Wednesday, October 3, 2012
MARYLAND CAR ACCIDENT LAWYER The role of the insurance company. You’ve got to be kidding me.
A number of recent posts have dealt with the collective mentality of the insurance industry, well know to Maryland car accident lawyers. One example bears some attention. AIG is a major insurer that was ‘managed’ to the extent that it needed $170 billion dollars in taxpayer capital infusion just to keep from going under. “Too big to Fail”, AIG is now 80% government owned. When it got the bailout money, designed to keep it afloat, AIG earmarked 165 million to be paid, as bonus money, to the ‘managers’ that put the business in that position to begin with! 7 high ranking executives were to get more than 3 million in bonus money. [The New York Times, 3/14/09.] Many of my Maryland car accident lawyer colleagues wondered what kind of business rewards a performance like AIG’s with bonus money?