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Much Ado About Nothing

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The Tampa Tribune

Published: February 6, 2008

Regarding "Allstate Defends Rising Rates" (Business, Feb. 5):

The recent hearings in Tallahassee to find out why we were lied to by "big insurance" remind me of the thousands of wasted hearings - at much cost to the taxpayers - in Washington, D.C. over the past 40 years: much ado about nothing because nothing is ever accomplished. These hearings are designed to provide cover for feckless legislators and regulators who never seem to ask the "right" questions.

What this former fraud investigator would like to know is: Was there any cooking of the books during the period when these insurance companies reported minimum profit or loss?

What expensing methods were used by their accountants?

Were expenses of other entities transferred to the homeowners' insurance aspect of the business during the relevant years?

What do the minutes of directors' meetings reflect?

Get some unhappy or disgruntled former employees of these companies before the panels and the Florida Legislature may be on its way to solutions.

Until relevant and probative questions are asked by the legislators, they are merely throwing water into the wind and wasting taxpayer dollars.

LANE BONNER

Plant City

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