Registered: Feb 2004
Greenberg - Bush: AIG Insurance Fraud Conspiracy
by CONSPIRACY PLANET
As far as global fraud goes, Hank Greenberg of American International Group (AIG) has had a good run, writes Al Martin, author of "The Conspirators: Secrets of an Iran Contra Insider."
Martin, who calls himself a "recovering Republican scamscateer," has written extensively on Bush Cabal Frauds which involve Jeb Bush, George Bush and Hank Greenberg of AIG.
In his column, "Greenspan, Greenberg, AIG & the Bush Family Connection: Are Decades of Fraud Finally Unraveling?," Martin writes that "readers may be interested in how the frauds between the reinsurance subsidiaries of AIG in the Caribbean relate to the so-called core business of insurance underwriting."
Martin continues -- "The central charge against AIG and its offshore subsidiaries like Coral Reinsurance is that they were used to offset bogus losses in the same manner that Enron did. And, of course, there are numerous Bush connections in this. AIG used its offshore subsidiary, Coral Reinsurance, to issue, or to resell bogus reinsurance policies to Swiss Re
That was the real connection. And it's what put Swiss Re into trouble. Swiss Re is the biggest reinsurer on the planet."
"Reinsurance is simply excess and surplus insurance called E&S excess and surplus. They purposely would underestimate the risk in writing AIG's original policies in order to be able to steal the bids from everybody else. They would purposely underbid. Then they would go to their offshore subsidiary Coral, which was a reinsurance company and get Coral to sell a reinsurance policy on a contract on insurance policy or contract or fidelity instrument or guaranty instrument, etc. They would get Coral to write a reinsurance policy and get Swiss Re to buy it. But it wasn't worth anything because they had underbid the original insurance contract. So the reinsurance contract effectively wasn't worth anything.
"Coral then collected the premiums from Swiss Re. Swiss Re, in turn, re-brokered most of its Coral policies directly through Lloyds of London. This then had a ripple effect that nearly took Lloyds of London down.
"The Bush connection into all this is that they controlled a variety of insurance companies, National Heritage Life, for instance. The Bush family also controlled Cardinal Life and Kentucky Life. What they kept doing is underbiddingĂunderbidding, underbiddingĂpurposely giving out cheap quotes that the companies themselves didn't have the reserves to back. They would then purchase from Coral a reinsurance guaranty, a fidelity and guaranty instrument that was completely bogus. It wasn't worth anything because they had so severely underestimated the potential liabilities. The actuarial tables they used didn't make any sense. When National Heritage or Century or Cardinal sold insurance policy, they would make assumptions that, for instance, in 30 years the median life span was going to be 110. Using an actuarial table that was Bushonian fantasy, they would come up with an estimated value of a policy over time that wasn't worth anywhere near what they claimed.
For the rest of this groundbreaking explanation of the Bush Greenberg insurance fraud conspiracy, subscribe to the best political news and analysis service available -- Al Martin Raw.com.
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* AL MARTIN is an independent economic-political analyst with 25 years of experience as a trader on NYMEX, CME, CBOT and CFTC. As a former contributor to the Presidential Council of Economic Advisors, Al Martin is considered to be a source of independent analysis for financially sophisticated and market savvy investors.
After working as a broker on Wall Street, Al Martin was involved in the so-called "Iran Contra" Affair as a fundraiser for the Bush Cabal from the covert side of government a.k.a the US Shadow Government.
His memoir, "The Conspirators: Secrets of an Iran Contra Insider," (http://www.almartinraw.com) provides an unprecedented look at the frauds of the Bush Cabal during the Iran Contra era. His weekly column, "Behind the Scenes in the Beltway," is published weekly on Al Martin Raw.com, which also publishes a bimonthly newsletter called "Whistleblower Gazette."
Al Martin's new website "Insider Intelligence" (http://www.insiderintelligence.com) provides a long term macro-view of world markets and how they are affected by backroom realpolitik.
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