Posted On: August 13, 2008, 12:58 pm CDT

Posted By: Umpire

First, admissions: I was a small broker, but merged to a big one. I agree that punishment is needed for bad acts, but disagree that bad punishment can be accepted just because those receiving it did bad things.

Contingents had little to do with the steering and blocking that was the real problem. Contingents, therefore, should never have been involved in the punishment. The financial penalties simply should have been levied where they belonged, and the individuals held accountable for their specific actions.

It is simply contrary to our American ideals to revel in bad punishment. It allows you to become part of the problem -- you sink into the mud you sling.

Contingents should be reinstated, even for the firms that suffered for their wrongdoing. Contingents don't kill people, people kill people, to borrow from the gun lobby comparison (no, I don't want a gun debate, please).

If you are really the "good guy" -- then ACT like it. What injustice you allow for others, will be the same that others allow against you, and where our regulators will see is an acceptable action.

Take those people that did the truly bad things, and simply remove them from our industry -- lifetime removals of their licenses, and not allow them to supervise anyone that has a license. With that, you're done -- no splash to contingents, no more worries about these humans doing it again, proof to our public that we're actually serious about protecting the future, and a clear message that if you are in the business of trust, that you must earn it -- and if you choose to give that trust away, you simply don't belong here.

What SIZE your firm is makes no difference. Each segment has their advantages -- neither is "better"... just DIFFERENT. And having been on both extremes, I assure you, they are "even enough" -- which is why each can thrive if they merely work their respective advantages.

If there is "no crying in insurance," then that means there is also no crying about one segment trying to defend themselves, or improve their firm's bottom line.