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| | TIME Europe | Special Report - The Decline and Fall of Lloyd's of London - Page Four | 2/21/2000 |
 | | Lloyd's North American reserves, then worth about $4 billion, were on deposit at Citibank, and Thomas Hitchcock, who was in charge of the bank's international insurance business and was the bank's point man for the Lloyd's American Trust Fund, had concluded that the fund was not enough to cover Lloyd's asbestos exposure. |
 | | "Lloyd's was bust and had to disguise its problems by false accounting," concluded Anthony John South, a British insurance expert and member of Lloyd's from 1968 to 1994, in a sworn affidavit prepared for the West case in Los Angeles. |
 | | At a meeting at Lloyd's on Jan. 15, 1982, they told senior officials informally that if Lloyd's were to set aside sufficient reserves to properly anticipate asbestos claims, the marketplace would be "effectively bankrupt." A formal written warning--less blunt--followed a few weeks later, on Feb. 24, 1982. |
| www.time.com /time/europe/lloydsfile/lloyds4.html (1544 words) |
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