After the banks...here come the insurance companies

Since March 2008, I have been saying to my friends, that the banking and insurance industry's best days are gone.

The game is over, the biggest "reversed Robin Hood theft" has started.

I also mentioned to many that the next in line were going to be the hedge funds, options and derivatives markets and that in 2009, the big insurance companies would file their losses as they - opposed to banks - do not have the same obligations to do so.

So here is the first big one. Mind you, the loss covers only what was lost in the last 3 months of 2008.

Would one call this a "Ponzi" scheme or "legalized theft"?

Whatever the answer is; some people are loosing their money assets, physical assets and some are gaining them. Same old story a la John Maynard Keynes ...

When will the day come, we will read the same news coverage of massive losses in the pension funds - government and private -, sovereign wealth funds, currency reserves,... ?


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