You know Ed Rust……I love that man, things would be so different if he was still CEO
28 replies (most recent on top)
Ed and board started this mess
Terrible strategy and partnerships
Absurd post.
Supposedly MT pushed Ed out, almost like a coup… heard this from a person who works out of corporate in BLoomington… Ed was great… really cared about employees… I miss Mr Rust
Best thingabout Ed is that he's not tipsturd/tipstard(which is it?)
@2lye. You sound like the type that drives around in a car loaded with garbage and stinks of fast food under the seat.
LOL-you got proven wrong on every single point. You live in senile fantasyland, otherwise known as BloNo.
A wise old man observed that when one is losing an argument and throwing out insults and name calling, they have lost. I am sorry for you.
@2der-u r going to have to sleep standing up after all those spankings hahahahaha.
Again to prove you wrong-modeling wasn’t proven wrong-modeling for hurricanes only developed post Andrew. You can than Karen Clark. You just throw out lie after lie expecting people ,to believe them. You may live in Normal but your intelligence is far below that.
Andrew proved the models to be off by at least a factor of ten. It was a harsh wake up call for the industry and state of Florida. At the time, it was the most devastating hurricane to hit southern Florida and the most costly to hit the US. It consumed every dollar of accumulated profit since the inception of State Farm Fire. Just the facts.
Einsteen-You will be admitted if you are mutual auto PH and your name will be verified with your policy and your DL.
June 12, 10:00 am, I’ll sign in as Einstein. In the future, get my name right!!
Einsteen based on your rhetoric you clearly DO NOT understand SF’s investment philosophy. I don’t need to ask, I know.
I am well aware of State Farm’s investment strategy. The equity strategy over the last fifty years has worked well. While laddering is intended to lessen interest rate risk, it does not eliminate it. Why don’t you ask the CEO for the current numbers during the Annual Meeting in June?
You are confusing nominal rate with YTM. You are unaware of SF’s laddering strategy that varies by fixed income class. You are unaware of SF’s portfolio strategy in equities vs fixed income which is unique in the industry. Besides Einsteen if you were correct it would have been apparent in the 2022 public results-which was the worst bond year in quite awhile. Maybe you can get a refund from ICC? Better just stick to your juvenile comments and leave this for adults.
If you mark most State Farm bond investments at their current market value, they are under water. At least the folks at ICC understand duration risk.
None of the SF bonds are underwater. Your associate degree from ICC is not wearing well.
Thanks goodness the S&P is up 147% over them same period. Sadly, most of our bonds are underwater! But what the heck, still nice at the lake house!
Might want to include increased net worth by record 41 Billion since becoming CEO.
And since becoming CEO I have been paid over 100 million and generated over 25 BILLON in auto underwriting losses. Record growth and record losses. I am the man!!
Seriously? Some of you people still prefer my predecessor to me? I was the one who modernized this company, bringing it into the 21st century.. So he had a folksy demeanor, big deal. I cut a great deal of dead weight and enhanced your bonuses in the process. You're welcome. Oh, and I speak in a commanding baritone and not with a speech impediment like my predecessor.
Accountant freaks that sell employees ans policyholders out. And the. Offer them tidbits while they get huge pay and bonus and kick backs and and retirement. Great work board and CEOS and Execs.
Was Ed required to retire at 65 or was it his choice?
Ed's masterplan was to get somebody really bad in there to secure his legacy. Well played my man...well played.
You mean the Ed Rust that personally picked tipsord to replace him?
Ed let the situation get bad, because he was too afraid of being a disliked CEO.
Ed also saw fit that our 1980s and early 1990s tech stay the same because fixing it was too much of a challenge.
He was nice though, and people liked him, but it was because he kicked the can to his replacement.
I’m not saying he might not have done things the same way. But the world has changed on us, and Ed Rust also would have recognized the need for State Farm to change along with it. Many of those who now deify him did not experience “Big Dog”, which was literally all on Ed. And the aftermath of the huge policy gain and financial loss, when we had to virtually shut down production and try to change how we did things overnight. Sure, we had some good times under Ed Rust. We also had some very bad times. And if the stories are accurate, he apparently handpicked Mr. Tipsord as his successor.
The man was not the devil, nor was he a saint. He was a legacy CEO.
He cared more about employee and customer satisfaction than making a profit. My pension prefers the man in charge now.
He was better than the accountant, but might have done something to keep him from rising to #2. Maybe he checked out, but he seemed to like people unlike the accountant.