Citizens Insurance Won’t Be Making Sweetheart Loans to Dodgy Insurance Companies After All

Some time ago, I got upset that Citizens Insurance planned to use our premiums to make GIFTS to private insurance companies. Well, it seems the bright boyos at Citizens paid Goldman Sachs a great deal of money to explain how it would work, and they explained that it wouldn’t work as none of the potential participants were solvent enough to be trusted with any money, so the plan is off the table at least for this year. See The Buzz for the details, Citizens to abandon loan program for private companies, floats new ‘clearinghouse’ idea. (How do I know Goldman Sachs was paid a lot of money when the article doesn’t say? Simple: it’s Goldman Sachs.)

This of course has nothing to do with the increasing ethical quicksand gradually engulfing the management at Citizens in which we’ve learned that Citizens fired all four members of its “integrity team” while they were investigating allegations of sexual harassment, indecent drunken behavior in public, questionable payments and falsified documents. Things got so bad that Gov. Rick Scott said he wants Citizens Insurance to have an inspector general — think about it: there’s a state body so corrupt that Rick Scott thinks it needs investigating and cleaning up! That’s a scary concept. But do not fear, the earth still revolves around the sun: the Governor is in no hurry to do anything. So that’s alright then.

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