Yeah right!
It's all a matter of time till Safeco is consolidated into Liberty Mutual Group.
"Safeco" was always a crappy name.
Liberty Park sounds pretty good.
arbitrage time!
I don't care, since the old Safeco Tower is being officially rededicated as UW Tower tomorrow at Noon when we take control ...
Even if their old CEO is trying to ruin us.
actually arbitrage would have been better yesterday.
"Bloomberg News reported that former Safeco CEO Mike McGavick said the sale was "saddening."
"Given my objectives when I went there were to rebuild that great franchise, which clearly we did, and to remain independent, I can say this is personally very saddening," McGavick said during the earnings conference call for XL Capital Ltd, according to Bloomberg."
Mike McGavick and the Board started this process in 2001. This day has been planned for a long time and Paula was simply brought in to finish the deal. The execs are getting great parachutes. The regular workers get to look for work in a recession.
serious question: how did Mike McGavick "save" safeco? was it by making the same deals that resulted in their current state? or did he save them, and then they ruined it?
So will this be like Seafirst bank where it takes 17 years for the parent corp to finally switch its name? Say goodbye to another corp headquarters Seattle. :(
Yeah, right. Tell it to Seattle Sonics fans and Bon Marche shoppers.
@7 - he took a payout before the stock cratered, reducing shareholder wealth by a factor of one-fifth during his tenure, that's how McGavick rules.
I had already started looking forward to calling it the Mute.
The Mute?
I posted this on the NY Times article as well:
Yeah, those of us escaping Safeco within these past several years saw this coming when Mike McGavick took the reigns as chief and claimed to be turning around the company. While there he professed the utmost dedication to Safeco constantly (and irately at times) defending his dedication and not as a prepatory step to run for political office. Of course, when it was safe to do so, he jumped ship, with a HUGE golden parachute and many laid-off employees in his wake. Then ran for office (and lost!) The last step was selling off the U-District building so as to not be tied to that highly visible piece of property. When Safeco moved downtown, we knew for sure a sale of the company was in the works. McGavick’s republican wet dream come true: Increase CEO wages and bonuses, reduce jobs and salaries for workers, and sell the company.
Republicans are hard at work these days making the rich, richer and the poor, poorer. Safeco is just another sad example. McGavick sad about it all? Puh-lease! Sad probably because he didn't get to do it himself while he was CEO.
Liberty Mutual is interested in promoting the Safeco brand. The portion of LM that is purchasing Safeco is the Regional Agency Market. They develop "local" brand names and sell products under those named lines. IE Ohio Casualty, North Pacific, Golden Eagle, etc. Purchasing Safeco gives Liberty Mutual the last piece...the Northwest.
Though I do agree with Max...Liberty Stadium has a ring.....think Boston has it covered somewhere.........What do I know?...I'm from Oregon.....but LOVE Safeco Field.
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