Saul P. Steinberg, the Wharton-grad corporate raider who used Philadelphia's Reliance Insurance Co. to finance his lavish Manhattan lifestyle, donations to Penn and art museums, and "greenmail" assaults on corporate America, is dead at 73. Brief notice here.
Reliance's 2001 financial collapse and takeover by the Pennsylvania Insurance Department, which, after ending 7,000 jobs, generated losses of over $3 billion for clients like Jefferson Hospital and for insurance industry bailout funds, still ranks as the most expensive wreck in the history of property insurance. Steinberg's insurers paid Pennsylvania a small fraction of the loss to settle a civil lawsuit.