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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.

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Posted by Tom Troceen