1. Business

Letters: Citizens insurance reserves ripe for plunder

Published Jul. 28, 2012

Citizens could pay big to shrink | July 27

Reserves are ripe for plundering

My olfaction is in working order and the Citizens devastation piece unwrapped the limburger. Because Citizens is a quasi-government operation with no greedy private CEO skimming off the reserves every non-hurricane season, Citizens has accumulated a proper reserve of $6.1 billion, just the way insurance is intended to work. When the big hurricane finally does hit, there will be ample funds to cover Citizens' liabilities and until then the reserves will grow. The corporate pirates consider Citizens to be a great galleon laden with rich booty, theirs for the taking, and when she has been boarded and fairly ravished they will sail away even richer and happier. There will be no resistance, of course, because the prize's present captain and crew are in cahoots with the freebooters. If you imagine the thieves intend to add the booty to their own reserves, if any, you don't understand. When that big hurricane strikes they will cry poor and demand an appropriate increase in rates, which will doubtless be granted by their former co-conspirators.

Bud Tritschler, Clearwater

The stars of your utility soap opera | July 22

Merger reveals a $44 million farce

Please tell me that was a misprint in the article concerning the Progress Energy-Duke Energy merger, which indicated former Progress CEO Bill Johnson is scheduled to receive $44 million in severance compensation. Forty-four million dollars. For running a public utility. With monopoly powers. Good Lord!

If he had done a fantastic job running Progress, $44 million would be a travesty. Of course, his reign of error was a catastrophe, making the $44 million a farce.

Bob Rudnicki, St. Petersburg


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