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Citigroup said Thursday that it was walking away from talks to divvy up Wachovia Corp.’s assets with Wells Fargo adding that it would seek damages from the other two banks but not seek to bar a Wells Fargo takeover of Wachovia from proceeding. Dramatic differences in transaction structures and views of risks made mutually acceptable agreements impossible Citi said in a statement. Wells Fargo and the Federal Reserve were negotiating over the future of Wachovia a regional bank hobbled by the credit crisis but with a valuable network of branches. Citigroup preliminarily agreed at the beginning of last week to buy Wachovia’s banking assets with… Read More »Citi, Wells Fargo, and Wachovia

Three million fewer Americans under the age of 65 received health insurance through employers in 2007 than in 2000, according to a report from the Economic Policy Institute in Washington. The number of individuals receiving employer-sponsored health insurance from their own or a family member’s employer has declined for seven years straight, to 62.9% of the under-65 population in 2007 from 68.3% in 2000, according to the report. The report, “The Erosion of Employer-Sponsored Health Insurance,” attributed the growing uninsured population across the country to declines in employer-sponsored health insurance. Despite a slight gain in the number of U.S. individuals… Read More »Health Cover Through Employers – I Wish I Could

When the next hurricane or earthquake hits Hawaii, government disaster responders will be able to talk to each other and share data over a robust, digital microwave radio system. The new $30 million system carries voice, fax and data and can function for seven days without an outside power source. Its transmission capacity is 20 times greater than the 20-year-old analog system that was in place until 2002. Read More

The risk of losing data to human error or hackers is greatly reduced when workers are given regularly updated awareness and education training programs. Educating staff can help mitigate the threat of data loss, KPMG says. “Risks of errors are greatly reduced by implementing appropriate and clearly defined procedures around the use and handling of data,” the report states. “Staff need to understand what is expected of them with regularly implemented, tested and updated awareness, training and education programs.” KPMG researched publicly-disclosed incidents of data loss and found that educational organizations, governments and health care operations are victims of most… Read More »Train Your Employees On How To Reduce Data Loss

Shares of Hartford fell 18% Tuesday to $40.99 after Fitch Ratings revised to “negative” from “stable” its outlook on various Hartford ratings—including issuer default ratings, senior debt and insurer financial strength ratings—on fears of a further deteriorating credit market. Hartford noted that it is confident in its financial strength and in its ability to meet its commitments to customers. “Nothing is more important to us than honoring those promises and maintaining our strong ratings,” it said. Paperless Comment: We work with Hartford. We love Hartford. Hartford is the best company by far outbidding all other carriers we worked with during… Read More »Hartford Says They Are Cool

In the wake of the collapse of major investment banks and the government’s proposed bailout of financial institutions, the Anti-Defamation League (ADL) is reporting a dramatic upsurge in the number of anti-Semitic statements being posted to Internet discussion boards devoted to finance and the economy. Hundreds of anti-Semitic posts regarding Lehman Brothers and other institutions affected by the subprime mortgage crisis have been submitted to discussion boards dealing with finance, with many more arriving by the minute. The messages rail against Jews in general, with some charging that Jews control the government and finance as part of a “Jew world… Read More »ADL Reports Surge in Anti-Semitic Messages on Online Finance Sites in Response To Money Crisis

The Insurance Institute for Highway Safety has found that booster seats are doing a poor job of improving the fit of lap and shoulder belts for children.  Booster seats are meant to do one thing — elevate children so that safety belts designed for adults are in the right position to restrain kids during a crash. Thirteen of the 41 belt-positioning booster seats the Institute evaluated with the University of Michigan Transportation Research did so poorly that the Institute doesn’t recommend them at all. Ten models are best bets, and five were good bets.  Researchers at the University of Michigan… Read More »Booster Seats Not Doing Job

Calif. Gov. Arnold Schwarzenegger has signed legislation to help transform the Golden State’s workers’ compensation insurer, the State Compensation Insurance Fund. Assembly Bill 1874 and Senate Bill 1145 are an important step toward increased transparency and strengthened corporate governance for State Fund, according to the organization. AB1874 expands the State Fund Board of Directors from five to 11 voting members, which will enable the creation of key subcommittees, mandates board training and requires board members to sign financial conflict of interest agreements. Board members will also now receive compensation to ensure the organization can attract and retain quality candidates. SB1145… Read More »Workers’ Comp Insurer Will BE Transformed

The National Association of Chief Information Officers (NASCIO) has awarded the California Department of Insurance third place in the 2008 Recognition Awards for Outstanding Achievement in the Field of Information Technology in State Government.  There were more than 114 submissions to this year’s competition in 10 categories by 30 states. Last month, NASCIO selected 30 state IT initiatives in 10 categories as finalists for the 2008 Recognition Awards for Outstanding Achievement in the Field of Information Technology in State Government. NASCIO named CDI’s Telecommunications Infrastructure Replacement Project as a finalist for outstanding achievement in information communication technology innovations. The Department’s… Read More »California Department of Insurance Recognized for Information Technology Improvement

The Texas Department of Insurance (TDI) has issued a statement and answers to some frequently asked questions regarding AIG insurance companies in Texas. “AIG’s Texas insurance companies are currently financially sound and able to pay claims,” stated Texas Insurance Commissioner Mike Geeslin. “Policyholders should not make any rash decisions about policies issued by an AIG insurance company as their covered claims will be paid and annuity checks will be distributed. “Replacing or liquidating a life insurance policy or an annuity can incur hidden costs and carry tax consequences. Also, there may be a penalty for cancellation of certain types of… Read More »Texas Cautions Consumers on Replacement of AIG Policies