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[QUOTE]Originally posted by T e x: [QB] [b]"Private Insurance companies do not add value. They do not create anything."[/b] yes and no. That is, they are not in business to create safe policies that benefit people. Insurance "products" are merely a way to gather capital to reinvest, to play the market. Outsize gains result in outsize bonuses to the top players, who shed employees when they most need jobs. I used this in something I wrote yesterday: [QUOTE]I spoke to a retired Wall Street executive who got out a few years back and set up a small business where he had to make payroll (sobering), but was freed from the debilitating short-termism of financial institutions that, over his career, had become dominated by traders “who look at economic opportunity rather than economic conditions.” He said the final straw came in 2002. Top executives at the bank where he worked gathered to discuss their bonuses. The issue before them was whether to maintain those bonuses in a time of economic contraction, which would require firing 5 percent of the workforce, or take a 25 percent bonus cut, which would allow those jobs to be kept. “The guy running the meeting asked for a show of hands on who would accept a reduced bonus,” he said. “There were 30 of us in the room. Three raised their hands. I was one of them.”[/QUOTE] http://www.nytimes.com/2010/09/28/opinion/28iht-edcohen.html?_r=1&th&emc=th Pretty good column... [/QB][/QUOTE]
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