Joined: Mar 17, 2005
Location: Staten Island
|Posted: Sun Nov 30, 2008 10:52 pm Post subject: The Rich Get Richer and the Sick Continue to Suffer
From Sun Nov 30, 2008 3:00 am to Thu Dec 04, 2008 2:59 am (included)
|New York City was granted $1 billion to compensate rescue and cleanup workers who became ill after 9/11.
The WTC Captive Insurance Company was given the task of making sure those suffering were properly compensated.
Instead of distributing these funds to those in need this company decided to invest the money and pay lawyers to fight every claim submitted.
As reported by Sue Edelman in the NY Post they have lost millions in the stock market, while paying lawyer and administrative fees of nearly $200 million since 2004.
Over that same period they have only paid out $320,000 in actual compensation.
Over 10,000 filers have either been denied compensation or received little.
Although it was promised that things would get better after Christine LaSala the president and CEO submitted her resignation in January (after collecting nearly $1.5 million in salary over 4 years) little has changed.
Back in January Rep Carolyn Mahoney said "If the Captive is going to keep refusing sick workers' claims, it would be cheaper just to buy a rubber stamp"
Rep. Jerrold Nadler blasted "a process that has been too slow and cumbersome to help those who need help."
And Manhattan federal judge Alvin Hellerstein said he was going to step up efforts to settle 8,600 claims of respiratory or toxic injuries.
And what has happened over the past 10 months? NOTHING
Since January over $50 million has been paid in lawyer and administrative fees with little compensation paid to any filers.
The fund has lost nearly $7 million in investments between July and September of 2008 alone.
Reporters that I have been in contact with state that getting a full accountability from the WTC Captive Insurance Company is nearly impossible.
A not for profit governed by officials appointed by the mayor and major newspapers get little cooperation when they investigate.
With the current state of the economy God only knows what they have lost since September 30.
It would not surprise me if the Federal government required that the remaining funds be returned as they are not being used for the purpose for which they were granted.
And once again the only ones to make any money would be the lawyers and the administrators appointed by the mayor.
A glaring example of how things have and continue to be mismanaged when it comes to Ground Zero.