Insurance giant gives $100,000 to Gov. Schwarzenegger
Will injured workers pay the price?
Injured workers and their advocates today reacted to a report in the Los Angeles Times that Governor Schwarzenegger took a donation of $100,000 last week from American International Group Inc., a major insurance firm that writes workers’ compensation policies in California. The company has a deep financial interest in proposals to cut benefits to injured workers. The company reported that its profits are up 27% in the third quarter of 2003.
“This insurance giant is not giving out of the goodness of its heart. Will injured workers pay the real cost of this special interest contribution?” asked Art Azevedo, president of the California Applicants’ Attorneys Association. “Injured workers don’t have $100,000 lying around in their checking accounts, like these insurance companies that are crying poverty while pocketing billions. It’s not a fair fight when workers injured on the job are locked out while the insurance fatcats belly up to the bar.”
Workers’ compensation insurance carriers report record profits: 2003 is turning out to be the most profitable in the last 25 years
Yet they cry how those darned workers are costing them SO much money – while they reap huge profits and pay themselves bloated salaries (pdf pg. 6)
2002 compensation:
$20,542,250, M. R. Greenberg, CEO, American Int’l. Group
9,220,882, Dean R. O’Hare, CEO, Chubb Corp.
4,688,998, Joesph V. Taranto, Chair, Everest Re Group
2,956,398, J. S. Fishman, CEO, St. Paul Companies
2,887,375, Stanley R. Zax, Pres., Zenith and Zenith Insurance
2,020,00, Carl H. Lindner, Chair, American Financial Group
Oink, oink, oink.