Flushing out some compromising buzzards...
Sightings from The Catbird Seat
~ o ~
JULY 24, 2009
Jersey Mayors Stung in Graft
By AMIR EFRATI, SUZANNE SATALINE and DIONNE SEARCEY
New Jersey has never been short of corruption scandals, but the one that unfolded
yesterday was surprising even by the standards of the state that inspired "The Sopranos."
Federal agents swept across New Jersey and New York on Thursday, charging 44 people -- including mayors, rabbis and even one alleged trafficker in human kidneys -- in a
decade long investigation into public corruption and international money laundering.
The key to the investigation: a real-estate developer who became an informant after being
arrested on bank-fraud charges in 2006, according to a person familiar with the case. The
developer, Solomon Dwek, wore a wire for the Federal Bureau of Investigation while
offering to bribe New Jersey mayors and other public officials, that person said.
A lawyer for Mr. Dwek didn't respond to requests for comment.
While the state has a long history of dirty politics -- in Newark alone, three ex-mayors have
been convicted of crimes unrelated to the latest sweep -- the scale of the allegations
shocked veterans of New Jersey's political crises....
The arrests place an added burden on Gov. Jon Corzine, a Democrat in his first term
who is running for re-election this year. Mr. Corzine ran four years ago promising to
quash corruption. "The scale of corruption we're seeing as this unfolds is simply
outrageous and cannot be tolerated," he said in a statement....
~ ~ ~
(Catbird Note: New Jersey is the home of The Chubb Group!)
March 19, 2009
Chubb CEO got pay package
valued at $10.7M in 2008
By SARA LEPRO , Associated Press
The chairman, president and chief executive of Chubb Corp. received compensation
valued at $10.7 million in 2008, about 18 percent less than in the previous year, according
to an analysis of a regulatory filing Thursday.
John D. Finnegan received a base salary of nearly $1.3 million, unchanged from 2007.
The Warren, N.J.-based insurer also granted Finnegan a performance-based bonus of $3.4
million. The bonus, however, was not paid until March 2009.
Finnegan also received perks valued by the company at $205,615. These included financial
planning services, use of a car and driver and company contributions to defined savings
Additionally, Chubb granted Finnegan stock awards which had a value of $5.8 million on the
day they were granted.
In 2007, Finnegan's pay package was valued at $12.9 million, according to an Associated
* * *
03/19/2009 4:00PM ET
BATS Real-Time Market Data by Xignite
* * *
Separate from his compensation package, Finnegan realized about $10.8 million on the
vesting of stock awards during 2008.
Like most insurance companies, Chubb's 2008 performance was hurt by the turmoil in the
financial markets. Its fourth-quarter profit dropped 37 percent as it saw huge losses in its
investment portfolio. For the year, Chubb earned $1.8 billion, or $4.92 per share, down from
$2.81 billion, or $7.01 per share, in 2007.
< < < FLASHBACK < < <
September 4, 2005
Cash payoffs, bonds and murder
linked to White House 911 finance
Documents point to attack on America
by White House crime families
by Tom Flocco, www.tomflocco.com
Sioux City, Iowa – According to leaked documents from an intelligence file obtained
through a military source in the Office of Naval Intelligence (ONI), on or about
September 12, 1991 non-performing and unauthorized gold-backed debt instruments were
used to purchase ten-year "Brady" bonds.
The bonds, in turn, were illegally employed as collateral to borrow $240 billion--120 in
Japanese Yen and 120 in Deutsch Marks--exchanged for U.S. currency under false
pretenses; or counterfeit and unlawful conversion of collateral against which an unlimited
amount of money could be created in derivatives and debt instruments.
The illegal transactions are also linked to the murder of a U.S. Army colonel charged with
overseeing approximately 175 secret CIA bank accounts, according to the officer’s wife,
Mrs. V. K. Durham.
During multiple interviews, Durham told TomFlocco.com that Bush 41 and Clinton
administration officials visited her husband Colonel Russell Hermann several times in
the months prior to and three days before his torture and murder on August 29, 1994.
Durham told us the $240 billion in stolen currency was obtained resulting from George
H. W. Bush’s presidential abuse of power, when he authorized former Treasury
Secretary Nicholas Brady and former Secretary of State James Baker III to make
fraudulent use of the Durham Family Trust collateral without her permission. There is
evidence that Colonel Hermann’s and V. K. Durham’s signatures were forged on a
Goldman-Sachs bank account certification requesting the conversions to U.S.
The money was never repaid since the ten-year Brady bonds--purchased before September
13, 1991 using the fraudulent collateral and gold bullion as security came due on
September 12, 2001 – the day after the 9.11 attacks, having allegedly been underwritten
and held by the trustee, Cantor-Fitzgerald bond brokerage firm [whose offices on floors
101-105 in the North Tower of the World Trade Center (WTC) were destroyed on 9.11
along with the Brady bond evidence].
Three days before his suspicious death, Colonel Hermann told his wife that former
President George H. W. Bush, Federal Reserve Chairman Alan Greenspan and U.S.
Marine Colonel Oliver North (pardoned by Bush Sr. two years earlier for his Iran contra
indictments when Bush Sr. was also facing indictments for his role in Iran contra) all
passed V. K. Durham coming up in an adjacent elevator after all three had left Hermann’s
room and gone down in another elevator at the Veterans Administration Health Care Center
in Marion, Illinois. Hermann had been probing Bush 41 and Clinton links to narcotics
money laundering, according to his wife.
Durham told us that Colonel Hermann told her "Bush, Greenspan and North were trying
to get me to sign off on the CI Ltd., the Central Intelligence, Ltd., Iran and Latin
American contra accounts. They held about $13-17 billion in physical gold."
This, raising questions about an evidence trail for a grand jury to seek restoration of funds
potentially stolen by high government officials from United States taxpayers....
"Control files" blackmail congressional and DOJ officials
Stewart Webb alleges that an important key to the "control" of the U.S. House and Senate
has been the use of blackmail via "Operation Brownstone," led by individuals he calls
CIA shadow government players like Ted Gunderson, Harold George Pinder and
Clint Murchinson Jr. – setting up legislators for blackmail through child pedophilia
rings using both vulnerable male and female children from orphanages all across the
United States. This, according to scores of documents and witnesses.
Americans who are concerned about pedophilia, with near daily reports of
kidnappings or disappearances of young children who later turn up dead or fall
victim to Mexican, South American and Middle Eastern child sex slavery need only
start with the ongoing cover-up of pedophilia in the halls of Congress and the
White House. It’s still a hushed-up secret, waiting for irate parents and family victims to
march on Washington.
Other congressional blackmail was employed, according to Webb, by the late Leonard
Millman, New York Senator Hillary Clinton, Neil Bush and Florida Governor Jeb Bush in
an entity known as the MCRD-Boulder Properties Limited Partnerships – financed by
Silverado Savings & Loan; and Webb says this forced dozens of current and former
congressmen into bankruptcy, including high-profile current New York Senator Charles
Schumer. [Media Bypass, May, 2000]
Additional bribes and payoffs were affected through Millman’s cutout company, Denver’s
M&L Business Machines to David Mann, Asst. DOJ Inspector General, who works
under Lee Redneick, DOJ Inspector General, with money also paid to Denver U.S.
Attorney Mike Norton and Robert Pence, head of the FBI Denver office.
