Kim Jong-Il's Latest Weapon: Global Insurance Fraud, Reaping Millions Of Dollars

Washington Post:

For Kim Jong Il's birthday, North Korean insurance managers prepared a special gift.

In Singapore, they stuffed $20 million in cash into two heavy-duty bags and sent them, via Beijing, to their leader in Pyongyang, said Kim Kwang Jin, who worked as a manager for Korea National Insurance, a state-owned monopoly.

Read the whole story: Washington Post

Comments

[CaptD]

09:27 PM on 06/18/2009

We have met the Enemy and he is US, We, You and Me!

[shthar]

04:59 PM on 06/18/2009

I smell a kickback.

If they can keep from paying out in this country they can surely do it there.

[captaincrawley]

01:30 PM on 06/18/2009

id good, is good, it's all good.

[captaincrawley]

01:29 PM on 06/18/2009

And who were the smart guys who decided that it was a good idea to insure North Korean assets? Oh yeah, the same financial geniuses who brought us the Great Meltdown. I wonder if they insured that boatload of heroin that was intercepted by the Australian Special Forces? OOOHHHH YEAHHHH! Greed id GOOOOD!

[rf dude]

10:09 AM on 06/18/2009

Sub-prime lending is where the $$'s is.

However "sub-prime", takes on

a different meaning in Pyongyang.

http://www.youtube.com/watch?v=lEjqnTcdkXY
--

[lesterbud]

09:35 AM on 06/18/2009

When finally deposed, this is what will likely be the fate of the leader of North Korea....

Kim "Dear Leader" Il
CEO
AIG Corporation
70 Pine St.
New York, NY 10270

Interestingly, that building on Pine Street is owned by a South Korean company.

[opticsopen]

08:47 AM on 06/18/2009

So why are these insurance companies allowed to do business with North Korea? Why do they continue to do business with them if fraud is involved? They must somehow be making money in that market. No sympathy here.

[newyorkid]

06:38 AM on 06/18/2009

Cheney A_ssassination Unit Still Active Under Obama, Including Domestically

http://www.youtube.com/watch?v=dGNjDbD4ehQ

[gcallaghan]

03:55 AM on 06/18/2009

$20 million and they got "oranges, apples, DVD players and blankets..."
Lil Kim is their leader because North Koreans is stooopid

[LeftLeanWing]

02:18 AM on 06/18/2009

North Korea will be the World's First Suicide Nation.

[shockmagog]

12:16 AM on 06/18/2009

Getting involved with insurance companies...

Kim Jong Il has finally stepped over the line.

[watchTVgetSTUPID]

12:03 AM on 06/18/2009

WE have BIG insurance scams called CDS. Credit Default Swaps are the same as insurance except they never could be called insurance because AIG did not have the requisite financial assets to qualify as insurance. Regardless, Paulson and Geithner appointed Liddy (former Goldman Sachs CEO) to spend $150 billion tax payer dollars to pay out CDS at 100%. They had been trading for a smalll fraction of 100% but Liddy gave Goldman Sachs 100% on 12 billion dollars worth. The North Koreans are pikers compared to the Bush/Obama administrations.

[bmermaid]

11:21 PM on 06/17/2009

Why does he remind me so much of last administration? Because they had no scruples either, and were great at stealing.

[ibsteve2u]

11:45 PM on 06/17/2009

Not to mention that both think that they deserve the bulk of the profit and the workers should be satisfied with an apple or an orange.