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  #1001  
Old 09-22-2009, 09:53 AM
Dumbdumb Dumbdumb is offline
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I wonder if when the AAA voted to remove Bruce if anyone considered whether it would lead to discussions here of the downfall of the entire AAA.

I'm guessing not .
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  #1002  
Old 09-22-2009, 10:28 AM
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Quote:
Originally Posted by Dumbdumb View Post
I wonder if when the AAA voted to remove Bruce if anyone considered whether it would lead to discussions here of the downfall of the entire AAA.

I'm guessing not .
While there is a VERY long way to go before this gets resolved thru a jury trial (and I have a very open mind until I see much, much more of the Court detail and submissions), there is a possibility that the AAA could lose. If they lose big, say Schobel gets a few million and the AAA pays all costs then the AAA is toast.

Where will that leave the North American actuarial profession when the media is writing that an org than represents actuaries as a champion of their professional usefulness (especially on the Hill) managed to fatally mismanage its tail risk?

What will that do to the perception and brand value of actuaries in the eyes of the public? And if the AAA is unsuccessful big time and it's reported that it is the result of unprecedented actions the AAA Board undertook - within the space of a few minutes and a heated Board meeting - just how credible will that leave the actuarial profession looking?

There is also a possibility that the result will come at a time when those that proposed the motion to remove will still be in leadership positions within the profession.

How will they be explaining that they didn't see it coming........?
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  #1003  
Old 09-22-2009, 10:32 AM
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IN ERM terminology, the issue is Reputational Risk. And it hasn't been manaaged very well - one might say that it hasn't been managed at all.
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  #1004  
Old 09-22-2009, 10:39 AM
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IN ERM terminology, the issue is Reputational Risk. And it hasn't been manaaged very well - one might say that it hasn't been managed at all.
It's the asset risk that concerns me more.

And er, hum, I think the seconder of the motion holds the CERA qualification (obtained as a "Thought Leader" - not through SOA exams).
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  #1005  
Old 09-22-2009, 10:40 AM
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Quote:
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IN ERM terminology, the issue is Reputational Risk. And it hasn't been manaaged very well - one might say that it hasn't been managed at all.
The word you are looking for is "mismanaged," grossly so.
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  #1006  
Old 09-22-2009, 11:02 AM
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National Underwriter had an article on the situation today. Not surprisingly the words "disgusting" and "disagreeable" made an appearance.
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  #1007  
Old 09-22-2009, 11:20 AM
dschobel dschobel is offline
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Quote:
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National Underwriter had an article on the situation today. Not surprisingly the words "disgusting" and "disagreeable" made an appearance.
Would you kindly provide a link to that article?
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  #1008  
Old 09-22-2009, 11:23 AM
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http://www.lifeandhealthinsurancenew...ainst-AAA.aspx
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  #1009  
Old 09-22-2009, 11:27 AM
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There's aplace at the bottom of the article for what appears to be unmoderated comments.
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  #1010  
Old 09-22-2009, 11:35 AM
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In an event so rare that it must be compared to Garbo Speaks, AAA Spokesperson Andrew Simonelli Speaks!
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