Apparently, my last article on Fremont was too charitable. According to InsuranceNewsNet.com (insurancenewsnet.com/article.aspx?id=180...), "State Sen. Gerald Van Woerkom, R-Muskegon, drafted the bill at the request of Fremont executives, Chief of Staff Jeff Cobb said. The company is based in Van Woerkom's district. The legislation may apply to other insurance companies, he said, but the idea is solely to protect Fremont from a potential hostile takeover."
The article then goes on to quote Jeff Cobb directly, " 'We want it to address only Fremont if we can,' Cobb said. "
And later, " 'Our plan would be to have it in place by the next shareholders' meeting," Cobb said.' "
If this article is correct, it points to three things:
I. The bill was drafted by State Sen. Van Woerkom at the request of Fremont executives.
II. Jeff Cobb, Sen. Van Woerkom's Chief of Staff has admitted it.
III. The legislation is designed to address only one company.
If that is true, it is the most despicable scandal I have heard of in recent memory and both Senator Woerkom and CEO Richard Dunning should resign from their respective positions. This whole situation is truly outrageous.
Disclosure: Long FMMH
(FMMH) It Gets Worse
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