wonderfully obstructs the understanding". In a move that is possibly in preparation for its sale, American General Life Companies LLC is sending...

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Life Insurer Solvency Record During Great Depression Was Remarkable

Posted on October 09, 2008
A 1964 paper "Cash Flow and Solvency of Insurance Companies by Robert H. Mills PhD CPA examined how dependable life insurance companies are under varying economic conditions and whether life insurance companies lent stability to capital markets in severe periods...

"Sack Dance" on AIG By "The Few and The Disgruntled" Annuity Brokers is Downgraded To "Hacky Sack"

Posted on October 09, 2008
Today's memo Download rick_woolams_letter_10_08_08.pdf from Richard C. Woolams Chief Claims Officer of AIG Commercial Insurance Group reaffirming AIG's commitment to its structured settlement program regardless of whether or not its structured annuity issuing subsidiaries are sold downgrades the putative "sack...

Hemmer-ing and Hawing... If Only The Media Could Be Sanction For Excessive Embellishment

Posted on October 09, 2008
Check out this Fox News howler!First of all, in this video Fox news anchor Bill Hemmer embellished the cost of the St. Regis Monarch sales conference by saying that AIG spent $500,000 when it was $443,343.71 ($402,701.04 was prepaid deposit)...

AIG St. Regis Event WAS NOT Executive Retreat Portrayed in Media

Posted on October 08, 2008
The October 7th hearing before the congressional House Oversight Committee brought attention to a conference which took place at the St. Regis Hotel from September 24-28 2008. Here's how CNN reported it "Crippled Insurance Giant spent $440,000 on posh retreat...

Yo Rocky Esquire and Forge "Heroes" A Match Made in "Heven" (Sic)?

Posted on October 08, 2008
I don't often fix people up but could Philadelphia attorney Brian M. Puricelli and "heroes" at Forge Consulting be a match made in in "haeven" (sic)? What do they have in common you ask? How about typing with their fists...

Woodbridge Investments Trick? Or Treat? HAPPY Halloween?

Posted on October 07, 2008
It's Halloween and "financial crack" dealer Woodbridge Investments' Chief Ghoul Scott Schwartz is offering structured settlement annuitants a treat, or is it a trick? The would be goblins at the Woodbridge Investments "pawn shop" freely admit that " economic paralysis...

David Johnston of Mead Washington is a Heartless Spammer

Posted on October 07, 2008
Being a spammer is bad enough but greedy David Johnston picked the wrong post to try and eke out a few more shekels for his pay day loan business "The Personal Money Store". David Johnston, the heartless spammer , of...

Long Term Care Insurance For Plaintiffs, Attorneys and Brokers

Posted on October 07, 2008
Think Long Term Care Insurance is simply for old-timers in nursing homes? Think again! According to a study published by the American Association For Long Term Care Insurance:$3.5B in claims were paid out in 2007 to 180,000 Americans. 3% of...

AIG Structured Settlement Annuitants or AIG Policyholders- Watch 3 Min. Video Of U.S. Insurance Regulators!

Posted on October 06, 2008
Insurance Journal's Ken St. Onge recently interviewed top insurance regulators from Kentucky, Mississippi, Oregon, Arizona and Connecticut to discuss that impact of the AIG situation on insurers in individual states. This informative 3 minute video highlights the interviews.

Mark To Market and Insurers

Posted on October 05, 2008
The buzz phrase "Mark To Market" dominated the financial press in the last few weeks. The Federal bailout bill gives the United States' Securities Exchange Commission (SEC) the power to suspend the mark-to-market accounting rule. But what is "mark to...

NSSTA Corporate Partnership Program

Posted on October 05, 2008
The National Structured Settlement Trade Association (NSSTA) has established a corporate partnership program offering marketing opportunities to vendors wanting access to an upscale demographic and financial product distribution network of over 600. Partnership levels range in price from $3,000-$10,000 and...

The Cash Now Pusher's "Schmuck" Flits Freely Between NSSTA, SSP, NAELA, ASNP, NAMSAP, AAJ

Posted on October 04, 2008
For the first time ever S2KM is framing settlement professionals, including those who are engaged by a plaintiff as "structured settlement agents". He makes a weak link to the laws of agency to support his and his allies' apparent efforts...