Illegal campaign money laundering involved Millman’s MDC holdings--fined by the
SEC in 1991 and covered up by former Colorado Attorney General Gail Norton, the current
Bush 43 Secretary of Interior, according to Webb. [ TIME, "Rush for Gold--How
Silverado Operated," 8-14-1990, and TIME "Running With A Bad Crowd," 10-3-1990]
Norman Philip Brownstein, a current Director of Denver’s Chubb Insurance Company,
allegedly owned by George H. W. Bush and Webb’s ex father-in-law, the late Leonard
Millman – through illegal trusts funded by laundered drug money controlled by
Brownstein – paid President Clinton’s legal fees and also paid off Paula Jones in her
sexual harassment suit against the President. Clinton’s personal attorney, James M.
Lyons – engulfed in the Whitewater scandal--sits on the board of Millman’s MDC
All this, according to Webb’s documents and first-hand witnesses, but also Webb's grand
jury demand--filed three times.
Webb told us as recently as August, 2004 in U.S. Federal Court in Denver [Case No. 95-Y-107], Chief Judge Richard Matsch has continued to ignore and obstruct his
explosive evidence in a manner similar to when Matsch ruled in the Oklahoma City
Lastly, another illegal operation employed to "control" and pay off House and Senate
members was through Apartment Investment and Management Company (AIMCO)--a
real estate investment trust (REIT) currently run by former Congressman Terry
Considine and Bush 41 attorney Norman Brownstein.
Members of Congress have been bribed via the Department of Housing and Urban
Development (HUD) via Millman and Brownstein’s handing over hidden corporate
ownerships in AIMCO’s stolen HUD properties, the federal whistleblower has alleged.
According to Webb, AIMCO is the largest landlord of U.S. apartments--with units that were
stolen by Millman’s partner Phil Winn of Denver’s Winn Group, the focus of the 1989
congressional "HUD Scandal " investigation which led to Independent Prosecutor Arlen
Adams convicting Switzerland Ambassador Phil Winn and others--but three months
before leaving office, President Clinton pardoned Winn. And congressmen continue
to profit from money stolen from the taxpayers.
All this, as the voices of thousands of American boys cry out from their graves on
the bluffs above the Normandy beaches on the English Channel: "France!...now it’s
your turn to help America."
Who will guard the guards?
Mary Schneider contributed additional research for this report.
[Mary was illegally fired by the Department of Homeland Security for her
whistleblower activity in the Orlando, FL Immigration office to protect America.
Rep. Ric Keller (R-8-FL) and Sen. Bill Nelson (R-FL) refused to help Mary even after
I flew to Florida and met personally with them....]
< < < FLASHBACK < < <
From “THE BREACH: Inside the Impeachment and Trial of William Jefferson
Clinton”, by Peter Baker © 2000:
we are in trouble”
The sergeant at arms moved to the center aisle of the Senate chamber and called out like
some medieval town crier in a twentieth-century business suit. “Hear, ye! Hear, ye!’
declared Jim Ziglar. “All persons are commanded to keep silent, on pain of imprisonment,
while the House of representatives is exhibiting to the Senate of the United States articles of
impeachment against William Jefferson Clinton, president of the United States.”
All one hundred members of the United States Senate sat in their seats, tense and rigid,
unusually attentive to every little detail, consumed by the gravity of the task awaiting them on
this day, Thursday, January 7, 1999. The chamber that usually bustled with the motion of
horse-trading legislators and aides and clerks was unnaturally still.... Most senators had
figured the House would never impeach Clinton. Even once it did, many of the senators
assumed some deal would be cut in the dead of winter to forestall an actual trial. But they
were wrong, and now they had no choice but to confront the issue...
“Mr. President,” the silver-haired Hyde said from the well of the Senate, “the managers on
the part of the House of Representatives are here present and ready to present the articles
of impeachment, which have been preferred by the House of Representatives against
William Jefferson Clinton, president of the United States.”...
“Heavenly Father,” began Senator Daniel K. Akaka, delivering the opening prayer, “we
are in trouble and we need your help. We’ve come to a point where we don’t know
what to do.”...
~ ~ ~
Lott met with a dozen other Republican senators in his hideaway the next morning,
Tuesday, January 12, to prepare for the beginning of opening arguments....
The same day, a financial officer at a Washington law firm cut a check for $850,000,
slipped it into an overnight envelope, and officially put an end to Jones v. Clinton. Most
painful to the president was that he was actually forced to use personal money for some of
the payment. His fund-raiser, Terry McAuliff, and other advisors had told him he would
not have to pay a dime of the settlement, only to discover that they could not tap into his
legal defense fund because its bylaws permitted payments only for attorney fees and legal
Bob Bennett, Clinton’s lawyer in the Jones case, succeeded in convincing one of the
president’s insurers, Chubb Group Insurance, to fork over $475,000 but failed to
persuade the other one, State Farm, to contribute. As a result, the final $375,000 was
withdrawn from a blind trust that contained the first family’s assets – money that had been
made by the first lady when she was a lawyer in Arkansas.
The irony was lost on no one. Hillary Clinton had to pay for Bill Clinton’s problems with
women financially as well as emotionally.
March 23, 2005
Court: Insurance Company
Must Pay Legal Fees
A company that insured Tyco International Ltd. executives must pay legal bills for former
CEO L. Dennis Kozlowski, who is on trail on corporate-looting charges, an appeals court
In a 5-0 ruling, the state Supreme Court Appellate Division left open the possibility that
Federal Insurance Co., a subsidiary of Chubb Corp., could later recover some of the
costs from Kozlowski.
The lower court judge had ruled that Federal, which provided liability coverage to Tyco, was
required to pay Kozlowski’s legal bills.
The appeals court modified the ruling to say Federal was obligated only to pay legal costs of
defending covered claims, and could later be repaid for the legal costs of defending
Federal lawyer David J. Hensler said Wednesday he had argued the policy’s “personal
profit exclusion” applied to some claims against Kozlowski because the former CEO was
accused of enriching himself by some of his crimes.
The appeals court wrote Tuesday in its 19-page opinion, “Federal must pay all defense
costs as incurred, subject to recoupment when Kozlowski’s liabilities, if any, are
Kozlowski, 58, and Mark H. Swartz, 44, Tyco’s former chief financial officer, are accused
of stealing $170 million from Tyco by hiding unauthorized pay and bonuses and by
abusing loan programs. They also are accused of making $430 million by inflating the
value of Tyco stock by lying about the company’s finances....
In February 2003, Kozlowski notified Federal of the civil and criminal cases against him
and demanded that the insurer pay his defense costs. Federal responded by canceling
the liability policies and returning Tyco’s premiums.
Federal tried to void the coverage while claiming that Kozlowski, Tyco’s CEO from
January 1992 until June 2002, had misstated information about the company’s
finances and other matters in his insurance application.
Kozlowski sued Federal, saying the allegedly false statements were filed with the federal
Securities and Exchange Commission, and that a clause in the policies barred Federal
from attributing the statements to him.
The appeals court agreed with the lower court that Federal had to pay until its claims had
Tyco, which has about 250,000 employees and $36 billion in annual revenue, makes
electronics and medical supplies and owns the ADT home security business. Nominally
based in Bermuda, its operations headquarters are in West Windsor, N.J....
