Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Former Gen Re execs surface at Colgate
Old 05-24-2005, 10:12 AM   #1
Moderator Emeritus
Nords's Avatar
Join Date: Dec 2002
Location: Oahu
Posts: 26,564
Former Gen Re execs surface at Colgate

Two former Gen Re execs have been facing SEC & AG queries over their contributions to the AIG reinsurance fuss. Ronald Ferguson was still under contract as a Gen Re consultant but was just fired for taking the Fifth at a deposition.

It turns out that Ferguson & Elizabeth Monrad are also both Colgate directors. Here's the text from Jack Ciesielski's blog:

"Let me state the facts up front: I am a shareholder of Colgate-Palmolive and I have been for years. I own it, and it’s in accounts that I manage for clients. I’ve held it for years because I have high regard for the company, and I still do. But there’s a situation brewing there that bears watching.

In the ongoing AIG International investigation, former General Re CEO Ronald Ferguson has been questioned by the New York State Attorney General’s office over questionable transactions with AIG International. At Colgate-Palmolive, Mr. Ferguson chairs the audit committee, and is a member of the finance committee.

Also in the AIG International investigation, Ms. Elizabeth Monrad is responding to regulators’ questions about General Re transactions with AIG International. Ms. Monrad was the chief financial officer of General Re, and has since moved on to be the chief financial officer at TIAA-CREF. The pension fund reports “that she received a “Wells” notice from the enforcement staff of the Securities and Exchange Commission. ” Ms. Monrad is currently on leave of absence from TIAA-CREF. At Colgate-Palmolive, Ms. Monrad chairs the finance committee, and is the deputy chair to Mr. Ferguson on the audit committee.

While not involved in the insurance transactions, Colgate nevertheless finds itself affected by them: Mr. Ferguson and Ms. Monrad are very key persons on the Board. I make no assumption of any wrongdoing by them - that’s for the regulators to determine - but one can imagine that while they’re under investigation, their priorities may be quite different than they were at the beginning of 2005. How long will the investigations last? How will their priorities be reassigned as the investigations continue?

Most importantly: where does Colgate-Palmolive fit into the priorities of Mr. Ferguson and Ms. Monrad? The audit and finance committees need the talents of its members even more urgently as Colgate embarks on its ambitious plans to rationalize capacity. The distractions posed by the investigations are a concern to me. They should be a concern to all other long-term Colgate-Palmolive shareholders as well."


The book written on, "The Military Guide to Financial Independence and Retirement", on sale now! For more info see "About Me" in my profile.
I don't spend much time here anymore, so please send me a PM. Thanks.
Nords is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
What to do with butcher block surface? brewer12345 Other topics 17 04-02-2007 11:39 AM
Surface water on Mars? mickeyd Other topics 6 12-06-2006 05:20 PM
Berkshire Hathaway's Gen Re "fires" Ferguson Nords FIRE and Money 0 05-21-2005 09:55 AM


All times are GMT -6. The time now is 04:22 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.