You'd think armored car employers would screen employees?
Events analyst Dovid Muyderman found this in a WSFS Financial Corp 8-K filing on July 26. He’s right, you’d think they’d screen. I mean, I can remember the Brinks Mat Robbery very clearly, but that wasn’t insiders. And then there was the Brink's armored car robbery, that wasn’t insiders either.
On July 23, 2010, the Registrant was advised that it would recover all of its funds that were involved in the previously reported incident of alleged fraud and theft by an executive of a New York armored car company.
As previously disclosed, on February 9, 2010, the Registrant was advised that an executive of an armored car company based in Mount Vernon, New York, was arrested and charged with fraud and theft in connection with an ATM vault cash program. This same armored car company also served as an armored carrier for several customers of Cash Connect, a division of the Registrant’s subsidiary, Wilmington Savings Fund Society, FSB (“WSFS Bank”), that also provides ATM vault cash services. In its March 31, 2010 Form 10-Q, the Registrant reported a loss of $4.5 million related to funds not immediately recoverable by Cash Connect.
Egg very squarely on some faces.
Executive Quotation of the Week
This competition looks set to have BP sweep the boards at the final awards ceremony. Unless they learn to keep their mouths shut…. This one from soon to be “former” CEO Tony Hayward, and found by Events Team Manager Mark Magee in a July 27 website press release, is a corker.
Commenting on the decision to step down, Hayward said: "The Gulf of Mexico explosion was a terrible tragedy for which – as the man in charge of BP when it happened – I will always feel a deep responsibility, regardless of where blame is ultimately found to lie.”
As Mark said: “ZING!”
It’s like no one ever reviews these things before they go out. As if it isn’t bad enough that he actually said it, then they have to go and press release it as well.
Executives at BP may be prohibited from hedging stock, but, boy, can they hedge.
And Dovid found this one too in a June 10 website release from Aspen Insurance Holdings Limited.
Aspen Insurance Holdings Limited ("Aspen") (NYSE: AHL) today announced its preliminary loss estimate for claims arising from the Deepwater Horizon disaster. It is not yet possible to estimate the environmental and economic consequences of the disastrous oil spill at Deepwater Horizon and we remain deeply disturbed by the ecological and human consequences as this event continues to unfold.
Having monitored events in recent weeks, Aspen believes, however, that it is now more feasible to estimate the insurance consequences of this event and has evaluated a range of scenarios concerning the ultimate insurance liabilities for the different parties involved. The results suggest that Aspen's loss from this event, net of tax and reinstatement premiums is unlikely to exceed $25 million. Aspen also believes that the majority of scenarios including those which are most likely to occur will cost Aspen substantially less than $25 million.
It’s nice to know they’re deeply disturbed and all, but $25 million? Hasn’t BP set aside $20 billion? I guess these guys weren’t the main insurance company.
Paul Hodgson – Senior Research Associate