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How is it that the Insurance Commissioner seems to be out to crush the whole Marsh organization until Greenberg steps down and the commissioner’s former boss gets the job to replace Greenberg. Reeks of cronism and while Marsh may be wrong in its procedures do they not have a strong track record under Jr Greenberg. The insurance community does need policing but not complete disruption. Marsh has its place and a disruptive shift in premium will also disrupt thruout the whole community which in the end hurts all insurance consumers.
The entire situation should rest on two things: Did Marsh conspire to collude and if so, who did? THe definition of “broker” comes into play….An “agent” has a duty to both the company and the client, a “broker” has a duty to the client only. I am appalled at the willingness of Marsh and Willis to eliminate “profit” based contingencies, if they had any other than volume based ones. Profit based contingenices are needed! They provide “control” and incentive to write good business.
It seems ironic to me that the very New York State that approved Marsh’s mega-mergers and acquisitions now complains that Marsh isn’t competitive and that Marsh dictates terms to the insurance marketplace.
It shouldn’t stop at Greenburg. The whole senior management of that company knew what a cash cow the global broking entity was and how to milk more with contingencies. I hope the rest go. Then Eliott can be satisfied.
You’re missing the point – it’s all about professional ethics, codes of conduct. It appears a small group of Marsh individuals crossed the line. Unfortunately, the majority of Marsh employees are guilty by association and end up suffering tremendous economic losses within their 401k and pension plans. This doesn’t even begin to address the morale issue by the line and staff workers.
I believe it’s ALL political. Marsh is a trendsetter in the insurance industry. If Spitzer wins this will be a phyrric victory at the cost of immeasurable insurace profits. Mostly affecting many independent agents.
I would like to know how all these
Greenbergs got to such lofty positions
with these major companies. Sounds like
that may that be the biggest problem.
Sonner they unearth the fraud and bring about equity in market place it is better. else imagine MArsh Executives going and enjoying at strip joints at the client’s cost.
I only knew Jeffrey Greenberg for a short period of time, like the early 60s. I actually lived up the block from him. I just remember him as captain of the monitors in 6th grade back then. But he was a strong leader as a kid, and very well liked and very strongly respected by EVERYONE both students and faculty alike. I always knew he had a style that would get him where he was today, he had desire, focus, and compassion towards other people. He was one of a kind. And he inspired me to follow my dream as a DJ, he once told me it may all I could do in life, but dont ever let it pass you by. This is an 11 year old kid telling me this??? Back then he sounded smarter than my parents! I moved out of the city, and I was felt if I wouldve been able to stay there, and follow him as a close friend, I mightve done more than just spin discs part-time in the 70s and make occoasional announcements. Its a shame what Eliot Spitzer did to such an incredibly insightful leader. Reading about Jeff, I was dead on about him 46 years ago, he followed a dream, and always bounced back from adversity. In my DJ days, every time I would play WALK LIKE A MAN, by the 4 Seasons, it always reminded of Jeffrey Greenberg, and what he did, for such a short period of time, to help me fulfill every goal I did achieve in life. So much has happened to me in the last 46 years, and Ive met and worked with so many successful people, but nobody had as much impact on my life (except maybe my wife and Beatles, Stones, and Led Zeppelin music) as Jeffrey W. Greenberg.