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Investor's poor initial response

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Poor Safeco Corporation. Things don't seem to be going very well over there these days.

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Shareholder Joseph Tan has just been sighing his way through the United States insurance firm's latest figures.

Last year the value of his investment dived to 19 US cents a share from US$1.90 in 1999.

A report charted the firm's financial ebb and cash flow, and concluded by telling investors the size of their dividend.

The report left Mr Tan unnerved. Not by the numbers, but by the name - the name of the man behind the decisions.

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The missive was signed by Safeco's acting chairman and acting CEO.

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