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: Industry has no credible argument for Tort Reform
Posted On: October 20, 2004, 8:35 pm CDT
Posted By: MGD
Comment:
The arguments for tort reform consistently cite to the high cost of liability insurance as evidence that our legal system is out of control. These arguments falsely assume, however, that insurance pricing and the "cost of risk" are somehow determined by the efficient market forces upon which our economy theoretically operates - at least this is what those who stand to profit by limiting an injured citizen's right to recover would have us believe. Mr Spitzer's peek behind the curtain now reveals that at least a few, and likely more, hands have been on the lever. With all of this, the first question that comes to mind is "What does the campaigning Bush Administration have to say about these latest revelations?" It is interesting to note the close relationship between AIG's Hank Greenberg and the Bush Presidents(both George I and GeorgeII). I am surprised that the Democrats have not jumped on this.
MGD, JD, CPCU
Subject: Industry has no credible argument for Tort Reform
MGD, JD, CPCU