For more on Tyco, GO TO > > > Tracking the Tyco Flock
February 23, 2005
Lawsuit Accuses Insurers of
Rigging Bids, Fixing Prices
Two small businesses allege that insurers paid
independent agents a second commission
By Rene Stutzman, Orlando Sentinel
SANFORD - Two small Seminole County businesses are suing some of the insurance
industry’s most prominent players, including the Chubb Corp. and Prudential Financial
Inc., accusing them of rigging bids and fixing prices.
The suit, which seeks class-action status, names two-dozen insurance companies or
insurance brokerages that do business in Florida.
It accuses the insurers of paying independent agents a second commission, or “contingent
commissions,” to lock up more business.
Independent agents are supposed to work strictly for their clients, according to the suit,
selling the insurance policy that best fits their needs.
The second commission though, skews that, causing agents to push the insurance line that
pays them what amounts to a “kickback,” according to the suit. It accuses the insurers
and brokers of racketeering, bid rigging and anti-competitive behavior.
As a consequence, customers - all of them businesses - have been cheated out of
“hundreds of millions, if not billions, of dollars” since 1994, according to the suit.
The suit makes the same allegations that New York Attorney General Eliot Spitzer did
four months ago, when he launched an investigation that, so far, has won guilty pleas from
nine insurance company or insurance brokerage executives, including those associated
with two of the companies named in the Seminole County suit.
Those two companies are American International Group, also known as AIG, and ACE
Shortly after Spitzer announced his investigation, Florida Attorney General Charlie Crist
began one of his own. Crist has issued subpoenas to nearly two-dozen insurance
companies and brokers, according to Bob Sparks, a spokesman in Crist’s office.
The Seminole County suit was filed Feb. 16 in state Circuit Court here by Palm Tree
Computer Systems Inc., a small Oviedo company that sells and services computers and
provides Web page design and hosting; and Delta Research Institute Inc., a Longwood
Officers with neither company would discuss the suit. Each, though, is represented by
Longwood lawyer Mark Nation....
A tiny, independent insurance agency in Winter Park, First Market International Inc., is
one of the defendants. It sold insurance from The Hartford to Palm Tree.
First Market President Tom Rossello called the allegations “ridiculous.”
“No, we don’t get contingent commissions,” he said.
December 3, 2004
Chubb Receives Subpoena from SEC
The Insurance Journal
The Securities and Exchange Commission has subpoenaed The Chubb Corp. in a
"fact-finding inquiry'' regarding loss-mitigation insurance products.
The Warren, N.J., company said in a filing with the SEC that the subpoena was similar to
one Chubb received from New York state Attorney General Eliot Spitzer.
Chubb has earlier disclosed inquiries by other prosecutors and insurance regulators also
have made inquiries that were previously disclosed.
Chubb said in the filing that it got the SEC subpoena on Monday, Nov. 29. The company
said it believes the probe also involves other companies, "and that Chubb has not been
singled out in being asked to provide information to the SEC.''...
Spitzer and other regulators have been investigating allegations of conflicts of interest in the
Shares of Chubb closed Wednesday at $77, up 79 cents, or 1 percent, on the New York
Copyright 2004 Associated Press. All rights reserved.
May 18, 2004
Chubb Latest to Face N.Y. Probe
of Compensation Pacts
The Insurance Journal
The Chubb Corporation in Warren, N.J. has received a subpoena seeking information
regarding certain compensation agreements between insurance brokers and Chubb’s
insurance companies from the New York Attorney General Eliot Spitzer....
Marsh & McLennan, Willis Group and Aon Corporation previously confirmed that they
have received subpoenas from Spitzer. The subpoenas are seeking information as part of
a preliminary inquiry into compensation agreements between insurance brokers and
In February, the national, non-profit public policy group Washington Legal Foundation
(WLF), wrote the New York and California attorneys general and insurance departments
asking them to probe “two potentially damaging practices engaged in by some in the
insurance brokerage industry.”
The two practices WLF wants targeted are placement service agreements (PSAs) and
“leveraging” in the insurance brokerage industry. WLF alleges that these practices
present conflicts of interest.
The group maintains that PSAs encourage brokers to steer customers to insurers
that will profit the broker in contingency fees, but not necessarily benefit the
“This is a troubling trend in the insurance brokerage industry,” said WLF Chairman and
General Counsel Daniel J. Popeo. “Insurance brokers are paid to advocate for their
customers, not themselves.”
WLF likened these agreements to abuses recently uncovered in the mutual fund industry by
the Securities and Exchange Commission.
The practice of “leveraging” or “tying” refers to brokers coercing insurance companies into
using their services to purchase their reinsurance in exchange for future referrals for their
primary insurance business....
~ o ~
(Catbird Note: For an earlier case of alleged racketeering, leveraging and price fixing
involving Marsh & McLennan and the Chubb Group, GO TO > > > Harmon’s Claim
Letter to John Sinnott; The Harmon Chronicles; RICO in Paradise; Claims By Harmon;
Harmon’s Letters to Insurance Commissioners; Mary Lou Woo vs. Harmon)
< < < FLASHBACK < < <
August 31, 2000
UNITED STATES DISTRICT COURT
DISTRICT OF NEW JERSEY
CALIFORNIA PUBLIC EMPLOYEES’ RETIREMENT SYSTEM,
OF Itself and All Others Similarly Situated,
THE CHUBB CORPORATION, DEAN R. O’HARE, DAVID B.
DELSO, HENRY B. SCHRAM, EXECUTIVE RISK INC., STEPHEN
J. SILLS, ROBERT H. KULLAS and ROBERT V. DEUTSCH,
COMPLAINT FOR VIOLATION OF §§10(B) (AND RULE 10B-5), 14 AND 20(a)
OF THE SECURITIES AND EXCHANGE ACT OF 1934 AND §§11 AND 15 OF
THE SECURITIES ACT OF 1933
DEMAND FOR JURY TRIAL
SUMMARY OF ACTION
1. This is a class action on behalf of all purchasers of the common stock of The Chubb
Corporation (“Chubb” or the “Company”) between 4/27/99 and 10/15/99 (the “Class
Period”), including the former shareholders of Executive Risk Inc. (“Executive Risk”)
who exchanged their Executive Risk shares for shares of Chubb stock in the merger in
7/99. Chubb sell personal, standard commercial and specialty commercial insurance and is
one of the largest U.S. underwriters of directors’ and officers’ liability insurance. This
action arises out of a scheme to make it appear that serious problems and increasingly large
losses in Chubb’s standard commercial insurance business, which had badly hurt Chubb’s
results in 97-98, were being overcome by a combination of rate increases and non-renewal
of unprofitable standard commercial insurance business ... which enabled Chubb to report
better-than-expected earnings per share (“EPS”), indicating Chubb’s business was turning
around faster than expected and that Chubb would therefore achieve stronger EPS growth
in 99 and 00 than earlier forcast, thus artificially inflating Chubb’s stock to $76-3/8 per
share in mid-99. This enable Chubb to successfully complete its extremely important
acquisition of Executive Risk - a highly profitable underwriter of directors’ and officers’
liability insurance - in exchange for 1.235 shares of Chubb stock for each share of
Executive Risk stock ... The inflation of Chubb’s stock price reduced the number of
shares Chubb had to issue to acquire Executive Risk, saving Chubb at least $300-$400
million, while enabling the top three insiders of Executive Risk to receive millions in
special benefits and payments upon the sale of Executive Risk to Chubb. However,
just eight days after Chubb’s acquisition of Executive Risk, Chubb shocked the markets
by revealing much worse-than-expected 2ndQ 99 EPS due to increasing losses in its
standard commercial insurance business ...
