In light of the recent developments with Wells Fargo opening accounts for people without consent and their CEO, John Stumpf, being skewered by Senator Elizabeth Warren…
We decided it would be a great day to point out how many times a life insurance company CEO has been trotted out to testify in front of Senate or House investigative panel.
Do you remember how many life insurance companies made big news for causing or playing a role in the last financial crisis?
Let me skip the suspense…zero.
In fact, the United States Governmental Accountability Office (GAO) published a report in 2013 titled, Insurance Markets: Impacts of and Regulatory Response to the 2007-2009 Financial Crisis
If you'd like to read it I've linked to the pdf here:
GAO Report of Insurance Markets–http://www.gao.gov/assets/660/655612.pdf
To get our take on why the life insurance industry in particular hasn't had these problems, go listen to the full episode.
P.S. I know some of you are thinking…”but what about AIG?” Listen to the episode to hear the truth about the role AIG played in the last financial crisis.