Financial Mines

News and notes from the business reporters for the Connecticut Media Group.
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Archive for October, 2012

Insurance Department releases tips on filing claims for Sandy

Tuesday, October 30, 2012 by:Rob Varnon
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Official release from Connecticut Insurance Department
Connecticut Insurance Commissioner Thomas Leonardi today reminded consumers that there are a number of important steps to follow when filing damage claims from Storm Sandy.
“Contact your agent or company as soon as possible and document your damage with photos or video,” Commissioner Leonardi said. “Keep a dairy of all conversations, e-mails and other correspondence you have with your company. Get the name of the representative you spoke to, note the date and time and what was communicated to you. Should any problems arise between you and your carrier, contact the Insurance Department. We are here to help you work through the process and will ensure that carriers comply with all state insurance laws.”
The Department is offering the following tips when filing claims:
  • Contact your insurer as soon as possible
  • Take photos of the damage
  • DO NOT make permanent repairs until your insurer has inspected the property
  • Keep a diary of all contact, conversations with your insurer
  • If you can still live in the home, talk with your agent about critical repairs that need to be made. Whether you make the repairs or hire someone, save the receipts for your claim.
  • If you need to find other lodging, keep records of expenses and all receipts. Homeowners and renter’s insurance generally provide limited coverage for expenses like: meals, rent, utility installation and transportation.
  • Your carrier will send an insurance adjuster to survey the damage at no cost to you. Public adjusters may offer the same services, but you would be responsible for any related fees. Check to be sure they are licensed with the Insurance Department.
  • Do not feel rushed or pushed to agree on a settlement. If there are disagreements, try to resolve them with your insurer. If you cannot reach an agreement, the Connecticut Insurance Department can help you decide if arbitration or mediation is an option.
  • Your full claim may come in multiple payments. The first will likely be an emergency advance and may include additional living expenses. The payment for your personal property and any additional living expenses will be made out to you. Payments for the structure may be payable to you and your lien holder if there is a mortgage on your home.
  • Even after settling your claim, if you think of items that were not in your initial loss list, contact your insurance company. Unless the company has paid the entire limit for the coverage of those types of items, it is possible the company will make an additional payment.
  • If your damages exceed the amount of your coverage, federal agencies will occasionally provide grants or low-interest loans to assist with recovery following major disasters.
The Department has provided a special “Storm Sandy” page with helpful claims guidelines, a list of toll-free claims phone numbers for insurance companies and other information for both consumer and the industry. For more information go to www.ct.gov and click on the “Sandy” link on the right side.

Confirming 10k job cuts, UBS to exit some fixed income lines of biz

Tuesday, October 30, 2012 by:Rob Varnon
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Swiss-based UBS AG, confirmed Tuesday it would shed about 10,000 jobs between now and 2015 with much of those reductions coming in its fixed income business.

The bank said in a press release it would concentrate on its investment banking division.

Gov. Dannel Malloy’s office told Hearst Media Connecticut that UBS had said it would honor its commitments under a contract with the state to keep 2,000 employees in Stamford in exchange for a $20 billion forgivable loan.

The City of Stamford’s economic development office also said Wednesday morning, UBS had not contacted it regarding impacts on Stamford employment.

Sandy prep erases generator and battery inventories

Sunday, October 28, 2012 by:Rob Varnon
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Not exactly a news flash but generators and D batteries are gone, at least after checks of Post Road Home Depot and Lowes.
One worker said he expects the next wave of sales for repairs.
Colony Tools on South Lambert Road in Orange had some generators Sunday morning. And Harbor Freight might be worth a check, too. I’d call before going to buy generators or portable power.
On a financial note looks like 4 Q sales will get a lift, but we’ll have to wait and see if these expenses will cut into holiday budgets.
Be careful and be ready out there.

UBS said to be planning 10,000 job cuts

Friday, October 26, 2012 by:Rob Varnon
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UBS Stamford by J. Gregory Raymond

The Financial Times and Bloomberg News both reported Friday, UBS is planning to cut 10,000 jobs.

The company did not comment on the reports, based on unnamed sources, Friday, when contacted by The Mines. However, Gov. Dannel P. Malloy’s office said the Swiss-based bank, has assured the governor that it will meet its obligations under a $20 million loan deal agreed to in August of 2011.

Connecticut agreed to provide UBS a $20 million forgivable loan, provided the bank keeps at least 2,000 employees in its Stamford facility and invests in technology and training in the state. A failure to meet these requirements would force UBS to pay the money back.

UBS reports third quarter results on Tuesday and details on any further cost cutting could be revealed then.

Here’s a link to Bloomberg’s story:

http://bitly.com/VtDI4K

Ridgefield’s Boehringer Ingelheim to pay states $95 million over drug marketing practices

Friday, October 26, 2012 by:Rob Varnon
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Boehringer Ingelheim's Ridgefield facility by Carol Kaliff

Connecticut Attorney General George Jepsen said Friday Ridgefield-based pharmaceutical Boehringer Ingelheim will pay the states $95 million to settle allegations the company paid kickbacks to doctors to push four drugs, sometimes for uses not approved by the FDA.

A complaint filed in Maryland federal court by a former sales director of the company, alleged that Boehringer and Abbot Labs participated in schemes to improve the sales of these four drugs, providing cash payments to doctors, free equipment and “bogus speaker training” seminars. The complaint further says the companies also paid certain advocacy groups to further claims regarding the drugs.

