Insurance is affordable protection for ourselves, our loved ones, and our belongings. As most people maintain some kind of insurance, it is also an extremely lucrative industry, generating billions of dollars annually. Investigative reporter Kenneth D. Meyers thinks that the profits have turned the insurance industry into a bad business.
In False Security, Myers chronicles numerous untold abuses of the insurance industry-exposing the inside story of bad investments, naive executives, bilked clients, collapsed companies, and staggering financial losses. He paints a frightening picture of greed, incompetence, and corruption that rivals the savings and loan scandal in scope. Myers reveals how insurance executives jeopardized their companies by trying to price gouge the competition out of business, only to go under themselves. Myers writes of the many hostile takeovers, the extravagant use of stolen profits, the many tax "safe havens," squandering millions of dollars by executives who failed at one company after another.
The result of thousands of hours of investigation and many interviews, False Security outlines never-before-reported details of greed, and corruption gathered from state and federal prosecutors, industry officials, and the criminals themselves, some in prison and others free and now involved in other questionable enterprises, many of whom will be familiar from the savings and loan scandal.