Because the stock analysts on the earnings calls won’t ask, does anyone know why he really got fired? If it was for cause he wouldn’t have gotten $7 million, so must be something else and must be something material.
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I like playing that game!
ML has a net worth of 53M, let’s not worry about him.
All below are accurate. PCG is a train wreck from the top down. I would guess it is somewhere near the top of the list for future divestitures.
This is less than a year after they got rid of their previous chief actuary Rich Olsen with no announcement at all. Not usually a good sign to keep getting rid of your chief actuaries. Kind of a sign they're telling management answers they don't want to hear
I’d assume most would care as this would indicate the true beginning of the end, as some will begin to point out that the emperor has no clothes…
- all of the spending into the black ho-e of McKinsey and other consultants over the years,
- all of the AIG 200 plaudits and “Mission Accomplished” on earnings calls.
- The failed full spin out of L&R and the ability to actually generate a 10% ROE as a standalone business
- the mass outsourcing of job functions that has done nothing but save $1 in year one only to cost $2-3 in year 2+
- the talent exodus
- the failure of PCG
All finally coming home to roost. No can that can be kicked further down the road.
Who cares? As long as sti hits my account on the 24th this place can go under for all I care. The wheels have been coming off at the bottom for a long time, now they are coming off at the top as well. House of cards is starting to fall.
There are only a handful of people who know what happened. PZ just paid $7.5 million to keep it quiet. Do you really think anyone on the executive team would risk their easy millions to come on a site like this and spill the beans? come on.
They probably fired him because the company is not doing well, used the pretext that he let his wife or kid or whatever use his phone, how terrible, so people wouldn't think he was fired for a real reason and the stock won't tank . How many people here have let their family member use their phone briefly? Seems ridiculous
He probably talked to a reporter about how the company is losing money, or else gave away actuarial pricing trade secrets
Offensive doesn't have anything to do with confidentiality or non disclosure
Possibilities include he did something offensive. Use of company resource for his own benefits falls under conflict of interest. Aged person and was temporary.