| State lawmakers face backlash over health benefits
Cafero is a state representative in Connecticut and taxpayers subsidize his generous health insurance plan, which requires only a $10 copay for any brand-name prescription drug. "I'm standing behind either an elderly person or a working-family person and they're taking out wads, like dropping 20, 40, 60 bucks. And I've got $10 — $5 for a generic," said Cafero, R-Norwalk. "I'm embarrassed." Pressure is mounting in states hit worst by the recession to take back some of lawmakers' generous health benefits that are funded by taxpayers. A review by The Associated Press showed lawmakers in 12 states get health insurance for free, while those in 28 states share the costs with taxpayers, often getting a better deal than private sector workers. In California, where finances are so bad the state has issued IOUs, the citizen commission that sets benefits for elective officials voted in June to reduce funds for lawmaker health insurance.
California Offers Lessons on Insurance Exchanges
As Congress debates creating insurance "exchanges" as part of a health-care overhaul, the failure of a similar effort in California may offer important insights, former participants in the program say. From 1993 to 2006, small businesses in California could buy health insurance through an exchange run initially by the government, and later by a nonprofit group. .
Petersen Insurance hires Ford
George Petersen Insurance Agency is pleased to announce the recent hiring of Larney Ford, as a Commercial Lines Agent/Broker in the Eureka, California Branch. Larney is a native of Humboldt County and is a graduate of Humboldt State University. He is married and has two children. He has worked in the financial services industry for over 16 years and brings to George Petersen a broad financial skillset that will be useful to him in his new role as a commercial lines producer. "We are very happy that Larney has chosen to join us at George Petersen Insurance Agency; he is already making many positive contributions to the organization," says Charlie Bussman, President. Headquartered in Eureka since 1935, George Petersen Insurance Agency provides commercial, personal, life, health, and employee benefit programs.
Audit blames ADC loans for Community Bank failure
Auditors noted the Federal Deposit Insurance Corp. drew bank management’s attention to critical matters that caused the failure, but that FDIC could have "exercised greater supervisory concern" and done more before to help prevent the bank’s failure. Beginning February 2002 through September 2008, the FDIC and Georgia Department of Banking and Finance provided supervisory oversight of the bank, including through six risk management examinations, two visitations and off-site monitoring. In 2007, the entities noted unsafe and unsound practices or conditions continued and the bank had a distinct possibility of failure. A September 2008 targeted visitation revealed extremely unsafe and unsound practices or conditions, critically deficient performance, inadequate risk management practices and great supervisory concern.
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