AIG “Smoking Gun” Memo
This is an amazing email from the biggest insurance company in the United States.
American International Group is comprised of a fleet of some 94 separate insurance companies. AIG recently made headlines when their longstanding Chairman of the Board, Maurice “Mo” Greenberg, ran afoul of New York Attorney General Elliot Spitzer…
“Mr. Greenberg, a towering figure in the insurance industry, was forced out at A.I.G. after Mr. Spitzer and federal regulators accused the company of manipulating its financial statements to bolster its stock price. Mr. Spitzer sued Mr. Greenberg for fraud, but stopped short of filing criminal charges, even though he once made comments that seemed to imply Mr. Greenberg had broken the law.” (Source: New York Times)
The attached email transmission from AIG to its “approved” structured settlement brokers details recommended quoting procedures on AIG’s casualty claims. While the entire message is informative and sheds light on AIG’s ambitious “asset retention” emails (read: Switching or capturing claim dollars from an AIG Casualty Company by forcing an injury victim to use one of AIG’s wholly-owned annuity companies for their structured settlement payments), pay particular attention to paragraph 3, sentence 2, “Unless Compelled) by the plaintiff or the plaintiff’s broker to illustrate competitiveness, the broker need not canvass the Approved List for the best quote”.
Webster’s New Riverside Dictionary defines “compel” as “to force”. So, unless “forced” by the plaintiff or the plaintiff’s broker, AIG is telling its Approved brokers, do not give the injury victim the best deal!
This is simply concrete evidence that unless you retain your own settlement planner to protect your interest, you are as helpless as a lone swimmer in shark-infested waters.
Contact me to discuss how I can protect you from the hidden dangers in the settlement of your case.
