Re: “Inside America’s richest racket” Nov. 13, 2000
Dear Mr. Forbes,
I wish to applaud you, your magazine, Mr. William Baldwin and last but not least, Mr. Scott Woolley for his factual and long overdue article on the title industry.
Of course, ALTA can preach all it wants from its pulpit to its limited gallery in a desperate effort to save the life of the goose that laid the golden eggs. But it is high time for the press and Congress to can those voraciously greedy geese and turn them into ‘truffled foie gras’. The American public has fed them long enough and it is now entitled to large servings of paté through a class action suit.
In fact Mr. S. Woolley has only scratched the surface by only investigating one aspect of the title industry. ALTA cannot dispute the fact that for many years First American Title has paid as little as 3% of its revenues in claims. Nor can ALTA refute the arrogant statement of a First American senior exec, Tom Brusca, that his company only made that 3% payment to justify its existence but could even avoid doing so at its election!
Unfortunately, there are many other abusive aspects to First American. In my opinion, the worst has been the blatant ‘creative accounting’ it has engaged in over the years. This practice coupled with outright false statements by its chief executives at stockholders’ meetings has enabled FAF to unduly inflate its paper to use it to buy “companies cheap”!
I do have some past most revealing statements by Kennedys, Kermot and Klemens on tape. I could make them available to your office should you wish to follow up.
In the meantime I am glad to forward a copy of my recently published book to you, to your editor, Mr. W. Baldwin and to your fine reporter Mr. S. Woolley. I recommend that at the very least, you read pages: 15 – 19; 177 – 184. The quotes found there, reveal the real reason for the existence of the First American ‘featherbedders’!
Most sincerely,
Louis Leclezio.
P.S. Scott Woolley's article and William Baldwin's comments in "Sidelines" deserves to be broadly published across the U.S. Congratulations
cc. Mr. William Baldwin, Editor; Mr. S. Woolley; Mr. J. R. Maher ALTA.
Dear Mr. Forbes,
I wish to applaud you, your magazine, Mr. William Baldwin and last but not least, Mr. Scott Woolley for his factual and long overdue article on the title industry.
Of course, ALTA can preach all it wants from its pulpit to its limited gallery in a desperate effort to save the life of the goose that laid the golden eggs. But it is high time for the press and Congress to can those voraciously greedy geese and turn them into ‘truffled foie gras’. The American public has fed them long enough and it is now entitled to large servings of paté through a class action suit.
In fact Mr. S. Woolley has only scratched the surface by only investigating one aspect of the title industry. ALTA cannot dispute the fact that for many years First American Title has paid as little as 3% of its revenues in claims. Nor can ALTA refute the arrogant statement of a First American senior exec, Tom Brusca, that his company only made that 3% payment to justify its existence but could even avoid doing so at its election!
Unfortunately, there are many other abusive aspects to First American. In my opinion, the worst has been the blatant ‘creative accounting’ it has engaged in over the years. This practice coupled with outright false statements by its chief executives at stockholders’ meetings has enabled FAF to unduly inflate its paper to use it to buy “companies cheap”!
I do have some past most revealing statements by Kennedys, Kermot and Klemens on tape. I could make them available to your office should you wish to follow up.
In the meantime I am glad to forward a copy of my recently published book to you, to your editor, Mr. W. Baldwin and to your fine reporter Mr. S. Woolley. I recommend that at the very least, you read pages: 15 – 19; 177 – 184. The quotes found there, reveal the real reason for the existence of the First American ‘featherbedders’!
Most sincerely,
Louis Leclezio.
P.S. Scott Woolley's article and William Baldwin's comments in "Sidelines" deserves to be broadly published across the U.S. Congratulations
cc. Mr. William Baldwin, Editor; Mr. S. Woolley; Mr. J. R. Maher ALTA.
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