$1.25 Billion Bail-Out “By taking this proactive step, we further augment our solid capital base and are well positioned to both meet the challenges and act on the opportunities likely to emerge in the marketplace.” —Stephen Lilienthal, chairman and CEO …
Undue Influences “(W)e drink the Kool-Aid.” —Moody’s Chief Executive Raymond McDaniel, commenting, in documents, on the dilemmas agencies like Moody’s face in assigning ratings to issuers of securities. Sometimes, he acknowledged, the constant letters and communications from analysts, managing directors, …
Formaldehyde Concerns “Only mobile homes and only park models that fell below (the state’s formaldehyde threshold) and validated through that testing were provided to the state of Iowa.” —Assistant Administrator David Garratt responds to criticism from the governor and some …
Rocky Quarter “It was a rocky third quarter for insurers, but risk managers still saw prices improve on average. It is increasingly clear, though, that premiums cannot continue to fall at this pace, especially with the global economy in chaos.” …
Huge Problem “Auto theft along the Texas/Mexico border is a huge problem and we welcome any crime prevention program that could help put a stop to this illegal activity.” —Charles Caldwell, interim director for the Texas Automobile Burglary and Theft …
Kneed in Rhode Island “We will work to remedy the issues that have been raised.” —Spokeswoman Linda Shelton of Miriam Hospital in Providence, Rhode Island, commenting on a surgical team that performed arthroscopy on the wrong knee of a patient …
Executives Reprimanded “They were getting facials, manicures and massages, while the American people were footing the bill.” —Rep. Elijah Cummings, a Maryland Democrat on the House Oversight and Government Reform Committee, criticized a company sales outing held after the government …
Consumer Beware “So often these entities will pop back up with a new name and take advantage of a new group of consumers. This is why we urge consumers to contact us before purchasing coverage to be sure the entity …
Not a Gambling Problem “I wouldn’t refer to it as gambling. [The credit default swaps were] underwritten individually and very carefully.” —Martin Sullivan, former AIG CEO, testifying before the House Committee on Oversight and Government Reform, that writing in the …
Spitzer’s Folly “When (Eliot Spitzer) was attorney general he was on a witch hunt, he’d go after anyone he could to get headlines. I look at the pattern (at AIG) from when Hank Greenberg went out, not just the crisis …