For more on CalPERS pension plan, GO TO > > > The Great Nest Egg Robberies
April 30, 2002
Chubb CEO O'Hare to retire,
profits up on rate hikes
By Bill Rigby
NEW YORK (Reuters) - Chubb Corp's (CB) Chief Executive Dean O'Hare on Tuesday
announced his intention to retire within the next 12 months, as the insurer reported quarterly
profits up 13 percent, boosted by higher premiums.
Chubb's shares rose 4 percent, to $76.15 on the New York Stock Exchange, nearing their
$79.50 52-week high, as O'Hare forecast higher profits next year.
"Chubb's earnings are in the early stages of a major turnaround," said O'Hare, on a
conference call with analysts. "I want to go out at the beginning of a golden era for Chubb,
not just before the end of one."
O'Hare's announced intention to retire comes as Chubb, one of the leading U.S. business
insurers, enjoys a surge in insurance premium rates, after a decade of declines.
The Sept. 11 attacks only served to accelerate price increases.
O'Hare, who will turn 60 in June, has been CEO of Chubb, for 14 years. He joined the firm
39 years ago.
Chubb is starting the search for a new CEO immediately. O'Hare who will stay on as CEO
until a successor is found.
"I was a little surprised," said Williams Capital Group analyst Michael Paisan. "But now's
the time to bow out, as Chubb is firing on all cylinders."
The Warren, New Jersey-based firm reported first-quarter net profits of $198.2 million, or
$1.15 a share, up from $175 million, or 97 cents a share, a year earlier.
"The hard market has arrived, we helped bring it about," said O'Hare on the
conference call. "We were better prepared for it than most of our competitors, and we are
reaping the benefits -- big time."
Next year would be even better for Chubb, O'Hare said, as rate increases make a full
impact on the bottom line.
"If you think 2002 will be good, you ain't seen nothing yet," O'Hare said....
For more on Chubb’s part in the 9-11 terrorist attacks, GO TO > > > Axis of Evil
October 28, 2002
Medical Insurance Settlement Reached
By Frank Cho, Honolulu Advertiser
Companies that insured executives of the defunct Pacific Group Medical Association,
and the United Public Workers Union, have agreed to pay nearly $10 million to settle
claims over the insurance company’s failure and millions of dollars in unpaid premiums.
The agreement, one of the largest insurance settlements in recent years in the state, is the
first related to the collapse of the medical insurer and caps more than five years of efforts.
Pacific Group Medical Association was one of the largest failures of an insurance
company in state history. State regulators seized the troubled medical insurance
company in March 1997 hoping to avert a financial collapse as auditors and consultants
reviewed the firm’s financial records. The company, which had about 12,000 members,
was declared insolvent five months later.
The settlement means about 1,756 former members of Pacific Group Medical Association
and 2,372 medical providers with claims against the failed company will be receiving
payments, according to state records. Creditors have filed nearly $16 million in claims
against the defunct company.
“The situation looked very bleak at the time PGMA collapsed. There appeared to be nothing
left by ash,” said Wayne Metcalf, the state’s insurance commissioner. “But because of
aggressive recovery efforts, we were able to recover significant amounts of money and that
The settlement covers most of the claims against the company’s former leadership, but
does not affect a multimillion-dollar lawsuit by the state against Peter Wong, the medical
insurer’s former chief executive officer.
Wong, who now lives in California, filed for bankruptcy protection in March. The civil
lawsuit by the state against Wong is set to go to trial in March.
Executive Risk and the John Alden Life Insurance Co. and other defendants agreed to
settle claims against former PGMA executives for more than $6.8 million. Voluntary
Employees Benefit Association, an affiliate of the United Public Workers union,
agreed to pay nearly $875,000 to settle unpaid insurance premiums to PGMA....
Metcalf said a separate settlement was reached with the United Public Workers union for
$1.7 million for unpaid health insurance premiums, but that settlement is still awaiting court
Defendants who have still not settled include Wong, his wife Susan, Pacific Benefit
Services and Four Winds RSK Inc., a company owned by Robin Rodrigues Sabatini.
Sabatini, and her father UPW union leader Gary Rodrigues are on trial on charges of
mail fraud, conspiracy to defraud a healthcare benefit program, conspiracy to
launder money and money laundering related to their dealings with PGMA and other
Hawaii health insurers.
PGMA at one time provided healthcare coverage for the United Public Workers, which
Rodrigues heads as statewide director. The union eventually dropped PGMA and stopped
paying premiums after the insurer failed to pay providers.
The state said it believes Wong and other PGMA officials pocketed millions of
dollars in member premiums while leaving the company without enough money to
“There was a lack of effective checks and balances by the board of directors at
PGMA which enriched Mr. Wong to the detriment of the company,” said Metcalf.
“That is really the PGMA story.”
For more, GO TO > > > Buzzards in the Doctor’s Office, Harmon’s Letters to Insurance
Commissioners; Mary Lou Woo vs. Harmon; Predators in Paradise; RICO in Paradise;
Mary Lou Woo vs. Harmon
Footloose and Taxfree
A syndicated monthly column by
Miami-based Offshore Business News & Research Inc.
Billions of new capital flows into
Bermuda's insurance market
Billions of dollars of new capital is flooding into the Bermuda insurance and reinsurance
market as existing firms seek to replenish reserves and Wall Street seeks to take advantage
of soaring rates in the wake of the September 11 terrorist attacks in the United States. So
far, plans have been disclosed for four new reinsurers with combined targeted capital of
more than $3.5 billion, while existing firms have raised or are raising over $2.2 billion in
It is the Third Wave of new capital to flow into the Bermuda market over the last 15 years. In
the mid-1980s, the asbestos crisis led to the formation of ACE and EXEL; in 1992/93,
Hurricane Andrew led to the formation of several massive property catastrophe reinsurers
and, now, the terrorist attacks are leading to the current activity.
The backers of the new firms include blue-chip firms such as Goldman Sachs, Marsh &
McLennan, American International Group and Chubb Corp.
Meanwhile, Bermuda's insurers and reinsurers have taken massive hits in the Third Quarter
as a result of the World Trade Center incident. XL Capital reported a quarterly loss of
$840 million, ACE lost $442.6 million and IPC Re lost $69 million....
For more on the 9-11 terrorist attack and the cover-up in progress, GO TO >>> Axis of
Evil; The Eagle Hooded
Dean R. O’Hare - CEO of Chubb Corporation
From Executive Pay Watch:
In 2000, Dean R. O'Hare raked in $27,572,966 in total compensation from Chubb.
In addition, the Chubb executive took home $3,324,035 in stock option exercises from prior
And Dean R. O'Hare has $27,281,046 in unexercised stock options from previous years.
~ ~ ~
From Washington on $10 Million a Day: Foreign Lobbying: . . . In Oct of 1996, Brent
Scowcroft traveled to Beijing, joining Chubb Corp CEO Dean O’Hare at a meeting with
Premier Li Peng. According to an account in the Chinese press, Li “expressed his
appreciation for the prolonged efforts Scowcroft has made in helping to develop Sino-U.S.
relations,” while Scowcroft assured his host that he was “willing to make further efforts”
for that cause.
Scowcroft also sits on the board of at least two corporations with big interests in China,
Northrop-Grumman and Qualcomm, and is a trustee of the business-funded Asia
Pacific Exchange Foundation, a right-wing beltway outfit that promotes closer ties with
Beijing. . . .
