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xBullx -> RE: Some insight into the Arab riots. (9/18/2012 4:39:13 PM)
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ORIGINAL: DomYngBlk
I don't think Geico is primary in Health Insurance and GE sold off its plastics division a few years back to SABIC...so unless it is some kind of turbine windfall I don't think GE stands to gain much.....
Well I don’t pretend to be the smartest man in the world, but I do try to keep myself informed to some degree and I am really not here to try and convince any of you to think one way or another. I’m here to test theories and maintain perspective with a rather liberal crowd. You see, I see myself as neither Liberal nor Conservative in my entirety. While here I sometimes act to provoke what I hope is honest response. My goal is to keep myself well-rounded and understanding of all perspectives, and not just in politics.
YoungBlackDom, I respect that you are generally quite civil and therefore worthy of an earnest reply and so I have set this reply to the point of your most recent post to me I will say that I do have some degree of knowledge when it comes to Mr. Buffet, but I am not his Professional Assistant so I won’t pretend to be in the know. However, I have taken a moment to verify some facts I was aware of when making my post.
Berkshire Hathaway (Warren Buffet) owns a great deal more than the Leezard Leezard. I’m going to extract a couple sections of Wikipedia to assist in my comments. One such example is listed below.
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{ Insurance group
Insurance and reinsurance business activities are conducted through approximately 70 domestic and foreign-based insurance companies. Berkshire’s insurance businesses provide insurance and reinsurance of property and casualty risks primarily in the United States. In addition, as a result of the General Re acquisition in December 1998, Berkshire’s insurance businesses also included life, accident and health reinsurers, as well as internationally based property and casualty reinsurers. Berkshire’s insurance companies maintain capital strength at exceptionally high levels. This strength differentiates Berkshire’s insurance companies from their competitors. Collectively, the aggregate statutory surplus of Berkshire’s U.S. based insurers was approximately $48 billion as of December 31, 2004. All of Berkshire’s major insurance subsidiaries are rated AAA by Standard & Poor’s Corporation, the highest Financial Strength Rating assigned by Standard & Poor’s, and are rated A++ (superior) by A. M. Best with respect to their financial condition and operating performance.
{General Re – Berkshire acquired General Re in December 1998. General Re held a 91% ownership interest in Cologne Re as of December 31, 2004. General Re subsidiaries currently conduct global reinsurance business in approximately 72 cities and provide reinsurance coverage worldwide. General Re operates the following reinsurance businesses: North American property/casualty, international property/casualty, which principally consists of Cologne Re and the Faraday operations, and life/health reinsurance. General Re’s reinsurance operations are primarily based in Stamford, Connecticut, and Cologne, Germany. General Re is one of the largest reinsurers in the world based on net premiums written and capital.}
Concurrently, Buffet has made the following statement:
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{ In 2010, Buffett claimed that purchasing Berkshire Hathaway was the biggest investment mistake he had ever made, and claimed that it had denied him compounded investment returns of about $200 billion over the previous 45 years.[7] Buffett claimed that had he invested that money directly in insurance businesses instead of buying out Berkshire Hathaway (due to what he perceived as a slight by an individual), those investments would have paid off several hundredfold.}
Do you suppose that he is attempting to amend said mistake?
Oh and remember all the noise about foreign banks receiving Bail Out funding. You are aware that Berkshire Hathaway owns ING, right?
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U.S. Treasury Department announces $619 million settlement with ING Bank, N.V.
On June 12, 2012, the U.S. Department of the Treasury’s Office of Foreign Assets Control announced a $619 million settlement[9] with ING Bank N.V. to settle potential liability for conspiring to violate[10] the International Emergency Economic Powers Act (IEEPA) and the Trading with the Enemy Act (TWEA) and for violating New York state laws by illegally moving billions of dollars through the U.S. financial system on behalf of sanctioned Cuban and Iranian entities.. ING Bank’s settlement with OFAC is simultaneous with settlements with the U.S. Attorney's Office for the District of Columbia, the Department of Justice's National Security Division, the Department of Justice's Asset Forfeiture and Money Laundering Section and the New York County District Attorney’s Office.
Under the settlement agreement, ING Bank is required to conduct a review of, and to submit a report to OFAC regarding, its policies and procedures and their implementation, taking an appropriate risk-focused sampling of U.S. dollar payments to ensure that its OFAC compliance program is functioning effectively to detect, correct, and report any OFAC-sanctioned transactions that might occur.
Activities Beginning in the 1990s, at the instruction of senior bank management, ING Bank employees in Curaçao began processing payments for ING Bank’s Cuban banking operations through its branch in Curaçao on behalf of Cuban customers without reference to the payments’ origin. The practice of removing and omitting such information was also used by other branches of ING Bank’s Wholesale Banking Division, including in France, Belgium, and the Netherlands, in processing U.S. dollar payments and trade finance transactions through the United States. In addition, ING Bank’s senior management in France authorized, advised in the creation of, and ultimately provided fraudulent endorsement stamps for use by Cuban financial institutions in processing travelers check transactions, which disguised the involvement of Cuban banks in these transactions when they were processed through the United States. Moreover, ING Bank’s Trade and Commodity Finance business at its Wholesale Banking branch in the Netherlands routed payments made on behalf of U.S.-sanctioned Cuban clients through other corporate clients to obscure the sanctioned clients’ identities and its Romanian branch omitted details from a letter of credit involving a U.S. financial institution in order to finance the exportation of U.S.-origin goods to Iran.
A rather manageable penance for a company worth 77 Billion. Interesting wouldn’t you say?
As for Immelt; I’m not a big fan of GE stock so I don’t have as much understanding of his doings. But I do live in Iowa and we are presently being invaded by windmills built by GE. Now the management company may not carry GE’s title, but I’m not going to bet they are not a share holder. But to suit any interest, Here’s a Wikipedia clip.
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{ GE Wind Energy is a branch of GE Energy, a subsidiary of General Electric. The company manufactures and sells wind turbines to the international market. In 2009, GE was the second largest wind turbine manufacturer in the world.[1]
The entity was created as developer (not manufacturer) Zond in 1980 by James G.P. Dehlsen, who also formed Clipper Windpower in 2001.[2] Enron acquired Zond and the German manufacturer Tacke in 1997.[3]
In 2002 GE acquired the wind power assets of Enron during its bankruptcy proceedings[4] while gas turbine sales slumped. Enron Wind was the only surviving US manufacturer of large wind turbines at the time, and GE increased engineering and supplies for the Wind Division and doubled the annual sales to $1.2B in 2003.[5] It acquired ScanWind in 2009.[6]
In February 2011, GE also acquired Wind Tower Systems, LLC, a manufacturer of space frame wind turbine towers.
Now I thought about creating another thread to post this in order to cease hijacking the Arab Riot thread, but I didn’t want someone to claim I was creating a bash Obama thread. I am only substantiating my early comments. I hope I haven’t offended the OP or anyone else. If the moderators deem this unacceptable deviation from topic, I will understand.
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