Insurance

McCain: Fire Cox? Too late

September 18, 2008  ·  Consumer Watchdog

<p> Senator John McCain today <a href="http://www.businessweek.com/election/2008/blog/archives/2008/09/mccain_to_cox_y.html">said SEC Chairman Chris Cox should be fired</a> for falling asleep at the wheel as conditions built towards the current meltdown of the nation's financial markets. Where was Senator McCain (or the rest of the US Senate for that matter) back in 2005... </p>

Harvey’s new blog outs AIG’s Greenberg

September 18, 2008  ·  Harvey Rosenfield

<p> CW's founder Harvey Rosenfield recounts in his <a href="http://www.honestanswers.org/">new blog Honest Answers</a> an interesting conversation not long ago with a retired judge who told Harvey that then-AIG CEO Hank Greenberg was complaining to judges about Harvey and his Prop 103's regulation. Greenberg argued, of course, that the government shouldn't be meddling in AIG's business.  Well, as Harvey points out, yesterday the goverment had to buy out AIG's business to save it and preserve Greenberg's own wealth, which is still tied up in shares of AIG.  </p>

Congress slows down on plan to override state insurance regulation

September 18, 2008  ·  Consumer Watchdog

<p> AIG’s near collapse has at least one silver lining: the US House took HR 5840 (Kanjorski, D-PA) off the floor yesterday. The bill would allow the treasury department to override state regulation of the insurance industry. (... </p>

McCarty to AIG clients: It’s OK

September 18, 2008  ·  Consumer Watchdog

State insurance regulators said Wednesday they are continuing to look into the potential impact in Florida from the financial crisis at insurance giant American International Group (AIG) even as they sought to soothe nervous customers. Still, consumer advocates called for prompt action from regulators to protect consumers. "State insurance regulators must act quickly to ensure that AIG does not raise premiums on drivers and homeowners to make up for the losses from its foray into the world of subprime mortgages," said Carmen Barber, a spokeswoman for California-based Consumer Watchdog.

With Wall Street Crisis, Bill Creating Federal Insurance Office Stalls

September 17, 2008  ·  Consumer Watchdog

Consumer advocates had argued that this week's $85 billion federal bailout of insurer AIG was necessary because the federal government has been lax in its regulation of the financial-services industry. But the House's measure would only weaken federal oversight, they said. "AIG's stunning collapse and unprecedented bailout was driven largely by the massive failure of financial industry deregulation and the policy of weak federal oversight of the banking system," said California nonprofit Consumer Watchdog in a letter to bill sponsor Paul E. Kanjorski, D-Pa.

AIG: You have the right to remain silent

September 17, 2008  ·  Consumer Watchdog

<p> Just days before Hurricane Andrew struck Florida in 1992, an AIG executive wrote a memo (<a href="https://consumerwatchdog.org/wp-content/uploads/2008/09/resources_AIG_Memo.pdf" target="_blank" title="AIG memo" rel="noopener">.pdf of memo</a>) calling the impending devastation "an opportunity to get... </p>

High cost, low benefit, health plans under Massachusetts health insurance mandate

September 16, 2008  ·  Consumer Watchdog

<p> The problem with Massachusetts' mandatory health insurance law - or any law requiring individuals to buy health insurance - is forcing people to purchase insurance that's unaffordable, doesn't provide real coverage, or both... </p>

Sacramento’s muggers

September 16, 2008  ·  Consumer Watchdog

<p> What if a mugger took you at gunpoint to the bank and made you hand over 10% of your savings? (He's a compassionate robber.) What if he said he'd give you back the money--someday--but he'd keep the interest? I suppose you'd be grateful to be alive. But don't Californians deserve more--or at least more honesty--from their own government? </p>

Death of the corporation tax

September 15, 2008  ·  Judy Dugan

<p> This warning --<strong> "Death of the Corporation Tax” is part of the Budget Deal</strong> -- kicks off a press release I just got from our friends at the California Tax Reform Association about the new smoke and mirrors budget... </p>

Told ya, AIG’s subprime porfolio sinks dow

September 15, 2008  ·  Consumer Watchdog

<p> Remember how incredulous those<a href="http://www.youtube.com/watch?v=8ErE57Rz_ps&eurl=http://www.consumerwatchdog.org/corporateering/"> CNBC</a> Wall Street denizens were when I <a href="http://www.consumerwatchdog.org/insurance/articles/?storyId=22269">suggested</a> a few weeks back that insurers' investment losses, particularly in the subprime mortgage mess, would hit the Dow?  Well, wonder what those anchors are saying now about that "big charge" I made.  </p>

CIRM Mulls Loan Program to Help Plug Stem Cell Funding Gaps

September 15, 2008  ·  Consumer Watchdog

California's stem cell agency is hammering out key details of a loan program that could deliver badly needed cash to companies trying to develop stem cell therapies and tools. "Some of the loans will be risky, but we need some sense of how risky will they be allowed to be," said John Simpson, stem cell project director at Consumer Watchdog, which has tracked CIRM since voters approved the sale of $3 billion in bonds by the state to fund stem cell research.

Dawn Rich, Healdsburg CA

September 12, 2008  ·  Consumer Watchdog

Back in 2004, I had Kaiser health insurance through my employer. I was diagnosed late that year with a fibroid uterine tumor and the doctors said I needed a hysterectomy. After the surgery that December, at Kaiser in Santa Rosa, my cervical...