~ ~ ~
From The Chubb Group web site:
Chubb History - A Brief Look Back
In the spring of 1882, Thomas Caldecot Chubb and his son Percy opened their marine
underwriting business in the seaport district of New York City. Having collected $1,000 from
each of 100 prominent merchants to start their venture, they focused on insuring ships and
The Chubbs were adept at turning risk into success, often by helping their policyholders
prevent disasters in the first place. By the turn of the century, Chubb had established
strong relationships with the insurance agents and brokers who placed their clients with
Chubb underwriters, and the original subscribers enjoyed a substantial return on their
investment in the young company.
Chubb & Son did not value size in itself but regarded it as a measure of what had been
achieved. Upon the Company's 75th anniversary in 1957, Hendon Chubb - who had joined
his older brother Percy in the firm in 1895 - noted, "I think there is perhaps a tendency
in American business to over emphasize mere size, whereas to me it should be a
by-product of a job well done."
"Never compromise with integrity," also a Hendon Chubb principle, captures the spirit
of our organization.
Each member of the Chubb organization seeks to stand apart in bringing quality, fairness
and integrity to each transaction, for the benefit of all involved.
The Chubb Corporation was formed in 1967 and was listed on the New York Stock
Exchange in 1984. It ranks among the top 10 publicly traded insurance organizations based
on revenues in the United States.
With more than 10,000 employees throughout North America, Europe, South America, and
the Pacific Rim Chubb serves property & casualty customers from more than 132 offices in
February 11, 1998
The cat and the man in the hat
by Kevin Shank, Pryor Daily Times
Call it return to Temple of Doom. He even wore a fedora, just like Indiana Jones. Still, Dan
Judd insists he's no hero.
It was late Friday evening when Judd, a Pryor computer businessman, was relaxing at
home when the phone rang. "Your building's on fire," the woman said.
Judd leapt to his feet, fearing not for the tens of thousands of dollars of computer gear
locked inside his office in the unit block of South Mill. Judd wanted the sentimental items,
like his homemade U.S. Flag and his Army honorable discharge certificate.
Most of all, Judd wanted to rescue his pet cat - a former stray he already rescued once from
the streets - and six kittens only days old.
"I thought, 'Oh, my God, the kittens are in there'," Judd said.
He rushed to the scene and, having donned his dark fedora hat, rushed into the building
which was quickly filling with smoke. "When I got here you could see maybe two feet in
front of your face," Judd recalled.
In addition to the life-endangering smoke, Judd had another problem: the frightened
momma cat had tucked her kittens up behind a wooden cabinet in a back room of the office.
Brute force took over and Judd yanked the cabinet free.
"I don't know how I got it off the wall, it had six anchor bolts. I guess it was one of those
adrenalin things," Judd said.
Once the counter had been pulled from the wall, Judd began feeling frantically for the
animals, stuffing the babies inside his coat pockets.
"I was grabbing whatever felt fuzzy," Judd said. Finally, he scooped up the alarmed mother
who immediately began protesting with her claws, apparently unaware where her babies
With smoke billowing through every room in the office, Judd had to exit out a locked back
door secured by screws. Judd had to grope some more, trying to find an electric
screwdriver needed to undo the door screws.
Indiana Jones, perhaps. More like Keystone Cops, as Judd tells it.
"I had my pockets full of kittens, a cat in my hand - a clawing and scratching cat in my hand
- and I was running around trying to get this screwdriver. Of course, I can't see the screws,
and I'm about to strangle this cat...."
But eventually, Judd was able to open the door and emerge from the burning building, wafts
of smoke streaming off his fedora.
Judd said the momma cat complained all the way home until she was reunited with her
children, safe and sound, in a bathtub.
Momma and babies were relaxing at home this week while Judd, like other business owners
in the affected building, sorted through the damage.
A fire started by an Oasis watercooler
destroyed our company and cost us our jobs
...and Chubb Insurance is refusing to pay because the owner was
risking his life rescuing a cat and six kittens and not some data tapes
from the burning office building!
WHEN I TOOK THAT CAT INTO THE OFFICE TO HAVE HER KITTENS, I knew she
must have been somebody's pet, with a name and a home and a family. Then all of a
sudden that same family throws her out miles from her home in sub-freezing weather.
She must have been thinking, "What could I POSSIBLY have done to make them so mad at
I don't really consider myself any kind of hero, but I couldn't just let them all burn to death,
could I? I don't know about anybody else, but I personally couldn't live with that.
When I sent our initial claim to Oasis, Chubb and Coca-Cola Bottling, Norm Murphy at
Oasis told me the defective cord on the water cooler had started the fire, and therefore they
were not responsible.
I argued that no one had rented the cord. It was their water cooler that had been rented, and
that's what had started the fire.
Then the article hit the papers, and a miracle happened! Chubb found an easy way to
weasel out of not paying for what Oasis' machine destroyed, and Oasis jumped right on the
According to Glen Day, Vice President of Chubb Insurance, since I had the time to rescue
those kittens, I had a duty to 'mitigate my damages' by rescuing the company's files, and
"forget about those cats".
When I posted a web site about this type of sleazy behavior and it began to get attention, I
was deluged with threats, lies, and intimidation techniques that felt like something out of a
When I finally got enough money together to file suit, Chubb and Oasis responded the very
day before my first hearing with a massive harassment lawsuit filed in Federal Court in
Since then, they've threatened several of my witnesses with inclusion in that suit should
they continue to support me. They've threatened three consecutive service providers with
inclusion in that suit for hosting this site, and threatened two major and several minor
newspapers and journals with lawsuits should they report the story.
They've served me with illegal subpoenas, and threatened me with jail if I did not show up,
when I could not afford to even go, much less have a lawyer present.
When they finally agreed to let me be deposed in Tulsa, I showed up and there was no one
there to take the deposition.
I've heard from several other insurance company representatives that do value honor and
decency more highly than money.
According to one, "Yes, if you rescue the family pet from a burning building, we could
legally avoid paying for the family television. But, no one except Chubb would ever even
think of offering that as a defense."
This litany of lies and stonewalling goes on, and on, and on. . . .
~ ~ ~
The points I'd like everyone to understand are these:
Chubb Insurance did not develop the reputation for this kind of sleazy behavior
overnight, and will continue to practice it as long as it is profitable.
If your home or business should catch fire, make sure your insurance is not with
Chubb. Might be best to check it now.
I don't believe all Oasis watercoolers are defective. They simply got a small batch
of bad cords, from a supplier who is now bankrupt, and are unwilling to admit that
they made a mistake.
If the school your children attend uses these Oasis machines, make sure you
register some sort of complaint. Most of these are rentals, and it's pretty easy to
just send it back and get another one now.
If your child is hurt or, God forbid, killed by one of these Oasis Watercoolers, you
won't want to hear, "Unfortunately, we don't insure children."
It takes very little to check, and even less to replace it, and could save you so much
Let's face it, all we lost was our jobs and business.
I'd hate to see someone else lose a child.
~ ~ ~
Yes, I'd do the same thing again, even if I knew we were going to lose our jobs.
I know now how that mother cat must have felt before I showed up that night, while the fire
was spreading through her 'home', endangering the lives of her kittens: Frustrated.
Helpless. Terrified ... and Hopeless.
