RandomGuy
08-15-2019, 06:07 PM
Thumbed through the report.
https://fm.cnbc.com/applications/cnbc.com/resources/editorialfiles/2019/8/15/2019_08_15_GE_Whistleblower_Report.pdf
Biggest losses stem from their Long Term Care reinsurance business. I can't recreate his work, which took months, but know exactly what and how he did what he did. His description of what/how he determined what he found is exactly the kind of work one would need to figure out the kind of fraud he said he found, and does not read like someone blowing smoke.
LTC reinsurers have been taking it in the shorts, and the words "adverse development" when it comes to reserves on such a book of business on that scale, make me pucker.
This will ignite a firestorm.
The report was financed by a hedge fund shorting the stock, so I have to be somewhat skeptical, but on reading the report, it seems like they have got it right.
https://fm.cnbc.com/applications/cnbc.com/resources/editorialfiles/2019/8/15/2019_08_15_GE_Whistleblower_Report.pdf
Biggest losses stem from their Long Term Care reinsurance business. I can't recreate his work, which took months, but know exactly what and how he did what he did. His description of what/how he determined what he found is exactly the kind of work one would need to figure out the kind of fraud he said he found, and does not read like someone blowing smoke.
LTC reinsurers have been taking it in the shorts, and the words "adverse development" when it comes to reserves on such a book of business on that scale, make me pucker.
This will ignite a firestorm.
The report was financed by a hedge fund shorting the stock, so I have to be somewhat skeptical, but on reading the report, it seems like they have got it right.