Just in time for Halloween, here's a little something from the news wires to add another touch of lunacy to the AIG debacle. From the Duluth News-Tribune:
Duluth insurance agency fined for AIG ad
A Duluth insurance agency has agreed to pay thousands of dollars in fines for taking out an ad questioning the financial health of insurer AIG.
The state Department of Commerce says Wednesday that insurance agent Gregory Brisky agreed to pay a $2,000 fine. His agency, the Dwight Swanstrom Co., agreed to pay a $3,000 fine.
The department says the agency took out a newspaper ad soliciting AIG customers who might be “nervous” about their insurance company in an attempt to get them to switch insurers.
American International Group was bailed out last month when the federal government offered it an $85 billion loan during the ongoing credit crisis.
The Commerce Department says it has affirmed the financial solvency of AIG's insurance companies, despite the troubles with the parent company.
It's against Minnesota law to make misleading statements on the financial condition of any insurer.
Brisky says he has no comment
I tried to reach the agent to get his side of the story, but had no luck (not surprisingly). What's really ironic is the same day this little item appeared, pressure from New York AG Cuomo forced AIG to freeze $600 million in deferred compensation for the brain trust of executives that got them into this mess in the first place.
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