5-BG wrote:
to chip;
you seem to be in possession of more information than the rest of us... here is a straight question for you.. one of import.

Does the SSA have in force an insurance policy that covers the type of fraud you allude to?

were the premiums paid up?

HAS THE BOARD SOUGHT PAYMENT FROM THE INSURANCE COMPANY??

Are board actions covered by a simlar policy and have claims been made?

thank you in advance for any answers you might have.

The information I've discussed is based on what the SSA has released,
what's published in the ExComm meeting minutes on the Web site (a
amazing amount more than is in the official releases), my own
experience as a director and a businessman, and a few comments made by
non-director SSA members that may or may not be true. Yes, I probably
do know more than some members by virtue of what I've heard from
directors themselves but I've tried hard not to violate the trust I
hope they still have in me by revealing anything told to me in
confidence. I can honestly say that I know of nothing to indicate
anyone within SSA has acted unethically, with the obvious possible
exception of our former CFO.

On the subject of insurance, SSA has already disclosed they have
Employee Dishonesty insurance. I don't know the terms of it, or whether
any discussions have occurred with the insurer. I believe D&O insurance
also exists though I can't recall where I learned this or if it's true,
and I certainly don't know the terms of it either. The points you have
made about an insurer potentially seeking to recover claims paid to SSA
from officers or directors are interesting, but I don't know if there's
any validity. Since employee dishonesty is what is alleged (or at least
implied) here, the insurance policy may yet be a factor. I'm not a
lawyer but I'm not sure I see how an insurer could make a case that the
ED or anyone else would be liable simply because someone who worked for
the SSA stole money, unless the ED or other persons cooperated in some
way, or--big stretch--if gross negligence could be established. I
imagine that's spelled out in the policy somewhere. Yes, I'd like to
know more myself but I can see good reasons why that information
shouldn't be broadcast to the world right now. I would be more
comfortable with all of this if I knew the obvious conflicts had been
addressed through adequate oversight. I hope that's what comes out of
tomorrow's meeting.

Now I suggest we all (including me) quit talking about it for a while.
We've thrashed this thing to death several times over. It's the
weekend. Go fly gliders!

Chip Bearden