National News
Viewing comments for:
New York AG Sues Marsh Over Contingent Commissions, Cites Insurers Over Alleged Bid-Rigging
National News • October 14, 2004
New York Attorney General Eliot Spitzer on Oct. 14 sued Marsh & McLennan Companies, the nation's biggest insurance brokerage firm, alleging that it steered clients to insurers with whom it had ...
Insurance Journal is not responsible for the content of the message below.
| Subject | Posted By | Posted On |
|---|---|---|
| Woe to Marsh and participating underwriters! | John | Oct 21, 2004, 1:17 pm |
| RE: Want to read Spitzer Complaint | Lori | Oct 19, 2004, 10:18 am |
| RE: Who's Spitzer going after next? | Stephanie | Oct 19, 2004, 10:11 am |
| Want to read Spitzer Complaint | catherine reid | Oct 19, 2004, 10:03 am |
| Who's Spitzer going after next? | Lori | Oct 19, 2004, 7:36 am |
| RE: RE: RE: What is Spitzer really saying? ? ? | John | Oct 18, 2004, 11:08 pm |
| RE: RE: What is Spitzer really saying? ? ? | Big Insurance | Oct 18, 2004, 5:24 pm |
| RE: RE: Email Records in Law Suits - Pay Attention! | jsjag | Oct 18, 2004, 3:16 pm |
| RE: Email Records in Law Suits - Pay Attention! | Jere Allan | Oct 18, 2004, 12:24 pm |
| RE: Email Records in Law Suits - Pay Attention! | dave/upstate ny | Oct 18, 2004, 10:12 am |
| I've been saying it for 19 years | JSJAG | Oct 18, 2004, 7:34 am |
| RE: RE: RE: Contingent Commissions | John A Consumer | Oct 17, 2004, 11:15 pm |
| RE: RE: Contingent Commissions | Scott | Oct 17, 2004, 10:44 am |
| RE: Contingent Commissions | Emma | Oct 16, 2004, 3:55 pm |
| Contingent Commissions | Louie | Oct 15, 2004, 3:25 pm |
| Spitzer Complaint/AIG Business Ethics | JAF | Oct 15, 2004, 2:08 pm |
| RE: What is Spitzer really saying? ? ? | Insurance Broker | Oct 15, 2004, 1:57 pm |
| What is Spitzer really saying? ? ? | Shocked Manger | Oct 15, 2004, 1:21 pm |
| Anything you say can & will be used against you... | Jane Logan, CPCU | Oct 15, 2004, 12:47 pm |
| RE: RE: Spitzer Complaint | Just An Opinion | Oct 15, 2004, 12:35 pm |
| RE: Spitzer Complaint | David W. Clifton | Oct 15, 2004, 11:22 am |
| Spitzer Complaint | Andrew J. Barile,CPCU | Oct 15, 2004, 11:05 am |
| Email Records in Law Suits - Pay Attention! | Jim Gildea | Oct 15, 2004, 10:25 am |
| Back to article | ||
Subject: Spitzer Complaint/AIG Business Ethics
First, the SEC has announced it's investigation of AIG's involvement in some off-balance sheet transactions that the company transacted with PNC Bank Corp. to remove almost $800 million of non/underperforming loans from PNC's balance sheet, the net effect being to inflate it's stock price.
Now AIG, headed by Chairman Maurice Greenberg is party to a complaint by the state of NY into compensation disclosures and rigged bidding on insurance contracts along with Marsh & McLennan, headed by Jeffrey Greenberg, Maurice's son. Among the other companies being investigated is ACE, headed by another Greenberg son, Evan.
Kind of makes one wonder about the wisdom of AIG's "produce or perish" mentality, and some of the individual business decisions made by some of it's employees, and common practices, due to this pressure.