Spitzer: Corporate Criminal Prosecution for Marsh Not Necessary Following Greenberg Resignation

New York Attorney General Eliot Spitzer reacted to the decision at Marsh & McLennan Cos. to have CEO Jeffrey Greenberg step down. Greenberg was under fire to resign as Spitzer investigated reported bid-rigging at Marsh and a number of others in the industry.

“The actions announced today (Oct. 25) by the Board of Directors of Marsh & McLennan Companies permits Marsh and this office to move forward toward a civil resolution of our lawsuit,” Spitzer commented in a release.

“We are persuaded that the goals that would have been advanced by a criminal prosecution of the corporation – punishment, restitution, general deterrence, and industry reform – will be better accomplished by criminal prosecution of individuals, adoption by the company of dramatically new business procedures, installation of new leadership, a full examination of prior wrongdoing and a pledge of restitution to those harmed.

“Realizing these goals, while also allowing Marsh & McLennan to retain a viable role in the marketplace, makes corporate criminal prosecution unnecessary.”

Latest Comments

• October 28, 2004 at 1:53 am

  xsman17 says:

  A little off the track about Kerry getting $50k from AIG that was somehow related to the big dig?
• October 28, 2004 at 1:38 am

  Anonymous says:

  Regarding the comment that brokers shouldn't have to disclose their commissions, the writer misses one key point: We're talking about brokers, not agents. Agents owe their f... read more
• October 28, 2004 at 1:33 am

  Mike says:

  Spitzer may be making political hay out of all this, but one fact remains. Employees of AIG, Ace and Marsh broke the law, and enriched themselves by doing so. In an industry w... read more