Milwaukee Mayor Tom Barrett is considering whether to grant market dominance to a private insurance company in exchange for a portion of profit. An agreement approved Wednesday by the Milwaukee Common Council would let Utility Service Partners Inc., a Pennsylvania-based utility insurance company, solicit city residents via direct mail, which would include the city's logo and endorsement, in exchange for a 10 percent cut on sales in Milwaukee.
The city of Milwaukee has agreed to endorse a private insurance company in exchange for money. As a result, Pennsylvania-based Utility Service Partners Inc. can use the city's logo in direct-mail marketing pitches to city residents, despite concerns raised among several Common Council members and Mayor Tom Barrett, who vetoed the arrangement July 15.
CHICAGO, Aug. 6 /PRNewswire-FirstCall/ -- Aon Corporation (NYSE: AON), a leading global provider of risk management, insurance and reinsurance brokerage services and human capital solutions, has responded to the President's Working Group on Financial Markets' request for comment on the long-term availability and affordability of terrorism risk insurance, reiterating the vital importance of a federal backstop or a viable substitute to protect individual companies as well as the global economy in the face of a catastrophic terrorist attack. The President's Working Group is part of the U.S. Department of the Treasury. (Logo: http://photos.prnewswire.com/prnh/20100719/AQ37264LOGO)
Another senator advocating a coursechange on bailouts is Sen. Jeff Sessions (R.Ala.) who said on the Senate floor: "The more we proceed with policies whereby the government owns 80% of the stock of a private insurance company - having poured $170 billion of our wealth into it- the more we are inevitably compelled to direct how the company operates, to the point of deciding who their executives should be, what the company's salary scale should be, or what aircraft it can or cannot nave or where or what kind of corporate retreat they may have, and whether or not it can pay bonuses." According to The Heritage Foundation, "these possible moves, however, would likely exacerbate rather than ease the current financial problem.
Another Long Island company is moving, but thankfully, this one is staying on Long Island. BWD Group, a private insurance broker company, is moving from its offices in Jericho to a newly built 70,000-square-foot headquarters in Plainview.
If Curt Culver had to do it all over again, he would -- and then some. The chief executive of MGIC Investment Corp., the nation's biggest private mortgage insurance company, offers no apologies for his company's decision to insure billions of dollars worth of subprime mortgages and other high-risk loans during the past decade, a decision that in retrospect seems to have been one of many contributors to the subprime mortgage crisis.
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