I think Marsh doesnt get it. It’s clear from the complaint (and by Spitzer’s pointed comments about Marsh management) that in order for them to have any chance of survival that Jeff Greenberg will have to resign. Naming a new CEO of the brokerage unit means nothing (especially since the old CEO is staying on as an advisor).
The complaint implies that their was a corporate protocal and culture for deception and bid rigging. Unless Marsh cleans out the entire board and executive management, the company is done.
Also, the alleged undisclosed MSA’s (PSA’s) were not the only overpayments made by Marsh clients. Specifically it was the inflated premiums that were paid as a result of the alleged bid rigging. How does one calculate this amount. Premiums could have been inflated by anywhere from 1% to 20% or more. Thus, the damage to clients was potentially far into the billions on an annual basis.
If the bid rigging allegations are true, then this behavior was exceedingly worse than the behavior of Arthur Anderson.
If the bid rigging allegations are true, then the Marsh management showed a total disregard for anti-trust laws and deserves everthing that Spitzer throws at them. Memo to Jeff Greenberg: step down and do the right thing for your company and your industry.
I think Marsh should have looked at these practices and halted them long before now. They have gotten away with this for years. I am flabbergasted by the fact that they claim they hold themselves to the highest ethical standards. Are they reading the same newspapers they are? Even today, they are excusing or condoning what they have done. I want to see these practices terminated and not “suspended”.
At first, I was happy but than I thought of all the “workers” at Marsh that would be affected. I am not happy about that….but the big fat happy disgusting golfers who have enjoyed years of “golf” at the infamous Moorfar owned by AIG are
finally getting their due!!!!!!!! keep investigating Mr. Spitzer, you’d be surprised at what you find??? Putnam needs an overhaul as well!!!!!!!!!
Marsh has exercised these practices for years. This isn’t anything new. Where were these “neysayers” during the last 10 years when another national organization took on Marsh. Those who questioned the practice had the same choice we all faced….pass, don’t use the world’s largest broker, or continue to work with them as long as they are competitive.
I am interested in comparing notes with anyone who has first hand information regarding the bid-rigging protocol at Marsh, especially from former employees or insurance markets who were harmed by it. Tom O\’Keefe, toknkok@aol.com
I think Marsh doesnt get it. It’s clear from the complaint (and by Spitzer’s pointed comments about Marsh management) that in order for them to have any chance of survival that Jeff Greenberg will have to resign. Naming a new CEO of the brokerage unit means nothing (especially since the old CEO is staying on as an advisor).
The complaint implies that their was a corporate protocal and culture for deception and bid rigging. Unless Marsh cleans out the entire board and executive management, the company is done.
Also, the alleged undisclosed MSA’s (PSA’s) were not the only overpayments made by Marsh clients. Specifically it was the inflated premiums that were paid as a result of the alleged bid rigging. How does one calculate this amount. Premiums could have been inflated by anywhere from 1% to 20% or more. Thus, the damage to clients was potentially far into the billions on an annual basis.
If the bid rigging allegations are true, then this behavior was exceedingly worse than the behavior of Arthur Anderson.
If the bid rigging allegations are true, then the Marsh management showed a total disregard for anti-trust laws and deserves everthing that Spitzer throws at them. Memo to Jeff Greenberg: step down and do the right thing for your company and your industry.
Just one big happy family…maybe they could get the “Family Suite” next to Martha Stewart
Jeffrey Greenberg is the Marsh CEO.
Evan Greenberg is ACE Limited President and CEO and Jeffrey’s brother.
Both are the son’s of AIG’s Maurice R. “Hank” Greenberg.
Just a coincidence?
I think Marsh should have looked at these practices and halted them long before now. They have gotten away with this for years. I am flabbergasted by the fact that they claim they hold themselves to the highest ethical standards. Are they reading the same newspapers they are? Even today, they are excusing or condoning what they have done. I want to see these practices terminated and not “suspended”.
Pam
At first, I was happy but than I thought of all the “workers” at Marsh that would be affected. I am not happy about that….but the big fat happy disgusting golfers who have enjoyed years of “golf” at the infamous Moorfar owned by AIG are
finally getting their due!!!!!!!! keep investigating Mr. Spitzer, you’d be surprised at what you find??? Putnam needs an overhaul as well!!!!!!!!!
Marsh has exercised these practices for years. This isn’t anything new. Where were these “neysayers” during the last 10 years when another national organization took on Marsh. Those who questioned the practice had the same choice we all faced….pass, don’t use the world’s largest broker, or continue to work with them as long as they are competitive.
I am interested in comparing notes with anyone who has first hand information regarding the bid-rigging protocol at Marsh, especially from former employees or insurance markets who were harmed by it. Tom O\’Keefe, toknkok@aol.com