Archive for December 2022
Delphi Pension
Delphi Pension When General Motors (GM) filed for bankruptcy in 2009, the Obama administration terminated the pension plan for 20,000 Delphi salaried employees and the Pension Benefit Guaranty Corporation (PBGC) then cut their retirement benefits by as much as 70 percent. This includes more than 5,000 retirees in Ohio. The PBGC assumed responsibility for the…
Read MoreChristian DesRochers
Christian DesRochers Broken down to its simplest basis, Universal Life has eliminated the concept of “plan of insurance”….. — Christian J. DesRochers 1983 – SOA – Universal Life, Society of Actuaries – 24p 1988 – SOA – The Definition of Life Insurance Under Section 7702 of the Internal Revenue Code, by Christian J. Desrocher, Society of Actuaries -…
Read MoreSurprises
Surprises UL, by its nature, tends to have bigger and later surprises. — Daniel F. Byrne, M Financial Group 1999 – SOA – The Next Generation Universal Life, Society of Actuaries – 30p (p14) – Baird WEBEL (CRS-Congressional Research Service). I was actually struck in that New York Times article when they talked about the insurance companies themselves…
Read More2014 12 – re: FSOC SIFI Designation of MetLife, Woodall / Hamm – Views of the Council’s Independent Member Having Insurance Expertise – 13p
2014 12 – re: FSOC SIFI Designation of MetLife, Woodall / Hamm – Views of the Council’s Independent Member Having Insurance Expertise – 13p 2014 12 – re: FSOC SIFI Designation of MetLife, Woodall / Hamm – Views of the Council’s Independent Member Having Insurance Expertise – 13p Roy Woodall – I do share concerns about…
Read MoreQ: AIG – 2008 – Did the Federal Reserve and the Department of the Treasury study insurance regulatory schemes and deemed them inadequate?
Q: AIG – 2008 – Did the Federal Reserve and the Department of the Treasury study insurance regulatory schemes and deemed them inadequate? <What Newspaper is this from?> – “State laws segregate the assets needed to protect policyholders within the highly regulated subsidiaries at AIG and if they were to fail, state guarantee funds exist…
Read MoreFBI – Federal Bureau of Investigation
FBI – Federal Bureau of Investigation (p108) – 377. A May 4, 2005, Wall Street Journal article indicated that the Federal Bureau of Investigations had begun conducting criminal probes of accounting at insurance companies, including AIG. That article read, in relevant part: FBI field officers congregated in Washington, D.C., last week to discuss the topic…
Read More2008 – AIG – Sandbox
2008 – AIG – Sandbox 2008 0807 – Moody’s – Global Credit Research Rating Action – Rating Action: American International Group, Inc. – Moody’s reiterates negative outlook on AIG; US life ops negative AIG SunAmerica funding agreement-backed note programs — AIG SunAmerica Global Financing Trusts, ASIF I & II, ASIF III (Jersey) Limited, ASIF Global…
Read More2021 0225 – YPFS Lessons Learned Oral History Project: An Interview with Eric Dinallo – 19p
2021 0225 – YPFS Lessons Learned Oral History Project: An Interview with Eric Dinallo – 19p 2021 0225 – Yale – YPFS Lessons Learned Oral History Project: An Interview with Eric Dinallo, Former New York State Superintendent of Insurance (2007-2009) — [BonkNote] — 19p (p7) – Dinallo: I decided that I had enough information, and enough…
Read MoreStarr v. United States – 11-0779 – Document 428 – 573p
Starr v United States – Document 428 (p36 / 89) – 7.5 AIG’s Securities Lending Operations Faced the Same “Run on the Bank” Pressures as Many Other Financial Firms. (a) Bernanke: “Whenever there was doubt about a firm, as in a standard bank run, the investors, the lenders, and the counterparties would all pull back…
Read MoreAIG – PDCF – Primary Dealer Credit Facility
AIG – PDCF – Primary Dealer Credit Facility 11.2 Access to the PDCF Would Have Mitigated AIG’s Liquidity Needs. 11.2.2 AIG’s parent and insurance companies could have obtained over $70 billion in liquidity if Defendant had granted them access to the PDCF. (a) If Defendant had allowed the AIG parent company to access the PDCF,…
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