Structured Settlement History Not Forge Consulting Strong Suit

Posted on October 03, 2008
Kudos to Forge Consulting for attempting (albeit 3 weeks after the fact) to be the face of calm to members of a trial lawyer association to whom it is classified a "hero" merely because of size of its wad. Forge...

No Link, No Attribution Equals Retribution for Internet Content Scrapers

Posted on October 03, 2008
To be sure, chiropractor turned search engine optimizer, turned "cash now for legal advance" hustler Jason Argall of Clearwater Florida has a few good qualities. What a sweet son he is- he attests to his Mommy's chiropractic excellence on Linked...

Structured Settlements...The Day of "The Jackal"

Posted on October 03, 2008
Patrick Hindert's post of October 1, 2008 is all the NSSTA Board needs to see concerning Patrick Hindert's true motivation. True to form National Structured Settlement Trade Association member and token "cash now pusher" Patrick Hindert seems to be encouraging...

If They Claim To Offer Liquidity Then Why Are They Still CHaracterizing Such Assets as Illiquid...And Other JG Wentworth Fallacies

Posted on October 02, 2008
JG Wentworth issued a press release the other day that highlights the inconsistency of its message. JG Wentworth claims that it is the oldest and most respected buyer of deferred payments for "illiquid assets" such as structured settlements, annuities and...

"Clowns To The Left of Me, Jokers to The Right... Here We Are...Stuck In The Middle With You"

Posted on October 02, 2008
Excuse me, I've got to rant off some steam! How about our elected officials learn to shut their frickin' cake holes and lock themselves in the chamber until they get the bail out bill done? Gaffe after gaffe at the...

AIG Structured Settlement Timeline: Hindert's Jelly Donut Missing The Jelly

Posted on October 01, 2008
Scum churner Patrick Hindert's published "first draft" of the AIG structured settlement time line gets an incomplete: Anything in the chart prior to the 1970s is essentially irrelevant in a "structured settlement time line". For example there were no structured...

It's Time to SAY NO To NSSTA Board Over Patrick Hindert

Posted on September 30, 2008
On November 6, 2007 this author made a formal request of the NSSTA Board to reconsider Patrick Hindert's membership in light of Article 1 of the NSSTA bylaws. The NSSTA Board did not act on the request. Article I Bylaws...

Customer Service Dud: BHC Marketing

Posted on September 30, 2008
There appears to be a great disparity in service offered by different national wholesale marketing organizations dealing with the annuity brokerage community. Are you are broker in need of an alternative Single Premium Immediate Annuity (SPIA) quote? Then I can...

S&P Lowers Liberty Mutual Rating to A- Post SAFECO Acquistion, Liberty Mutual Responds

Posted on September 30, 2008
When one company acquires a "safeco" your first inclination is that this is a good thing. Purportedly under pressure over its reaction time in the current financial crisis apparently Standard & Poors doesn't feel that way. Last week Standard &...

Is Being Financially Literate in Your Profession Too Much To Ask?

Posted on September 29, 2008
Frank ReCouper, Sr. head of "cash now pusher" factoring company, FDR Resources and purportedly "Joe Pep's" partner (in R&P Capital), embarrasses himself in "Are Structured Settlements Affected By The Bailout"? One wonders what someone who advertises that he has been...

New York Times Article September 30, 1999 Says It All

Posted on September 29, 2008
About a decade ago I recall sitting around a table advocating my position against the principle and morality of a President of the United States lying under oath and the poor example it set for children. While we are on...

Pedantic Pat Pulls Trigger, Then Sees "Shadow" And Retreats to Burrow

Posted on September 29, 2008
Trying to revive his waned influence on the structured settlement industry, Patrick Hindert began to let loose another of his pedantic rants (see below) "AIG TimelineBy Patrick Hindert AIG - 2: Looks at AIG and the current financial crisis as...

Risk Law Firm Using Outdated Inaccurate Annuity Chart

Posted on September 28, 2008
The Risk Law Firm of Tulsa Oklahoma devotes its law practice to advocacy for "the rights of claimants and their attorneys to make choices that affect them in their settlements" One can appreciate that business must be so good for...

Settlement Capital General Counsel Offers Responsible Contrast In Factoring Industry Response to AIG Situation

Posted on September 28, 2008
In "Let's Be Careful Out There" Matt Bracy, General Counsel of factoring company Settlement Capital Corporation, offers an articulate, thoughtful and responsible voice on the AIG situation as it applies to structured settlement factoring. Unlike the opportunistic and hyena like...

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