Comments on: Ed Liddy Keeps AIG Profits High by Denying Medical Claims for Iraq, Afghanistan Injuries

By: Sara

Sara — Sat, 18 Apr 2009 14:08:54 +0000

This week on the Washington Journal C-Span program, a listener called in and asked a reporter covering AIG and other Financial Stories whether or not there was anything to a rumor he had heard in insurance circles, that AIG has a division that manages the Congressional Pension Plan. The Journalist dismissed the question simply by saying she had not looked into any connection between these special Federal Pension arrangements and AIG.

Now I have no idea if this “rumor” is worth any more than the minute it got on C-Span, but I do remember that one of the great moves of the Gingrich/Republican Congress was to “privatize” some of the non-civil service Federal Pension Plans — so there is a possibility. I also know that some state and local pension plans have business relationships with AIG, and have suffered significant consequences.

Does anyone know how to ask this question and get a valid answer?

By: jacqrat

jacqrat — Fri, 17 Apr 2009 23:58:56 +0000

My brother-in-law is an adjuster with his own company. My sister said that over a year ago, he called her and told her – “if we have any investments that include AIG, sell it! They are CROOKS.”

By: klynn

klynn — Fri, 17 Apr 2009 22:58:27 +0000

Bill him for all court costs tax payers are encuring.

By: rapier

rapier — Fri, 17 Apr 2009 21:44:20 +0000

It must be understood the AIG’s entire business model is to not pay claims. This was related to me by a guy who is a former high level corporate finance guy. The smaller you are the harder they will fight the payout. A simple proven can’t miss strategy.

Note that they were eager to pay the giant financial institutions in full for their swaps. Note also that smaller players in CDOs didn’t make out so good. I am trying to track this down but I suspect that many of them are being offered as little as 20 cents on the dollar on their bets with AIG.

No matter how bad you think all this stuff is it is much much worse.

By: Jane Hamsher

Jane Hamsher — Fri, 17 Apr 2009 21:22:48 +0000

I think there are 150,000 private contractors in Iraq, and of that I believe around 25,000 are security contractors (like Blackwater). They provide things like food preparation, maintenance, Why shouldn’t we “care” about them, or anyone who had injuries that an insurance company that’s just been bailed out to the tune of $180 billion unjustly wouldn’t pay for?

By: sadlyyes

sadlyyes — Fri, 17 Apr 2009 21:08:21 +0000

despicable…make them breakup and then fail

By: sadlyyes

sadlyyes — Fri, 17 Apr 2009 21:06:53 +0000

why do we need insurance at all?

By: TheLurkingMod

TheLurkingMod — Fri, 17 Apr 2009 20:33:59 +0000

Tula Connell is upstairs!
Tea Bag This: CEO Greed

By: Teddy Partridge

Teddy Partridge — Fri, 17 Apr 2009 20:31:52 +0000

Contract won’t keep him out of prison.

By: slide

slide — Fri, 17 Apr 2009 20:26:16 +0000

AIG has been slow paying, not paying and under paying claims since 1984 that I am aware of. I am sure they continue to pay claims slow, under paying or not paying in all 100 of their companies in which they operate. When they get sued for bad faith they stonewall, cheat, and otherwise litigate one to death and then they defraud their defense attorneys by not paying them, slow paying them and then if they pay, under pay. It has been a very profitible scam over a lot of years for them.