EPD is asking everyone interested to please help us spread the word about this disgusting
Boycott Oasis Watercoolers, don't insure with Chubb Insurance, and
Make SURE there is not an Oasis Watercooler
in your home, or where your children go to
. . . and, no matter what your inclinations, please do not send us any money! All we want is
your e-mail and vocal support!
Electronic Product Development, Inc.
February 7, 2002
Enron losses catch up
with insurers, sting profits
By Bill Rigby
NEW YORK, Feb 7 (Reuters) - As the Enron saga unfolded in front on Congress, the trail
of devastation left by the bankrupt energy trader caught up with insurers, wiping millions off
American International Group Inc. (AIG) and Chubb Corp. (CB) both took a hit on
Thursday, adding to the pain of a year already clouded by the destruction of the World
The insurers got hurt by Enron in two ways: underwriting surety bonds, which
guaranteed Enron Corp.'s promises to deliver gas; and losses on investments in the
The insurers won't be the last this season to get hit. Life insurer MetLife Inc. (MET) held
$63 million in Enron investments, according to analysts, which it may have to write down
when it reports earnings next week. CNA Financial (CNA), also reporting next week, has
already said it faces $50 million in surety losses.
Further losses may also be lurking in the form of directors' and officers' liabilities --
designed to protect bosses from lawsuits -- but insurers may seek to cancel Enron's
policies if they can show directors meant to mislead investors.
Warren, New Jersey-based Chubb took the biggest hit on Thursday, setting up a $220
million reserve fund to cover surety losses, putting a large dent in reported profits.
Chubb, like other property and liability insurers in the 1990s, turned to surety bonds as a
good way of making money as rates declined in their main lines of business.
The practice turned out to be quite risky, however, as sureties were used to guarantee a
range of complex financial deals, not just the traditional construction projects or
Chubb has so far only actually paid out a small fraction of its $220 million reserve, and may
not end up paying it all, as the firm -- along with a group of other insurers -- is battling J.P.
Morgan & Co. (JPM) to avoid payment on one deal, which the insurers say was
The matter is likely to take months -- if not years -- to settle, as broader investigations into
Including the Enron hit, Chubb's quarterly net profits fell 83 percent, to $28.7 million.
New York-based AIG, the world's No. 1 insurer by market value, said it paid out $57
million in Enron surety bond claims, and also wrote down $69 million worth of
Enron investments in the quarter.
Despite that, the giant insurer, known for delivering reliable profits from its global
operations, reported net profits increased 3.5 percent, to $1.87 billion.
AIG and Chubb are the latest in a line of insurers to take a hit from Enron.
Over the past week, several other insurers faced up to Enron-related losses putting a dent
in earnings, including John Hancock Financial Services Inc. (JHF), Phoenix Cos. Inc.
(PNX), and W.R. Berkley Corp. (BER).
© 2002 Reuters
For more on AIG, GO TO > > > The Un-American Insurance Group
For more on the Chubb-Enron connection, GO TO > > > The Story of Enron
For more on the AIG-Chubb-Goldman Sachs connections, GO TO > > > Allied World
For more on the on-going 9-11 coverup, GO TO > > > Axis of Evil; The Eagle Hooded
CONNECTING THE DOTS:
The Chubb Group is a holding company whose subsidiaries are engaged in two
industries: property & casualty insurance and real estate.
At a point in time, the second largest institutional investor in Chubb was Putnam
Investment Management, a subsidiary of the world’s largest insurance broker, Marsh &
At a point in time, the third largest institutional investor in Chubb was Citigroup, which was
formed through the mega-merger of Citicorp and Travelers Insurance Company.
Citigroup is co-headed by Robert Rubin, former U.S. Treasury Secretary in the Clinton
administration and former co-chairman of Goldman Sachs.
A leading institutional owner of Goldman Sachs is Hawaii’s wealthy Bishop Estate.
The broker for Bishop Estate is Marsh & McLennan. Marsh & McLennan placed the
estate’s Directors & Officers Liability insurance policy in Federal Insurance Company,
a Chubb subsidiary.
Federal Insurance Company provided the excess liability insurance policy for Bill
Clinton that defended him in the Paula Jones lawsuit.
Just one big happy flock!
For more, GO TO > > > Axis of Evil
From the RICO lawsuit: Harmon v. Federal Insurance Co, et al.:
Defendant Federal Insurance Company, Inc. (Federal), a member of The Chubb
Group, conducts business in the United States and was, at all times, registered with the
Insurance Commissioner, State of Hawaii, as an admitted foreign insurance company.
Federal conducts business through insurance brokers as well as through licensed general
agents of the company. In Hawaii, one of Federal’s licensed general agents is Marsh &
McLennan, Inc. (M&M).
On or about October 27, 1995, Plaintiff, in his capacity as Risk/Insurance & Safety
Manager for Kamehameha Schools Bishop Estate (KSBE), caused Federal, through its
agent M&M, to bind coverages under an Association Liability Insurance policy....
Plaintiff alleges that the failure of Federal, and its agent, M&M, to provide defense coverage
to Harmon in Civil No. 97-0512-02 constitutes mail fraud, wire fraud, misrepresentation
and fraudulent inducement to purchase this insurance....
As detailed in Plaintiff’s complaint, there was collusion among the Defendants, the
primary purpose of which was to increase their profits through the awarding of
non-bid insurance contracts to Federal and its agent, M&M.
Profits were further enhanced by Federal through reduction in their claims
payments by means of fraudulently “back-dating” an exclusion endorsement in
their Association Liability Policy in order to wrongfully deny defense coverages to
~ ~ ~
For more GO TO > > > Dirty Money, Dirty Politics and Bishop Estate
May 7, 2000
Problems With a Globe-Trotting Father
Politics: Ex-President Bush's many foreign dealings
could pose conflicts if his son wins White House
By ALAN C. MILLER, JUDY PASTERNAK, Times Staff Writers
WASHINGTON--Since leaving the White House in 1993, George Bush has sought to
maintain his ideal of a dignified retirement from the nation's highest office. He has turned
down offers to sit on corporate boards, steered clear of political wrangling and largely
stayed out of the public eye.
But Bush sometimes cuts a different figure when it comes to his international dealings.
Overseas, he has collected six-figure speaking fees, occasionally weighed in with foreign
governments for private companies and sometimes sparked controversy.
In Japan, the former president spoke to 50,000 disciples of the Rev. Sun Myung Moon in
a stadium rally--drawing protests from Christian leaders and other critics of Moon's
In Argentina, he wrote then-President Carlos Menem on behalf of Las Vegas casino
mogul Steve Wynn, which helped touch off a parliamentary inquiry about Bush's possible
influence in the country's internal affairs.
In Indonesia, he jumped into a hot dispute over gold mining rights, contacting then-President Suharto to praise a Canadian company that had retained the former president
as an advisor.
And in Kuwait, the Arab oil state freed from Iraqi occupation in the Persian Gulf War, the
former president interceded with the emir's government on behalf of a U.S. oil company.
Makes $4 Million a Year on Circuit
No other former president has created such an international profile. And no other former
president has made so much money on the global lecture circuit in such a short time –
about $4 million a year in speaking fees. For a single engagement, he received stock that
rose in value to more than $13 million at one point.
Normally, such good fortune would be of only passing interest. But George Herbert
Walker Bush may be on the verge of an unusual, sensitive new role: father of the next U.S.
president. And if Bush's son Texas Gov. George W. Bush wins the White House in
November, he could face the ticklish challenge of reining in his dad's far-flung activities.
