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The Rich Get Richer Part II

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Joined: Mar 17, 2005
Posts: 22572
Location: Staten Island

PostPosted: Tue Dec 02, 2008 11:42 am    Post subject: The Rich Get Richer Part II
From Tue Dec 02, 2008 3:00 am to Sun Dec 07, 2008 2:59 am (included)
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We did a little more research on what is going on with World Trade Center Captive Insurance Company.

First of all click on the link below for a press release relating to the company and the mishandling of claims.

Press Release: Status of Compensation for 9/11 Illnesses


Our first clue that nothing was going to come of this should have been that it was released on April Fools Day 2008.

As usual with how any 9/11 or WTC issue has been handled the joke was on us.

In response to the concerns addressed in the press release an audit by the Inspector General for the Department of Homeland Security found that the World Trade Center Captive Insurance Company did nothing Illegal and has the right to fight every claim.

This is like a scene right out John Grisham's "The Rainmaker" they will continue to deny every claim that comes in.

The only difference is in the book the client wins.

Here we have the Office of Homeland Security stating that it is perfectly legal for this company to use funds designated to help victims to pay legal and administrative fees.

The last time I looked grants and contracts for not for profits had to be justified by the number of people the program serviced.

Only a certain percentage of the grant or contract could be used for legal or administrative fees.

But it appears here that the World Trade Center Captive Insurance Company does not have to play by the same rules.

Over the last four years more than 99% of the costs charged have been administrative and legal.

Not a single dollar has been paid to anyone who suffered from toxic exposure as the only claims paid ($320,000) were for orthopedic injuries.

The company went as far as to try to have all the claims thrown out of court by arguing that the city had blanket immunity because the injuries were a result of a terrorist act.

But that didn't work so now they just litigate every claim.

So by the time they pay all the lawyers and staff, combined with what they continue to lose in the stock market it appears there will be little left to pay any claims.

And with the possible exception of Federal Judge Alvin Hellerstein who has demanded that lawyers from both sides turn over information on each case and is pushing for trials and settlements and New York Post reporter Sue Edelman who continues to pursue this story, nothing is done.

And the claims continue to be submitted and at last count there were over 10,000 claims for respiratory and toxic injuries alone.

If they had no intention of paying claims they could have bought a rubber stamp marked "DENIED" for $1.99 and saved hundreds of millions.

The result for the victims would have been the same.

Hopefully the new Administration will take a look at this as it is time for a change.
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