On 3/16/2013 1:13 PM, J Herring wrote:
On Sat, 16 Mar 2013 13:06:47 -0400, "F.O.A.D." wrote:

On 3/16/13 12:52 PM, wrote:
On Fri, 15 Mar 2013 11:15:16 -0400, "F.O.A.D." wrote:


...absolutely charming...

http://www.wimp.com/bankerducklings/

Talking about un-banksters, did you see Jay Fishman (Travelers CEO)on
Charley Rose?
When he explained how Travelers stayed out of that mortgage mess it
simply pointed to how greedy some of those guys were. He said the
difference between a government guaranteed Fannie May and a
(questionable) AAA rated CDO was a quarter of a point. He said the
risk was not worth it and it put them in a position of still being
whole when the rest of the world crashed.

He also put real numbers to the demographic mess we are in but the
debt deniers here would say that was wrong.


No, didn't see it.

Way back when, I was a marketing consultant to a decent sized insurance
company that had a subsidiary that processed medical claims. I don't
remember what it charged per claim, but it was something like $6.00 or
$7.00. This was just the processing after a service had been provided,
not the decision on whether a service should be provided. The processing
was done by Americans in Pennsylvania and Ohio, and there was a
supervisory staff that handled telephone and written inquiries from
providers and to a lesser degree from individuals. The pay was
significantly higher than minimum wage for low-level clerical workers.

Well, a couple of "offshore" companies (American companies whose workers
were in underdeveloped nations) decided to compete for the business, and
undercut the subsidiary's prices by about a dollar a claim, and it began
losing some business to the offshore processor.
This went on for about a year, and in the end, the insurance company
decided to sell off its claims processing business. Everyone lost,
because the "offshore" processors were either unable or unwilling to
handle inquiries, and a myriad of problems went unresolved for months,
or perhaps forever. All this to save %1.00 on a claim processing fee.

Welcome to Merica, land of the stupid.

Your country, your land.


Salmonbait

--
Hope you're having a spectacular day!



Do you suppose he was talking about Uulico?