Suzy Orman’s Gaff: Variable Annuites Only Make Sense if You’re Going to Die
June 29, 2008 by RickBryan
I finally found the infamous clip on YouTube of Suzy Orman sticking her foot into her mouth while tirading against annuities without any thought behind her reasoning. I actually admire Suzy for many reasons, most particularly for bringing financial awareness to the attention of the general public, although some of her advice is half-baked. I like too, unfortunately, in a selfish and malicious way, when people use Suzy’s home brewed Will and Trust preparation kits, because those estate plans will, like Robert Shapiro’s LegalZoom, screw people up so bad it’s going to triple the time and cost when it eventually hits the fan and families discover those documents have limited validity.
Anyway, here’s the You Tube video:
Citi/SmithBarney hosts Ian Bremmer, Geopolitical Scientist
June 27, 2008 by RickBryan
Fascinating presentation tonight at Citcorp’s headquarters at 399 Park Avenue by political scientist Ian Bremmer. You can read more about Ian in this Wikipedia article . The most amazing part of the presentation is not what Mr. Bremmer said, which was intriguing enough, but that there are actually people this smart in the world. The scope and depth of this guy’s knowledge about politics around the world was simply astounding, and he went fluidly from one topic to another without notes. Adding to his game is that Mr. Bremmer wishes he were Jerry Seinfeld, so the presentation was definitely a home run event. Plus, Citi put out a nice spread of liquor and snacks, which were appreciated after a long workday. I thank my friend and fellow BNI Chapter 39 member Terry Osborn for inviting me to his company’s event.
Anyway, I took a lot of notes and wanted to pass along some of Mr. Bremmer’s comments, and/or my interpretation thereof, where there are bound to be mistakes for which I apologize in advance. And, my notes necessarily reflect the parts of Mr. Bremmer’s presentation which I thought were important. The primary take-away for me was that the chances of a political solution to the Iranian nuclear issue were small; conflagration is probably inevitable. I specifically asked Mr. Bremmer if this was his view, and he said it was not. But that’s my take-away.
My paraphrasing of Mr. Bremmer’s other remarks inclue: “Iraq cannot hold together. There have been great strides as a result of the troop surge, but the Balkanization of Iraq is doomed to failure because the three quasi-states (Kurds in the North, Suni Triangle, and Shia South) cannot stand alone as economic states (compared to the separate mini-Yugoslavia’s, where Balkanization has worked).
“Dubai is the money laundering capital for Iran and will fall the hardest when it hits the fan.
“Taiwan voted in the moderate guy instead of the hard-line anti-China leader, and as a result the Chinese are investing in Taiwan in a big way and good things are happening there. However, it’s unclear how Japan plays into the mix, since the historical animous between the Japanese and Chinese continues.
“India will never become another Russia or China because it’s an undemocratic nation rife with corruption and incompetence at the local level; it’s too decentralized and everyone has to get paid off in order to get anything done. Investors are not going into India in a big way for this reason.
“China is the elephant in the room. Their political system has ‘seen the light’ and advances continuously in response to worldwide economics. They are going into Africa in a big way. [Other note here about China's lack of a blue water navy; unclear what this refers to].
“Brazil is the only South American nation of any importance because of it’s political stability.
“Further integration in Europe is dead; Turkey is out and so is Ireland. In the US, the anti-immigration issue is all about jobs; in Europe it’s about their national identities which they’re passionate about.
“China cannot afford to restrict their carbon emissions; it will wreck them and it’s not happening.
“Both Obama and McCain have the ability to blow themselves up, so it’s hard to predict who will win.
Well that’s all. Thanks again to Citi/SmithBarney and Ian Bremmer for an enjoyable and informative evening.
NAIFA Urges New York Assembly on Compact
June 20, 2008 by RickBryan
The New York State chapter of the National Association of Insurance and Financial Advisors is on the offensive trying to get the New York Assembly to pass it’s counterpart to the Senate bill which adds New York to the states which have become part of the Interstate Insurance Product Compact. Information on what the Compact is all about is available here: http://www.insurancecompact.org/index.htm
It would be interesting to know the New York insurers who are backing the legislation the hardest. Here’s a link to testimony last month before a Congressional Subcommittee of the Committee on Financial Services: http://www.naic.org/documents/govt_rel_testimony_0804_iiprc.pdf
The testimony of the Executive Director of the Interstate Insurance Product Regulation Company (IIRPC), Frances Arricale, references earlier testimony from New York’s Superintendent of Insurance Eric Dinallo. I’m trying to dig up Mr. Dinallo’s remarks now.
Found them: Eric Dinallo April 18, 2008 TestimonyIIPRC Testimony before Subcommittee
What I’ve been trying to discover is who is on the other side of the issue opposing, or at least taking a hard look, at the Interstate Compact and its impact on New York’s financial services consumers. Mr. Dinallo claims New York citizens are benefitted by swifter access to competive products. No doubt there’s truth to this, but I bet it pales in comparison to the benefit to the insurers.
Copied from the House Financial Services Committee’s website today (June 21, 2008), here’s a list of Representatives on the Subcommittee:
| Rep. Paul E. Kanjorski (PA), Chairman Rep. Gary L. Ackerman (NY) Rep. Brad Sherman (CA) Rep. Gregory W. Meeks (NY) Rep. Dennis Moore (KS) Rep. Michael E. Capuano (MA) Rep. Rubén Hinojosa (TX) Rep. Carolyn McCarthy (NY) Rep. Joe Baca (CA) Rep. Stephen F. Lynch (MA) Rep. Brad Miller (NC) Rep. David Scott (GA) Rep. Nydia Velázquez (NY) Rep. Melissa Bean (IL) Rep. Gwen Moore (WI) Rep. Lincoln Davis (TN) Rep. Paul W. Hodes (NH) Rep. Ron Klein (FL) Rep. Tim Mahoney (FL) Rep. Ed Perlmutter (CO) Rep. Christopher S. Murphy (CT) Rep. Joe Donnelly (IN) Rep. Andre Carson (IN) Rep. Jackie Speier (CA) Rep. Don Cazayoux (LA) Rep. Travis Childers (MS) |
Rep. Deborah Pryce (OH). Ranking Member Rep. Thaddeus McCotter (MI) |
Here’s the email from NAIFA:
NAIFA-New York State needs your help now to pass an important piece of New York State insurance legislation before the State Legislature recesses for the summer on June 23.
Bill S5053 which would make New York eligible to become a member of the Interstate Insurance Product Regulation Compact, passed the State Senate unanimously on June 18 and now sits in the Assembly Insurance Committee.
The Compact is intended to improve the speed-to-market conditions for life insurance, annuity, disability income and long-term care products by establishing a single national point-of-filing for product