Impact of Spitzer Broker Fraud Charges Felt at Marsh and Beyond
National News • October 18, 2004
New York Attorney General Eliot Spitzer's filing last Thursday of charges against giant insurance broker Marsh for alleged commercial account steering and bid rigging has already had significant ...
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Subject: RE: Spitzer's action
Posted On: October 20, 2004, 8:19 am CDT
Posted By: Rick
Comment:
Many brokers have moved toward fee based arrangements and away from commissions as the method of compensation on their larger clients. Seldom are the contingency fees mentioned in the broker client agreement thereby blindly increasing the brokers revenue with no reduction in cost to the client in spite of the existance of a fee based agreement. In addition the additional compensation is not paid to commission based producers just shared with the executives on the top which allows them to take advantage of their own employees as well. Go get em Spitzer.
Subject: RE: Spitzer's action