Reporting from Los Angeles and Washington — Civilian workers who suffered devastating injuries while supporting the U.S. war effort in Iraq and Afghanistan have come home to a grinding battle for basic medical care, artificial limbs, psychological counseling and other services.
The insurance companies responsible for their treatment under taxpayer-funded policies have routinely denied the most serious medical claims. Those insurers -- primarily American International Group (AIG) -- recorded hundreds of millions of dollars in profits on this business.
The company has a duty to it's shareholders not to it's customers. The optimum strategy is to do evil to the point that the fines outweigh the savings.The insurance companies responsible for their treatment under taxpayer-funded policies have routinely denied the most serious medical claims.
So the government is now the shareholder - anybody who objects to AIG stiffing vets is obviously anti-american.This is totally disgusting in light of the bail out money AIG received.
This comes as no surprise to many, but AIG may have been lining its pockets at the expense of U.S. taxpayers. AIG is currently under investigation for overcharging KBR Inc., the Army’s largest contractor in Iraq, possibly by tens of millions. The money paying for these overpriced premiums comes from tax payers as part of the $23+ Billion contract KBR has with the Department of Defense. AIG actually gets to charge the American tax payer twice, because your tax dollars not only pay the premiems, but also reimburse AIG for what it pays out on the 15,000+ Defense Base Act claims filed with AIG since 2003.
edward said:AIG has been accused of overcharging on the premiums they received for worker coverage in Iraq.
I find it more than coincidence that an insurance company who had the influence to get what was essestially a no bid contract to provide insurace in Iraq, also had the influence to get the government to jump in immediately with bail out money.
http://defensebaseactblog.com/2008/...er-contractors-for-defense-base-act-coverage/
Why did they deny claims when they were being reimbusred by the government for payouts on those claims? Did they deny the workers, yet collect the money from the government anyway??
KBR didn't complain about the overcharges, the army did.
http://www.bloomberg.com/apps/news?pid=20601103&sid=aJhLICr7Z7to&refer=us
Al68 said:Any insurance company that tries to rip off its own employees (by trying to avoid paying them after the fact what they previously agreed to, ie retention bonuses) cannot ever be trusted.
They should be bankrupted by a concerted effort to spread the word that they can't be trusted to provide insurance, and lose all their customers, not be bailed out with dirty money stolen from Americans.
WhoWee said:Didn't the Obama administration and Congress decide paying the bonuses was a bad idea...I seem to remember the CEO being grilled on TV by Barney Frank and associates?
Yeah, we have a President and congressmen that encouraged AIG to not honor the contracts that legally required them to pay the bonuses. Dishonest elected officials, big surprise!WhoWee said:Didn't the Obama administration and Congress decide paying the bonuses was a bad idea...I seem to remember the CEO being grilled on TV by Barney Frank and associates?
AIG, or American International Group, is a multinational insurance corporation that provides property, casualty, and life insurance products and services.
This phrase is a play on words from the slogan of another insurance company, Allstate, which uses the slogan "You're in good hands with Allstate". AIG has faced controversy and criticism for its handling of the 2008 financial crisis and subsequent government bailout, leading to the sarcastic nickname.
AIG was heavily involved in the market for credit default swaps, which were risky financial instruments that essentially acted as insurance for mortgage-backed securities. When the housing market crashed, AIG was unable to cover the massive losses on these swaps, leading to a liquidity crisis and ultimately requiring a $182 billion bailout from the US government.
Yes, AIG has largely recovered from the financial crisis. The company has repaid the bailout funds and has returned to profitability. However, the company is still dealing with legal and reputational issues related to the crisis.
Yes, AIG remains one of the largest insurance companies in the world. It operates in more than 80 countries and has a wide range of insurance products and services. However, the company's reputation and financial stability have been impacted by the 2008 crisis and subsequent events.