401(K)s Are A Sham - Salon

[Major Nikon]

49. Not even one policy holder was screwed and none were ever at risk at any time

AIG is a perfect example of the protections in which I referred. The subsidiaries of AIG which issued policies like annuities were never in doubt. Not only were they never insolvent or in danger of being insolvent, they always had reserve assets to pay their policyholders at all times as is required by law. The part of AIG that was in doubt was their mortgage securities division. In fact, AIG sold some of it's insurance subsidiaries (which still had plenty of value) to pay back the government loans they were issued. Furthermore Texas had no more power to "close their sorry asses" than any other insurance commissioner in any other state. The very worst the Texas Dept. of Insurance could have done to AIG was to prevent them from selling policies just in Texas. The state of Texas has absolutely no control over what business an insurance company does with another state.

Since you want to keep being disingenuous and keep claiming I'm making some sort of sales pitch even after I clearly showed you I wasn't, I really have no more interest in discussing this matter with you further. I have no interest in providing information to someone who clearly just wants an argument and doesn't even want to do that in good faith. You're going to have to find someone else to play those half-fast games with.

Cheers!