Financial Services Industry
Industry: Email Alert RSS FeedLarge severance package for Cardone is unlikely. (former Empire Blue Cross and Blue Shield Chairman Albert Cardone)
National Underwriter Life & Health-Financial Services Edition, June, 1993 by Schwartz, Matthew P.
New York State Insurance Commissioner Salvatore Curiale in a written letter strongly urged Empire Blue Cross and Blue Shield not to pay former Chairman Albert Cardone a $2 million severance package. Curiale said that a golden-parachute for Cardone likely is illegal since Empire Blues is a non-profit corporation. Cardone was forced by to resign by the board of directors which was dismayed that he kept the board ill-informed about the insurer's troubled finances. Empire Blues lost over $250 million since 1991.
It is unlikely that Empire Blue Cross and Blue Shield will pay recently deposed chairman Albert Cardone a severance package worth $2 million after receiving a sharply-worded letter from the New York Insurance Superintendent Salvatore Curiale urging the company not to...
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