Quote:
In the case of the World Trade Center attacks, taxpayers picked up 35% of this loss (the federal corporate write-off rate).
Taxpayers: $40 billion * .35 = $14 billion
Insurers: $40 billion * .65 = $26 billion
In the wake of the September 11th tragedy, insurers raised their premiums by $25 billion1 and a like amount of new capital flowed into the insurance industry2.
Under insurer-supported "compromise" plan:
Insured Loss = $40 billion
Estimate of total insurer deductible = $8 billion3
Repayment to Taxpayers = $1.8 billion (90% of the difference between $8 and $10 billion)
Losses subject to sharing = $32 billion
90% taxpayer share = $28.8 billion
10% insurer share = $3.2 billion
Taxpayers = $31.55 billion [$28.8 billion - $1.8 billion + ($8 billion + $3.2 billion + 1.8 billion) * .35]4
Insurers = $8.45 billion [($8 billion +$ 3.2 billion + $1.8 billion) * (1 - .35)]5
THE TAXPAYER SHARE JUMPS FROM 35% TO 79% UNDER THIS PLAN
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wtf
and they
get/got away with it ?
lol.. lucky we dont live there ,eh
you know the internets a conspiracy to stop us looking too closely at what our own governments are
plotting...