Connecticut’s Medicaid program is to receive $460,222 and will also receive $107,232 for state-only programs.

According to Jepsen, BI was promoting its stroke prevention drug Aggrenox to treat myocardial infarction and peripheral vascular disease, its hypertension drug Micardis for treatment of early diabetic kidney disease, uses for which the U.S. Food and Drug Administration had not approved them. Also, the states charged BI with marketing Atrovent and Combivent at doses that exceeded those covered by federal health care programs.

BI released the following statement after the announced settlement:

Boehringer Ingelheim Pharmaceuticals, Inc. (BIPI) has entered into a settlement agreement with the Department of Justice (DOJ) and the Office of the Inspector General (OIG) of the Department of Health and Human Services to resolve allegations related to the marketing and sales practices of AGGRENOX®, ATROVENT®, COMBIVENT® and MICARDIS® during the years 2000 through 2008.

The company has been cooperating with the government since its investigation began.  BIPI decided to resolve this matter in order to avoid the time and expense of continuing litigation.  The settlement is civil only and is not an admission of liability by the company.

“The pharmaceutical industry as a whole has undergone significant changes over the past decade and continues to be under intense scrutiny.  Likewise, our internal processes and compliance practices have evolved significantly over the years,” said Greg Behar, president and chief executive officer of Boehringer Ingelheim Pharmaceuticals, Inc.  “We are confident that the voluntary steps we have taken to enhance our compliance program meet the high standards of ethical behavior, trust and integrity that our patients and customers expect and deserve.”

Under the terms of the agreement, BIPI has agreed to pay approximately $95 million and has also entered into a five-year Corporate Integrity Agreement (CIA).  The CIA requires the company to establish certain policies, appoint a Compliance Committee, monitor certain activities and conduct internal training, among other things.

It’s unclear how many doctors were involved in this or whether any face disciplinary actions for taking kickbacks.

Rajat Gupta’s Westport mansion

Wednesday, October 24, 2012 by:Chris Preovolos
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Westport’s Rajat Gupta will be sentenced Wednesday for his role in a mammoth insider trading case that prosecutors say was the largest in history. Already, former billionaire hedge fund owner Raj Rajaratnam — a onetime close friend of Gupta, who himself lived in Greenwich — is serving 11 years in prison for earning up to $75 million illegally.

Will Gupta, like Raj, leave a big house for the Big House? Check out how they’ve both been living in Connecticut, in the slideshow above.

With a mansion on Beachside Avenue in Westport, Gupta ranks 11th on the list of top-paying property taxpayers in town, forking over $135,586. Property values on Beachside are the highest in town and the neighborhood has some high profile residents like Don Imus. Zillow values the home at $11.5 million.

Praxair sees weaker economy after most recent quarter

Wednesday, October 24, 2012 by:Rob Varnon
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Danbury-based Praxair, a global supplier of industrial gases, joined the growing list of companies reporting further weakening of the global economy.
PX made the observation Wednesday while reporting results for the third quarter. The company said it had net income of $430 million, or $1.43 per share, on sales that were 4 percent lower than a year ago.
UTC reported similar slowing concerns Tuesday and some economists are saying the chances of recession have increased heading into 2013.

Sequestration: ‘It will not happen’

Tuesday, October 23, 2012 by:Rob Varnon
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In the debate last night, President Obama said point blank the $500 billion in defense cuts and apparently an equal

President Obama during Oct. 22 debate. Getty Images

President Obama during Oct. 22 debate. Getty Images

amount of cuts to other federal services over the next 10 years, will not happen.

Either the president believes Congress will stop the cuts, or, if he wins re-election, we’re looking at a showdown over Constitutional power.

First, many are betting after the election, the two parties will come together for the good of the country, letting bygones be bygones, and stop sequestration from going forward. Of course, whoever loses, could just continue to play politics and saddle the incoming government with a huge problem created by sequestration, but Congress wouldn’t do such a thing, right?

Of course, could it be Obama might be planning to take a page from Andrew Jackson’s administration and not enforce sequestration.

If you remember your history, Jackson, our seventh president, used executive discretion to write a disgraceful chapter in American history. He refused to enforce a Supreme Court decision that protected the rights of the

Andrew Jackson, seventh president of the United States. Source The White House

Cherokee to land in Georgia and soon after, the Cherokee were forced off their land  and onto the Trail of Tears.

In this case, the question is can the executive branch ignore sequestration, especially when it comes to the Pentagon. One should remember, while Congress is in charge of the nation’s purse strings, the actual checks are issued by the U.S. Treasury Department, which is part of the executive branch.

And the President is sworn to uphold the Constitution, which requires the common defense of this nation. The Pentagon has stated sequestration would jeopardize national security.

Just to be fair, for Romney supporters, maybe the president believes Romney will win?

Gov. Mitt Romney. Getty Images

For his part, Romney has also vowed to stop sequestration. If he wins, the question is can he count on Democrats in Congress to help him out as he starts his four years in office?

Here in The Mines, we’re also wondering if maybe some of these mandated cuts might get lost in bureaucracy. After all, if the Army didn’t invent triplicate forms, it perfected their use.

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