Posted On: October 25, 2004, 12:13 pm CDT

Posted By: Anthony

The assertion that corporate clients should not take a look at potential wrongdoing by their brokers is rather incredulous, particularly in light of the recent AG action. It should not be forgotten that at least two AIG execs (and there will likely be more) have entered GUILTY pleas for involvement in a rather blatant criminal scheme. There is absolutely nothing wrong with an attorney seeking clients who have legitimate cases. I doubt any broker will be calling their clients to say "we've reviewed your file and found numerous breaches of our fiduciary duty which have resulted in considerable overcharges...here's a refund". Anyone who clamors the article is tantamount to ambulance chasing is probably guilty of similar misconduct, or is simply naive to the reality that misconduct is standard practice for some and has a significant financial impact on the industry as a whole (Marsh's alleged $800 million profit?). The industry needs transparency towards its clients- a client has an absolute right to question the actions of its broker and demand proof that they have acted with the highest level of integrity.