Apparently corruption, fraud and conflict of interest are all part of the Goldman Sachs corporate culture. Not only has this corporation of late been accused of purposely betting against its own clients in the current Wall Street scandal, it also seems to be engaging in behind the scenes deals which put all of the drivers in the US in a no-win situation that ultimately threatens to fleece every person in the country who owns and operates an automobile.
In most states in the nation it is a crime to operate a vehicle without insurance and this requirement is sold to us with the rationale that requiring insurance on vehicles protects everyone from large financial losses, however it has the lucrative side effect of forcing people to buy a product. Insurance companies love this because it guarantees them revenue, but apparently that is not enough. It has been known for some time that part of the insurance racket is its relationship to motor vehicle authorities throughout the states, such as secretary of states offices and DMV/MVD organizations. Insurance companies acquire information from these organizations regarding “points” on the license of a driver which are accumulated by traffic citations that assign points when a driver is found responsible for that offense. The insurance companies then in turn use that “point” information as a pretense for raising the insurance rates of that driver. According to thenewspaper.com Goldman Sachs not only wants to garner revenue from sales of insurance policies, it also wants control of the entities which issue automated tickets and therefore assign points on a person’s driving record. In Arizona these machine generated tickets do not yet assign points for speed on the highways, but do we really believe that this will continue to be the case if the insurance companies have their way?
Wall Street investment giant Goldman Sachs will boost profits by increasing insurance rates on motorists. The troubled firm last week poured millions into American Traffic Solutions (ATS), a company that operates turnkey red light camera and speed camera programs for municipalities in return for a substantial cut of the revenue generated. At the same time, Berkshire Hathaway, the parent company of insurance giant Geico, poured $5 billion into Goldman Sachs.
It doesn’t take a rocket scientist to quickly surmise that If these corporations own a compulsory billing mechanism such as insurance premiums which are raised based on information garnered from traffic offenses with their associated points, AND it owns considerable interest in companies which ISSUE citations that can assign points via the local motor vehicle authority, it now controls the means to increase premiums at will. All the while claiming its in the public interest. This is a huge glaring conflict of interest and should be investigated for something similar to anti-trust or racketeering violations at the very least, but it also highlights what grave danger we court by allowing corporations to execute law enforcement functions, and to control multiple aspects of any system which requires public participation and extracts money from it. (Does anyone else have a deja vu feeling? This seems so similar to another topic that was in the news lately… I just can’t put my finger on it.)
What can we do to stop this?
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