by Structured Settlement Watchdog®
Monday morning quarterback Patrick Hindert's analysis of "The Week That Changed American Capitalism" begins with the tale of Hurricane Ike and the interruption of power for over 700,000 homes. In Hindert's case perhaps it should have stayed off.
Isn't it evident that Patrick Hindert is simply a tool for the misinforming opportunistic "cash now pusher" sharks that attempt to prey on tort victims over this crisis when he asks:
"How many of you utilized the negative 2005 A.M. Best announcement about AIG's financial condition (or the September 2008 AIG bailout) to discuss with your clients and customers IRC section 5891 and the state structured settlement protection laws?"
- IRC 5891 is the section of the Internal Revenue Code that levies an excise tax on structured settlement factoring transactions (the process by which a structured settlement recipient sell their structured settlement payment rights for a discounted amount of cash) and sets forth exceptions to the tax. Hindert and others have mischaracterized the enactment of this code section as the watershed moment "making factoring legal".
- Structured settlement protection acts set out certain consumer protections during the placement of structured settlements or sale of structured settlement payment rights. Unfortunately the laws are not comprehensive enough. Every state is dreadfully deficient in establishing and enforcing standards for the approach, marketing and solicitation of vulnerable consumers by "cash now pushers"
GIven that today's post is his first about AIG since he started blogging in 2004, where is Patrick Hindert's credibilty? Where was Hindert in the discussion about AIG in 2005, 2006, 2007 or early and mid 2008?
From the perspective of the National Structured Settlement Trade Association membership thank you Patrick Hindert for your "transparency" concerning your factoring company allegiances.