by John Darer® CLU ChFC MSSC RSP CLTC
The debate about the standard of care from 1983–1986 compared to today
My ongoing research has provided new insights into this topic.
- One industry leader and I have had a somewhat heated recent ongoing debate about the availability of information, specifically the Internet vs No Internet. He or she has thrown down a figurative gauntlet on the subject.
In the left corner wearing the white trunks, we have an opinion that touts the A.M. Best rating was the “state of the art” in 1983-1986 and that there was no Internet is a worthy defense of ignoring the business environment.- In the opposing corner, clad in black trunks, stands an individual (myself) who is astonished by the claim that the founders of the structured settlement industry and the astute plaintiff lawyers of that era should be depicted by my adversary as financially inept and oblivious to the world around them. These highly educated individuals, equipped with the research skills their advanced degrees required, are purported to have neither read newspapers nor watched the news, thus remaining unaware of significant developments recognized and acted upon by major financial institutions—news that confronted them repeatedly over more than two years. In my view, the media landscape of the time was more than sufficient to keep them well-informed.
The pile of unavoidable information that creates the picture of a frothy environment that should have made anyone stop and think
The day Baldwin-United declared bankruptcy, the biggest one ever in the United States at the time, CBS Evening News in with Dan Rather carried the Baldwin-United bankruptcy as its lead story onto the TV screens of millions. <——--CLICK TO READ THE TRANSCRIPT
That was September 27, 1983 from 530pm to 5:50pm, according to the Vanderbilt University News Archive. Less than two months later, The New York Times carried a story about how Merrill Lynch and other Wall Street brokerage houses were ditching Executive Life.
How Popular Was CBS Evening News With Dan Rather in 1983?
Dan Rather RULED the Nielsen ratings!
“Rather certainly has been ‘profitable’ for CBS News. Since taking the anchor from Walter Cronkite two years ago on March 9, he has not lost the ratings race during a single week of the current television season”.
Cite: “Dan Rather, who has ruled the Nielsen rating this year...” UPI.com
Did “white trunk” theorists reliance on A.M. Best stem from the Model Periodic Payment of Judgments Act of 1980?
I will examine that thread in another blog post.
