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September 08, 2009

New York Times releases article on Bruce Schobel & AAA

The American Academy of Actuaries, the public face of a behind-the-scenes profession, is in disarray after quietly sacking its incoming president, then trying to conceal both his ouster and an unpleasant secret from his past.

The president-elect, Bruce Schobel, is one of America’s foremost authorities on the Social Security system. He is also a onetime convicted felon who, according to court records, served time three decades ago for “assault with a dangerous weapon while demanding property” in New Jersey. Few know this, though, because his record has been expunged.

Mr. Schobel has put many productive years between himself and his conviction. The matter would probably be entirely unknown if it had not surfaced in the profession’s long-running debate about actuarial accountability, and the way numbers bearing little resemblance to reality keep turning up at the scene of failed insurance companies, collapsed pension funds and states that cannot balance their budgets.

Continue reading this article on NYTimes.com.

Follow the discussion on the Actuarial Outpost.

Posted by Tom Troceen at 01:33 AM

September 02, 2009

Statement made by Bruce Schobel regarding AAA

Statement by Bruce Schobel on the Actuarial Outpost

During the past month, the Board of the American Academy of Actuaries has engaged in egregious and unprecedented behavior that has interfered with and prevented me from continuing my good work as a leader of the actuarial profession and has harmed me personally. Because negotiations have proven to be fruitless, I have found it necessary to file suit against the Academy in the United States District Court in Washington, DC. I am confident that the court will remedy this bad situation and provide justice. I am eager to continue performing my duties as president-elect and a director of the Academy and look forward to becoming president on October 26.


Further information is available at:

AAA Board Composition Documentation
IL Not For Profit Corp Act - 1986
Complaint filed by Bruce Schobel against the AAA
Defendant's Memo in Opposition
Declaration of Mary Downs & Exhibits

Posted by Tom Troceen at 03:56 PM