Potential conflicts of interest loom if the son occupies the Oval Office. Would U.S. and
foreign companies seek to curry favor by steering business to the father's associates?
Would any future overseas flaps involving the former president escalate into diplomatic
Both Bushes, father and son, said that there is no cause for concern.
"I will expect the highest ethical standards of the members of my family," the
governor said through a spokesman.
The 75-year-old former president, when asked whether his son's election would influence
his future global pursuits, said through a spokesman: "I am sure that it would." But he
declined to say how.
Another aide, chief of staff Jean Becker, said: "President Bush understands better
than anyone the absolute necessity of avoiding even the appearance of
impropriety, especially when it comes to a president's family and friends. President
Bush would never do or say anything that would interfere in any way with, or raise
questions about, how George W. Bush is conducting himself as president."
But a source close to the former chief executive acknowledged "increased sensitivity to the
groups that President Bush now speaks to because of his sons in public life": Florida Gov.
Jeb Bush as well as George W. Bush.
Nevertheless, one expert on the post-presidency is troubled by some of Bush's current
Since leaving the White House, the elder Bush has projected a "public persona [as] the
happy World War II veteran who is letting the American people see him jumping out of
airplanes and being the good family man," said Douglas Brinkley, a historian at the
University of New Orleans.
"And the covert persona is going around giving talks with people like Rev. Moon and
representing American corporate interests in foreign countries."
Brinkley, who wrote a book about Jimmy Carter's post-presidency, added: "If his son
becomes president, he needs to distance himself from all corporations and from going
abroad and taking speaker fees."
The matter of how the ex-president's global profile may affect George W. Bush is
especially sensitive because, if the Texas governor is elected, he is expected to
lean on his father--as well as his father's former White House aides--for guidance
on international affairs. George W. Bush says that, while his father would have no
formal role in his administration, "of course, I will seek his advice."
Moreover, during a presidential campaign, many foreign powers look for opportunities to
ingratiate themselves with a potential incoming administration. And when a former president
visits a foreign country, he attracts attention.
On his frequent journeys to Beijing, Bush usually meets with President Jiang Zemin. His
expenses often are paid by U.S. companies pursuing business in China.
A 1998 mission to China was sponsored in part by the Chubb Group of Insurance Cos.,
which has been seeking an insurance license from the Beijing government.
Bush discussed the Asian financial crisis with an American business group, one of six talks
for Chubb worldwide.
"If you're unknown in China and trying to get known and you're trying to get a license there,
having a former president at a reception might get people to come who might not come
otherwise," said Mark Greenberg, Chubb senior vice president. "We get to rub shoulders
with them and get to know them better."
It is unclear to what extent Bush's overseas involvements could affect his son's presidential
duties because the former president is not required to disclose any information about his
activities or income. His office declined requests for a list of speaking fees, appearances
and business sponsors.
There are no federal regulations that address how former presidents earn a living. They are
entitled to a pension of $157,000 a year, round-the-clock Secret Service protection, office
space and a $96,000 annual allowance for personal staff. And they enjoy full use of U.S.
The public cost for each former president is about $4 million a year, Brinkley said....
For more on Suharto and Sukamto Sia, GO TO > > > The Indonesian Connection
July 25, 2000
HOMEOWNER ALLIANCE LAUNCHES
NATIONWIDE PROTEST AGAINST
From AHRC News Services
A group of housing advocates, including a strong minority contingent from Mexico, Japan,
Malaysia and India, marched with placards outside the offices CHUBB Insurance
Company in Newport Beach , Orange County, California, today.
Dressed in colorful costumes with the Statue of Liberty and Uncle Sam on them, they
wheeled a house in a red wagon. They waved American flags, carried posters and monkeys
on their backs.
Their many placards had messages such as:
"Chubb Lawyers Circling Your Home",
"Chubb-CAI Monkey on My Back",
"We pay–They play",
"Your Association can Leave You Homeless",
Passing motorists honked in support, and workers from nearby office buildings said, "Go
Willowdean Vance from Florida, a spokesperson for the group, said that this was the first in
a series of nationwide protests against Chubb Insurance. Others are planned in Texas
The group, the National Alliance of Homeowners, is targeting Chubb Insurance for the
role it plays in homeowner associations.
Elizabeth McMahon from California explained that "homeowners in associations pay
millions of dollars to Chubb Insurance every year, and Chubb uses this to club
homeowners and snatch homes from them."
Geneva Brooks by phone from Houston stated that in Harris County, Texas, there had been
over 3000 foreclosures.
She also said that this was a form of neighborhood ethnic cleansing, as minorities,
immigrants, single parents and seniors were targeted.
The protesters outlined the general pattern of this scam.
Chubb Insurance sells Director and Officer Liability Insurance (D&O) to homeowner
Chubb markets this through Community Associations Institute (CAI), a national trade
organization of lawyers and other vendors to homeowner associations.
Homeowner Alliance members state that these CAI lawyers manufacture baseless
law suits against homeowners.
Geneva Brooks of Texas says that her house was foreclosed on because her front
door allegedly had the wrong color.
Elizabeth McMahon said that she had to file a lawsuit to stop her home from being
foreclosed on due to a fraudulent $5 late charge. She eventually won, but for over a year
she had to endure a blizzard of harassment from Chubb financed lawyers.
When homeowners fight back to protect their homes, Chubb Insurance defends the errant
boards to the hilt even when they are charged with "willful misconduct, violation of laws,
Elizabeth McMahon said that she spoke directly to the president of Chubb Insurance in her
case, but he refused to listen. She eventually won her case, but she said that many
homeowners give up because they cannot afford the legal fees, or the stress and burden is
Homeowner Alliance members cited several cases to indicate the extent to which Chubb
In Nevada , Chubb has spent over $1 million on 4 law firms to fight a 52 year old
homeowner who wants to live in her deceased parents home after she provided them with
care in their old age.
In Texas, Chubb pledged $1 million to fight a homeowner who has exposed the
corruption in his association.
Alliance members charge that Chubb has been able to gain a nationwide monopoly in the
homeowner association insurance market by promising to squelch homeowners and by, in
effect, bribing association managers and boards of directors.
Management companies are covered either for free or at a nominal charge under Chubb
association policies .
Alliance members point out that it is unheard of for customers to pay the insurance of its
vendors. Board members are provided with $100,000 in Accidental Death and
Dismemberment insurance for a scant $100 a year - and all the benefits of such a policy go
to the board member's family - not to the association.
Alliance members state that such arrangements encourage management companies and
boards to violate the CCR's, give themselves special favors, manipulate elections, and
otherwise use association funds to improve their own property values.
Managers and board members know that their corrupt practices will be defended by
phalanxes of Chubb financed, CAI lawyers. These protesters argue that as they pay the
premiums for Chubb insurance policies, Chubb has a duty not to defend corrupt boards
and management companies.
The alliance protesters sought to meet with the Chubb area manager in Newport Beach, but
were told that he was in a meeting. A subordinate who refused to identify herself told the
protesters that they had to speak to their homeowner associations, and asked them to
The protesters have secured a commitment from California State Senator Jackie Speier
- the senator who led the investigation which led to the resignation of Insurance
Commissioner, Chuck Quackenbush - to hold public hearings on homeowner association
insurance in January 2001.
