The delusional factor was large in investing in speculative dot.com ventures with business plans most remarkable for their inventiveness. Going to stockholders with losses is always a painful experience. In Texas, in 2003, there suddenly appeared to insurance companies a new reason for losses. That was the year that the insurance industry discovered it had been victimized by mold. “Black mold” losses were thrown up in 2003 as a blight not only on homeowners in the state, but on their premiums.
|By: Ruth Calvo Saturday February 13, 2010 8:00 am|