Almost a year and a half ago, we reported on the Federal crop insurance program, "a newfangled partnership of government and industry (insurance carriers). The first major change is that it became privatized, with the carriers (and their reinsurers) taking the bulk of the risk, and the Fed's acting as a last-ditch backstop."
So far, so good.
The problem, of course, is the "human equation."
To wit:
"Federal investigators have unraveled a massive scheme among dozens of insurance agents, claims adjusters, brokers and farmers in eastern North Carolina to steal at least $100 million from the government-backed program that insures crops."
This is most definitely not what we meant when we said "skin in the game."
More than 3 dozen individuals have been arrested so far, and more are likely to be implicated as the net widens. After all, this is a national system, so it stands to reason that the problems will also be national in scope.
One wonders what implications this offers for The ObamaTax...
So far, so good.
The problem, of course, is the "human equation."
To wit:
"Federal investigators have unraveled a massive scheme among dozens of insurance agents, claims adjusters, brokers and farmers in eastern North Carolina to steal at least $100 million from the government-backed program that insures crops."
This is most definitely not what we meant when we said "skin in the game."
More than 3 dozen individuals have been arrested so far, and more are likely to be implicated as the net widens. After all, this is a national system, so it stands to reason that the problems will also be national in scope.
One wonders what implications this offers for The ObamaTax...
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