We’re in the insurance business

So we’ve essentially nationalized an insurance giant. Now that we, the people, are in the insurance business, let’s rebuild it as a real community service (as my commenters suggest).

: Now that we are in the insurance business, Rex Hammock wonders whether we can appoint Warren Buffett to the board.

  • Nic Fulton

    If ‘we’ are the financial insurance business now, then let’s hope we don’t run it like we do the social security ‘business’ (national insurance – its name in other countries).

  • http://www.kn.com.au/ Earl Mardle

    Buffet wont go near it. A few years ago when he was planning to buy an Insurance company his due diligence team reported back that the business had a division that dealt in derivatives and they had absolutely no way to evaluate the value or the risk of the division.

    He bought the company and divested the derivatives business as fast as he could.

    Good luck trying to divest AIG or anyone else, of a derivatives business now.

    And isn’t it interesting that it still takes 24 hours for the market bunnies to realise that, even though the company has been bailed out (whatever that means) the fundamental conditions of the economy that caused the ened for the bailout have changed not one iota.

    But yesterday they bid up the Dow and only today are they figuring out that their investments are not one whit safer.

  • http://www.citrusbegin.com Peter Levitan

    Allow me to paraphrase Nic Fulton,

    “If ‘we’ are the financial insurance business now, then let’s hope we don’t run it like we do the “newspaper business.”

    OY, the idea of publishers running anything gives me the creeps.