Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Strategies & Market Trends : Booms, Busts, and Recoveries -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (25203)	11/9/2002 9:58:41 AM
From: maceng2	Read Replies (1) \| Respond to of 74559

Lloyds rank right up there with the Nigerian cons, only not as funny. Lloyds and insurance used to be a most honorable profession. Lloyds paid up on the big California Earthquake, and nearly cleaned up on the insurance business in the USA for more then 50 years or so. It started to go wrong when the managers started getting sophisticated though. Complicated systems attract crooks like nothing else, as does secrecy. The problem started when Lloyds started getting sued on general insurance for asbestos claims. The asbestos issue is not a really a "general insurance" issue. Besides, many of the concerns with asbestos were known since the 1930's so it's the company management who were really to blame. In some USA court though, a poor guy with asbestosis vs. some big British Insurance Co. Guess which way the jury votes?? The problem compounded from there and it has just got worse since then. Consuming the whole wealth of thousands of wealthy "names". Many who can't even declare bankruptcy because their exposure is still going up. A financial nightmare of incredible dimension.