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Leaders in the U.S Senate Banking Committee are closer to passing housing legislation that would stem foreclosures by insuring as much as $300 billion in mortgages and create a new regulator for Fannie Mae and Freddie Mac. Senators Christopher Dodd, the panel’s chairman, and Richard Shelby, its top Republican, reached a deal to pay for… Continue reading Lawmakers Closer to a Housing Rescue Deal

A federal judge said in a recent ruling that the government in a trial earlier this year presented “sufficient evidence” for a jury to conclude that a conspiracy to fraudulently boost the financials of American International Group Inc. (AIG) started with a phone call by former Chief Executive Maurice R. “Hank” Greenberg. This is the… Continue reading Judge Says Greenberg Had Role in AIG-Gen Re Case

Chief Executive Martin Sullivan of American International Group (AIG) on Tuesday told investors that the insurance company’s recent issue of equity and debt raised in the region of $20 billion, far more than initially expected. Speaking at an investor conference in London, Sullivan said that the capital raising, announced after AIG reported a record $7.8… Continue reading AIG Raises $20B in Capital, Looking to Invest in Future Growth

Home improvement industry leader Home Depot today reported a 66 percent drop in quarterly profit as the U.S. housing meltdown hurt sales and it implemented plans to close stores and cut back expansion plans.    The company said earnings fell to $356 million, or 21 cents a share, in the first quarter ended on May… Continue reading Home Depot Reports Significant Profit Drop for Quarter

According to a report by A.M. Best Co., Inc., if a major hurricane hit the U.S. this year, the conditions that caused the credit markets to turn upside down could leave policyholders out in the cold and affect the ability for carriers and insurers to cover claims. The report concludes that investors are showing a… Continue reading Best Outlook: Credit Crunch Could Wreak Havoc in Cat Pool Funding

On Thursday, a Connecticut federal judge Thursday denied a motion to overturn the convictions of five former executives of General Re Corp. and American International Group Inc. found guilty in March of helping AIG inflate its loss reserves with a bogus reinsurance deal.    U.S. District Judge Christopher Droney also denied a motion for a… Continue reading Gen Re Defendents Denied Motion to Overturn their Guilty Convictions

Changes proposed by the state Division of Workers’ Compensation could result in California’s workers’ compensation payments for permanent disability increasing by an average of 16%. According to Director Carrie Nevans, the division is proposing to change the formula it uses to determine payments to workers who suffer permanent disability on the job. The changes are… Continue reading Proposed WC Payments Could Increase by 16% in CA Under New Changes

Forecasters in a survey to be released today by The National Association for Business Economics (NABE) feel that the economy will weaken further and unemployment will rise. Fifty-six percent of the economists think the economy has started or will enter a recession this year. That’s up from 45 percent in a survey in February. If… Continue reading Economists Outlook: Recession Mild, Recovery Slow

According to a report from the House Oversight and Government Reform Committee, a Pentagon program for providing workers’ compensation for civilian employees in Iraq and Afghanistan is being poorly run, and has allowed defense contractors and insurance companies to gouge American taxpayers.    A Democratic staff report from the committee cites that “insurance companies alone… Continue reading Senate Panel Faults Government WC Program for Civilian Employees in Iraq and Afghanistan

Results of a study, “The 2008 comScore Online Automobile Insurance Report,” conducted by comScore, Inc., reveals that consumers are increasingly turning to the Internet to purchase auto insurance.     The study provides insights into the online auto insurance market and the behaviors and attitudes of auto insurance consumers. The report is based on behavioral… Continue reading Survey Shows On-line Auto Insurance Quoting, Purchasing Cutting into Marketshare