Friday, July 30, 2010

| Make Florida More Hurricane-Resistant
published: Sep 28, 2009
by: Eli Lehrer and John Hallman
As hurricane-ridden September passes by, much of the news in Florida appears good: Hurricanes, so far, have stayed away from U.S. coastlines, the Legislature has passed a few common-sense reforms to the state's property insurance system and state CFO Alex Sink says that the state's troubled Hurricane Catastrophe Fund (Cat Fund) has gained a firmer fiscal footing. more...
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| A catastrophe waiting to happen
published: Sep 15, 2009
by: Jonathan Orszag
This month marks the fourth anniversary of Hurricane Katrina. That raises a simple question: Are we prepared as a Nation for the next mega-catastrophe (one, perhaps, worse than Katrina) that will inevitably strike our country? more...
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| The Meltdown Next Time: The financial danger nobody knows about.
published: Sep 12, 2009
by: Eli Lehrer
When the insurance giant American International Group was threatened with collapse in late 2008, its credit default swap business and other international operations were cited as the heart of its troubles. But the largest consequence of AIG's uncontrolled failure on consumers' pocketbooks could have come from the domino-like collapse of its businesses writing insurance on boats, cars, homes, lives, and just about everything else. If these businesses fell apart as a result of AIG's overall collapse, the argument went, the contagion could have brought a collapse of everything from retirement savings plans to auto insurance claims payments from companies unconnected to AIG. (In theory, the operations were firewalled from AIG's other operations, but the extremely slow rate at which they've found buyers indicates that many had significant exposure to the company's other woes.) more...
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Gary Nickalaus, son of Jack Nickalaus, Owns Florida Mansion |
published: Aug 20, 2008
A mansion under construction on 2 acres owned by the Golden Bear's son, former PGA golfer Gary Nicklaus, was on fire early Wednesday morning in rainy and stormy Jupiter. By 7 a.m., the fire was under control and investigators were sifting through the rubble of a portion of the sprawling home.
A mansion under construction on 2 acres owned by the Golden Bear's son, former PGA golfer Gary Nicklaus, was on fire early Wednesday morning in rainy and stormy Jupiter. By 7 a.m., the fire was under control and investigators were sifting through the rubble of a portion of the sprawling home. Most of the home, which was weeks from being finished, will have to be rebuilt. ''Obviously, the family is devastated,'' said the Nicklaus family spokesman, Scott Tolley. ''This was their (Gary and wife Amy) dream home, and they were close to moving in and beginning an exciting new stage of their lives. ''This is a resilient family with a positive attitude. Right now, they are comforted by the fact that no one was injured and that, in time, everything that was destroyed can be repaired.'' Gary Nicklaus, 39, started filed for building permits in January at the Bears Club, the luxurious golf community developed by his dad. Former Chicago Bulls superstar Michael Jordan recently bought land just a three-pointer down the street, but construction has yet to start. The second floor of Gary Nicklaus' home was almost finished when the fire struck, about 4:50 a.m. Records show Gary, who works for Jack, bought the land in late 2005 for $1.6 million. He filed several notices with the county over the past 10 months that indicated the property would include a large swimming pool, and basketball and tennis courts. Palm Beach County Fire Rescue spokesman Capt. Don DeLucia said power already has been turned on at the home, and investigators were taking that detail under consideration in trying to find out the cause. The alarm was sounded by a Palm Beach Post delivery man who saw smoke and flames shooting out of the building. ''It was fully involved when we got there,'' DeLucia said. He added there's no telling yet on the cost of the damage but said construction would have to restart from scratch. ''Obviously, it's a mansion,'' said DeLucia. ''It's going to be expensive.'' It was slightly more than three years ago, meanwhile, that Jack Nicklaus' grandson Jake, son of Steve Nicklaus, drowned in a hot tub at his parents home on Captain's Key, North Palm. He was just 17 months old. In 2003, the tight-knit family watched another son of Jack's, Jack Jr., go through a nasty divorce from wife Constance. Also in 2005, Jack's longtime caddy, Angelo Argea, died of liver cancer. Gary joined the PGA in 2000 and has earned about $700,000 on the tour. Although he never seemed capable to match his dad's greatness, Gary that year lost to the then-hot Phil Mickelson in a sudden death playoff at the Bellsouth Classic in Atlanta. He went back to an amateur status in 2007, recently winning the Palm Beach County Amateur Championship. His day job is heading his dad's Nicklaus Investments. I'm told Gary finds real estate opportunities. He also designs golf courses.
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