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: Marsh Fiasco
Posted On: October 26, 2004, 11:46 am CDT
Posted By: Danny
Comment:
FOr those of you who haven't read the filing on this case may want to take the time to do so. After I read that I came away with the unshakeable conclusion that what was happening was outright extortion by Marsh. However, the carriers have to shoulder some of the blame in allowing themselves to be caught up in Marsh's games. We stil live in a society of "no-fault" mentalities, which is the stance it appears many carriers and brokers have taken. I agree that "commission" based sales in the real world have been in use forever and when used as originally designed serve as a profit maker and business builder. I agree with all those who have stated we should just go after the bad guys. There are many good guys out there who Spitzer will damage as well with broad brush remarks. The best resource we have to clean up this mess is within our own ranks.
Subject: Marsh Fiasco