Corporations fund almost all of ALEC's operations. Through ALEC, corporations hand state legislators their wishlists to benefit their bottom line. It is not just a lobby or a front group it is much more powerful than that. About Fix the DebtĪLEC is a corporate bill mill. This article is part of the Center for Media and Democracy's investigation of Pete Peterson's Campaign to "Fix the Debt." Please visit our main SourceWatch page on Fix the Debt. The Campaign to Fix the Debt is the latest incarnation of a decades-long effort by former Nixon man turned Wall Street billionaire Pete Peterson to slash earned benefit programs such as Social Security and Medicare under the guise of fixing the nation's "debt problem." State Farm is part of the Campaign to Fix the Debt as of February 2013. Its CEO, Ed Rust, was paid $10.2 million in the same year.
The Illinois-based State Farm had a net income in 2010 of $1.8 billion, up from $777 million in 2009. Top competitors are Progressive Corporation, Allstate, and GEICO. It also has a federal savings bank charter (State Farm Bank) that offers consumer and business loans through its agents and by phone, mail, and the Internet. Mecherle in Bloomington, IL State Farm now has 17,000 agents in the U.S.
It also offers nonmedical health and life insurance through its subsidiary companies. State Farm Mutual Automobile Insurance Company is the largest provider of auto insurance in the U.S., the leading US personal property/casualty insurance company (by premiums), and the leading home insurer. was inducted as a Laureate of The Lincoln Academy of Illinois and awarded the Order of Lincoln (the State’s highest honor) by the Governor of Illinois in 2003 in the area of Business.Learn more about corporations VOTING to rewrite our laws. In 2013, Advisor圜loud ranked Edward Rust as the #6 CEO on their Top Chief Executive List. In June 2015 Rust announced that after 30 years he would step down as CEO of State Farm in September 2015. The chairman, Harold McGraw III is CEO of McGraw-Hill companies. He is also on the board of McGraw-Hill Companies, Inc., New York, NY is one of two co-chairs of the Business Roundtable and is on the Board of Directors for the US Chamber of Commerce. He serves on the boards of directors of Caterpillar Inc., Peoria, Illinois. Ī graduate of Bloomington High School in 1968 and then a graduate of Illinois Wesleyan University in Bloomington, Rust holds both juris doctor and master of business degrees from Southern Methodist University, Dallas, Texas. He became president and chief executive officer in 1985 and was elected to the additional post of chairman of the board in 1987. He is the son of Edward Barry Rust Sr., who was the former chief executive officer and chairman of State Farm Insurance Companies. and his grandfather Adlai Rust before him also led State Farm.Ī native of Illinois, Rust joined State Farm in 1975.
Ed Rust stepped down on Septemwhen Michael Tipsord was named the new President and CEO of State Farm Insurance. He is a former President and Chief Executive Officer of State Farm Mutual Automobile Insurance Company and State Farm Fire and Casualty Company, State Farm Life Insurance Company and other principal State Farm affiliates. (born August 3, 1950) was chairman of the board of State Farm Mutual Automobile Insurance Company, Bloomington, Illinois.
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