Check out Dallas area insurance company Globe Life (GL) and what happened Thursday. Closed Wed. at $104. Opened Thurs. at $98 and went to $38.95 at 3pmish ET before bouncing.
Allegations included selling policies to dead people and fictitious people, other accounting irregularities, rampant drug abuse (cocaine) and rape within the company, etc. Supposedly Warren Buffett sold all his shares last year after holding for something like 10-12 years. Also, someone warned senior execs at least 200 times with no response. Fuzzy Panda wrote a hit piece, and their track record has been solid over the years (Red Violet is the only exception I can find).
Stock: Globe Life (GL)
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Stock: Globe Life (GL)
by Recyclersteve » Sun Apr 14, 2024 2:50 pm
Former stock broker w/ ~20 yrs. at one company. Spoke with 100k+ people and traded a lot (long, short, options, margin, extended hours, etc.).
Please note that ANY stocks I discuss, no matter how compelling, carry risk- sometimes substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) as well.
Please note that ANY stocks I discuss, no matter how compelling, carry risk- sometimes substantial. If not prepared to buy it multiple times in modest amounts without going overboard (assuming nothing really wrong with the company), you need to learn more about the market and managing risk. Also, please research covered calls (options) as well.
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Re: Stock: Globe Life (GL)
by Silver4face » Sun Apr 14, 2024 3:28 pm
"Selling policies to dead people and fictitious people"
I am wondering how many other companies are doing this. After all, there are thousands of insurance companies on this planet.
I am wondering how many other companies are doing this. After all, there are thousands of insurance companies on this planet.
Buy rolls NOW while you still can!
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Re: Stock: Globe Life (GL)
by TXSTARFIRE » Sun Apr 14, 2024 5:39 pm
How do you get the dead people to pay? I dont understand this.
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Re: Stock: Globe Life (GL)
by shinnosuke » Mon Apr 15, 2024 7:44 am
TXSTARFIRE wrote:How do you get the dead people to pay? I dont understand this.
I'm thinking they created these fictional clients to make their financials "look" strong so they could maintain their banking relationships and continue to borrow and use leverage to keep the party going just one more year, just one more quarter.
If there were allegations of rape though...why didn't the po-po get involved?
When in the Course of human events it becomes necessary for one people to dissolve the political bands which have connected them with another and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them... (Thomas Jefferson)
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