They have also obtained a commitment from Aileen Adams, Secretary for the California
State and Consumer Services Agency, to have Kathleen Hamilton, Director of the
Department of Consumer Affairs, and Dennis Hayashi, Director of the Department of
Fair Employment and Housing, to examine the situation.
"The Mafia never made anybody homeless", said Willowdean Vance, "but Chubb
“We will protest nationwide until justice is done. The homes of 40 million Americans are at
And just ... WHO OWNS CHUBB GROUP???
= = = = = = =
As of June 30, 2001:
The #1 Institutional Holder was ALLIANCE CAPITAL MGMT. with 8,272,302
shares worth $640,524,340.
This was followed by #2 - Smith Barney; #3 - Barclays Global Investors (a key
member of the Committee of 300); #4 - Capital Research & Mgmt; #5 - State
Street Global Investors.
The remaining of the top 15 included: Fidelity Mgmt & Research; Iridian Asset
Mgmt; Waddell & Reed Investment; Putnam Investment Mgmt (Marsh &
McLennan); Dodge & Cox; Vanguard Group; T Rowe Price; Davis Selected
Advisers; Lord Abbett & Company; Primecap Mgmt Co....
And just ... WHO OWNS ENRON?
= = = = = = =
As of Sept 30, 2001:
The #1 Institutional Holder was ALLIANCE CAPITAL MGMT. with 42,939,048 shares.
This was followed by #2 - Janus Capital Mgmt; #3 - Putnam Investment Mgmt (Marsh &
McLennan); #4 - Barclays Global Investors (a member of the Committee of 300); and
#5 - Fidelity Mgmt & Research.
The remaining of the top 15 investors included: Smith Barney; State St. Global
Advisors; Aim Mgmt; Vanguard Group; Morgan Stanley; Northern Trust; Deutsche
Bankers Trust; Massachusetts Financial Service; Presdner Rcm; Cs First Boston
~ ~ ~
December 21, 2001
S&P comments on Enron-related
NEW YORK (Standard & Poor's) Dec. 21, 2001 - Standard & Poor's today commented on
the insurance industry in the wake of J.P. Morgan Chase & Co.'s announcement that it
has filed lawsuits against several large insurance companies – including Chubb Corp.,
CNA Financial Corp. and Travelers Property Casualty Corp.
These insurers had issued surety bonds that guaranteed various assets of Enron Corp.,
which filed for bankruptcy earlier this month.
At this time, it is unclear what impact, if any, these lawsuits will have on the ratings on
various insurers. Standard & Poor's will continue to monitor the situation, particularly with
respect to the insurers that are the largest issuers of surety bonds, and will make further
comments when appropriate....
Copyright 2001, Reuters News Service
For more GO TO > > > Axis of Evil; The Story of Enron; Vampires in the City; Dirty Gold in
Goldman Sachs; Dirty Money, Dirty Politics and Bishop Estate
December 21, 2001
XL exposure to Enron $75 million
(Business News) - Contrary to earlier indications, XL Capital Ltd. said its exposure to
claims arising from the bankruptcy of energy trader Enron Corp (ENE) might total $75
million, but it said it could not yet estimate its Enron losses.
XL said it faced about $45 million in exposure to surety bonds and could face further large
payouts on liability policies if Enron's directors are successfully sued. . . .
For more, GO TO > > > Claims By Harmon; More Claims By Harmon: XL Insurance; Dirty
Money, Dirty Politics & Bishop Estate; Marsh & McLennan: The Marsh Birds; RICO in
Paradise; The Story of Enron
MORE TO COME
(There are a lot more rotten eggs to be uncovered in this nest!)
~ ~ ~
FOR MORE CONNECTING NESTS NOW
A CONNECTICUT YANKEE IN KING KAMEHAMEHA’S COURT
AIG: THE AMERICAN IDOL OF GREED
ACE UP THE SLEEVE
ALLIED WORLD ASSURANCE
THE MATING OF AOL & TIME WARNER
APARTHEID, HAWAIIAN STYLE
AXIS OF EVIL
BAILING OUT THE VULTURES OF WALL STREET
BANK OF AMERICA
BANK OF HAWAII
BANK OF HONOLULU
BANK OF NEW YORK
BCCI: THE BANK OF CROOKS & CRIMINALS
BROKEN TRUST: THE BOOK
THE BUZZARDS IN THE HALLS OF PUNAHOU
THE CARLYLE GROUP: BIRDS THAT DRINK FROM CESSPOOLS
CENTRAL PACIFIC BANK
CITIGROUP: VAMPIRES IN THE CITY
CONFESSIONS OF A WHISTLEBLOWER
THE DEVIL & WILLIAM WEBSTER
DIRTY GOLD IN GOLDMAN SACHS
DIRTY MONEY, DIRTY POLITICS & BISHOP ESTATE
ENRON: THE STORY
FIRST HAWAIIAN BANK
THE HAWAII SUPERFERRY: DODGING WHALES & LAWSUITS
HAWAIIAN INSURANCE COMPANIES
THE KISSINGER OF DEATH
KO `OLINA: SWIMMING WITH THE SHARKS
KROLL THE CONSPIRATOR
MARSH & McLENNAN: THE MARSH BIRDS
MARSH & McLENNAN’S MERCER CONSULTING
THE MYTH & THE METHANE
NESTS OF THE INSURANCE VAMPIRES
NO BAILOUT FOR BILLIONAIRES!
OF VAMPIRES & DAISIES
SONGS OF THE DRUG VULTURES
SUKAMTO SIA: THE INDONESIAN CONNECTION
RICO IN PARADISE
RON REWALD: FLYING HIGH IN HAWAII
THE DISSECTION OF FRISTY
THE EAGLE HOODED
THE PEREGRINE FUND
THE PEREGRINE GALLERY
THE PUNA CONNECTION
THE SECRET NESTS
THE SILENCE OF THE WHISTLEBLOWERS
THE STEPHEN FRIEDMAN FLOCK
THE VULTURES IN MAUNAWILI VALLEY
THE VULTURES THAT ATE HONFED
THE WILLIS GROUP
TRACKING THE TYCO FLOCK
VULTURES IN THE MEADOWS
VULTURES IN THE NATURE CONSERVANCY
XL FROM HELL!
YAKUZA DOODLE DANDIES
ZURICH FINANCIAL SERVICES
MORE OF THE CATBIRD’S FAVORITE LINKS
THE CATBIRD SEAT FORUM
THE CATBIRD SEAT
FAIR USE NOTICE. This site contains copyrighted material the use of which has not always
been specifically authorized by the copyright owner. We are making such material available in
our efforts to advance understanding of environmental, political, human rights, economic,
democracy, scientific, and social justice issues, etc. We believe this constitutes a 'fair use' of
any such copyrighted material as provided for in section 107 of the US Copyright Law. In
accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without
profit to those who have expressed a prior interest in receiving the included information for
research and educational purposes.
For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use
copyrighted material from this site for purposes of your own that go beyond 'fair use', you must
obtain permission from the copyright owner.
November 12, 2001: Originally posted on www.the-catbird-seat.net
March 13, 2007: The U.S. Dept of Justice gets Order to shut down website
November 23, 2009: Latest update on www.kycbs.net
~ ~ ~
THE CATBIRD SEAT ARCHIVES
The Catbird Seat Archives: 2000-2002
The Catbird Seat Archives: 2002-2007
* * * * *