Greenberg to Retire as AIG Chairman
National News • March 29, 2005
The various investigations of giant insurer American International Group are continuing to take their toll. Maurice "Hank" Greenberg will step down as Chairman of American International Group's ...
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Subject: RE: Which of you is the saint?
Posted On: March 31, 2005, 2:36 pm CST
Posted By: Mike
Comment:
Obviously you are not one of the saints.
I take strong exception to your point about the level of committment in the industry. I have worked in and around the insurance industry for over 15 years, I have designed sales compensation programs, and reviewed broker compensation programs, and in all that time I have ALWAYS strove for the highest standards possible. I never succumbed to the idea that I could take the low road because other companies around me were doing so.
This idea that "everyone is doing it, so what's the problem" is untrue, and it's the reason we have this problem in our industry. "Everyone" was NOT creating dummy offshore reinsurance companies to bury their garbage. Everyone was NOT colluding with their sons' companies to breach those sons' agency duty to thier clients. Everyone was NOT underreserving their business.
Unfortunatrely, people like you convinced others that because the industry is corrupt, that it was OK for them to be corrupt. And so we got many of the scandals we now have. In my view, your response shows EXACTLY the thinking that caused this blemish on the industry.
You're part of the problem.
I will also add that the VAST MAJORITY of the people I dealt with across the companies I worked for, and now work with, were extremely moral people, trying to do the right thing. There are scumbags, to be sure. There are scumbags everywhere, but those of us who hold to a higher standard usually succeed in the end. Particularly when there are aggressive watchdogs out there (I do agree with your assertion that the DOIs failed in their duty).
I am furious that you suggest I share your obvious lack of morals. I am proud to be associated with this industry and applaud when those who are corrupt are punished. And I still think there are much more like me than like you.
I am very comfortable that I am without sin in this industry. So here's my rock. You better duck.
Subject: RE: Which of you is the saint?
I take strong exception to your point about the level of committment in the industry. I have worked in and around the insurance industry for over 15 years, I have designed sales compensation programs, and reviewed broker compensation programs, and in all that time I have ALWAYS strove for the highest standards possible. I never succumbed to the idea that I could take the low road because other companies around me were doing so.
This idea that "everyone is doing it, so what's the problem" is untrue, and it's the reason we have this problem in our industry. "Everyone" was NOT creating dummy offshore reinsurance companies to bury their garbage. Everyone was NOT colluding with their sons' companies to breach those sons' agency duty to thier clients. Everyone was NOT underreserving their business.
Unfortunatrely, people like you convinced others that because the industry is corrupt, that it was OK for them to be corrupt. And so we got many of the scandals we now have. In my view, your response shows EXACTLY the thinking that caused this blemish on the industry.
You're part of the problem.
I will also add that the VAST MAJORITY of the people I dealt with across the companies I worked for, and now work with, were extremely moral people, trying to do the right thing. There are scumbags, to be sure. There are scumbags everywhere, but those of us who hold to a higher standard usually succeed in the end. Particularly when there are aggressive watchdogs out there (I do agree with your assertion that the DOIs failed in their duty).
I am furious that you suggest I share your obvious lack of morals. I am proud to be associated with this industry and applaud when those who are corrupt are punished. And I still think there are much more like me than like you.
I am very comfortable that I am without sin in this industry. So here's my rock. You better duck.