The old HIH collapse stories are on Free Republic somewhere. We covered that one long ago.
Posted on 03/16/2005 3:25:58 PM PST by Aussie Dasher
AUSTRALIAN regulators are taking on billionaire investor Warren Buffett, the second richest man in the world, over his role in the collapse of insurance giant HIH.
The insurance regulator has given General Reinsurance (Australia), owned by Mr Buffett's Berkshire Hathaway, two weeks to show cause why it should not be investigated over its reinsurance dealings in Australia.
The Australian Prudential Regulation Authority has intensified efforts to clean up the industry in the wake of the HIH collapse, disqualifying three more executives and revealing yesterday that a further 19 people were under investigation.
The latest sanctions take to 21 the number of insurance executives drummed out of the industry by APRA, six of them from General Re.
HIH liquidator Tony McGrath alleges reinsurance contracts between HIH and its FAI subsidiary artificially inflated profits and helped contribute to Australia's biggest corporate collapse.
Those disqualified yesterday include FAI reinsurance manager Roger Colomb, former managing director of HIH's Australian operations Terry Cassidy and former HIH company secretary Frederick Lo.
APRA deputy chairman Ross Jones said the organisation would not tolerate "senior executives in the general insurance industry who fail to meet fitness and propriety tests".
Man, Buffett is getting nailed this week, isn't he? I hear there's something fishy going on with him and AIG too, apparently.
Maybe he and Hillary will have adjoining cells?
Where's Robin Leech with his "Lifestyles of the rich and famous" theme music???
Impossible. Democ-rats are exempt from the law, didn`t you know that?
Not down here, they're not! Goody!!!!
Oh your an Aussie! That explains it. You have sane people down there. Over here in the US of A we have insane people, a sort of Mafia that protects Democ-rats from all laws, and it`s called the media. Anytime a Democ-rat breaks a law, the media instantly blames it on a Republican and the Democ-rat walks. It`s been going on for years and years and years. For example compare how the media handled President Nixon and Watergate to President Clinton and his 10 billion gates.
The media was like a pack of wolves with Richard Nixon, it never ended, to THIS DAY they never fail to still bring it up, but with Clinton it was all because of the "right wing conspiracy". Everything was the fault of the Republicans when it came to Clinton which is why Clinton never resigned even though he was impeached. It doesn`t matter what the people believe, if the media says it then that is the law.
I've often wondered how Slick Willy got away with it.
If an Aussie political leader committed half the crimes Clinton did, they'd be locked away forever!
Could it be that Soros and Buffet are using pages from the same playbook to bankrupt countries and industries? Nahhh. They're both fine upstanding Capitalists.... Nahhh.
Never mind.
/sarc off
Well Dan Rather has been exposed and destroyed for what he is, so hopefully we are seeing the light at the end of the tunnel of this liberal media mafia stuff, but I`ll tell you. If it wasn`t for the public speaking out through the internet, Dan would have gotten away with what he did. He`s been doing it for years, only this time the people had a voice in the media, namely the internet.
The old HIH collapse stories are on Free Republic somewhere. We covered that one long ago.
Elliot Spitzer has done NOTHING beyond collecting a few scalps for his Governor's campaign belt.
You guys are so fiesty. Take him down hard!
We don't muck around! If he's shystered us, he's gunna cop it in the neck.
After you said that, I was fully expecting you to say: "and a pack of whores with Bill Clinton!"
ha ha ha! That`s a good line. It`s true though. All you ever heard from the media was that Clinton was the "best President ever", they totally whored themselves to him, he could do no wrong, he was their God.
And you spake the truth!!!
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