I have known and worked with most of these excellent insurance professionals and they did what they did with the full knowlege of their employer – too bad they are being indicted!!
Dear Retired: It sure sounds like you are a product of that March culture. They were wrong, they knew they were wrong. This business is built on TRUST. They said to their customers, only lawyers have clients, “trust me, I am a big gun @ the biggest brokerage in town, and I know what’s best.” They knew what was best for themselves and their company. They could have said, “no, I wont’t do that, it is illegal!!”. You have the arrogance to DEFEND them?? Pitiful…
Their practices were wrong and illegal, and they followed them, so indictment it is. Just because the company knew what they were up to doesn’t make it right, and doesn’t let them off the hook.
They’ll plead out like the others, avoid jail, pay a fine, and be barred from working in insurance. And Spitzer will still lose the governor race.
Now that â€Åâ€ŔReverend Spitzer†has rained religion down onto Marsh, he seems to be a bit misguided on his delivery of wrath…
Punishment for Marsh:
Publicly apologize for â€Åâ€Ŕshameful†business practices, replace top management, agree never to do it again, and start a restitution fund of $850 mill (which is, I’m sure, just a small fraction of Marsh’s net worth, PLUS Marsh will probably be collecting the interest on the fund! This punishment equates to a â€Åâ€Ŕflogging and a fine†at best.
Punishment for Marsh Employees:
FEDERAL CRIMIAL RECORD, MONTHS/YEARS IN FEDERAL PRISON, NEVER ABLE TO WORK IN ANY TYPE OF PROFESSION AGAIN or perhaps any type of job, save menial labor for minimum wage. Marsh’s employee’s professional and working lives could be effectively ENDED!
While Marsh continues to remain in business, only slightly tarnished.
There should be equity in ethos.
The indicted employees were only serving their â€Åâ€Ŕmaster†(Marsh). The indicted employees were only doing the â€Åâ€Ŕbidding†of their â€Åâ€Ŕmaster†AND, they were doing their master’s bidding as their master would have them do!
Why should the â€Åâ€Ŕmaster†(Marsh) not suffer an equal wrath as his servants/employees?
The entity that is Marsh, should also be â€Åâ€ŔENDED†if the punishment fits Marsh’s employees, it should also fit the â€Åâ€Ŕmasterâ€ÂÂÂ.
OR… Marsh’s employees should be given the same punishment handed to Marsh: Publicly apologize for â€Åâ€Ŕshameful†business practices, promise never to do it again, and pay a fine in an amount that is commensurate with Marsh’s â€Åâ€Ŕfine/fund†as it relates to net worth respectively. Then, Rev. Spitzer could also â€Åâ€ŔPRAISE†Marsh’s EMPLOYEES, as he praised Marsh, for â€Åâ€Ŕembracing reform†and finally seeing the light. Consequently, the employees, like Marsh, will be free from criminal record and could obtain employment, ie: stay in business, just like Marsh.
Either way, this insurance professional is glad the â€Åâ€Ŕgood word†is being spread.
I was wondering how many comptrollers or corporate “insurance buyers” of the “victims” have been implicated as co-conspirators or at the very least fired because they weren’t doing
their job and assuming an “alphabet house” broker was looking out for their best interest?
I have to deal with a buyer on every presentation and they usually have competitors keeping me honest!
How could these mega-firms be such “victims” when they have professional staff working for them that are supposed to deal with this?
These amoral professionals have learned well and make me proud. Blind, Sheeplike behavior without any thought of morals and values is always commendable.
These ex-employees do not represent the culture of Marsh as a whole. We are good, hard working individuals who have been judged by the wrongdoings of a few. Many of the employees who didn’t work in the Global Placement arena were not aware this was taking place. I believe that I work for a very credible company that is taking a step in the right direction. The actions of eight is not a reflection of the employees who still work for Marsh.
Most employees that have even half a brain are aware of corporate culture and how certain departments seem to consistently overachieve or get special treatment. If you are stupid enough to believe that the Marsh exec team did not know about this then you are certianly great material for Marsh and I’d want you handling my insurance.
It’s an insult to all insurance professionals when you get some supposed Marsh employee espousing total innocence and surpise that a overperforming dept staffed with criminals was totally unaware this was going on. It just shows how pathetic some people are.
The reality is that the entire industry (that certainly does not need help in sullying it’s image) was tainted by these crooks. People that have never thought of doing these criminal activities are painted with the same broad brush as these scum. We all suffer so that they could make their goals.
The other issue is that basicly Marsh “skates” on this issue. Rather than losing licenses and company contracts they just move right along. Certainly some insureds have moved but the overall impact is much less than and Arthur Anderson or and MCI.
Abuse of trust for an industry that does not make a tangible product is certainly a reason to pull licenses and contracts.
I would suggest that a must more useful and constructive punishment would be to take the houses from the criminals and sell them. Use the proceeds to either reimburse the injured parties or maybe as a gift toward the hurrican relief effort.
If the bid rigging and collusion does not fall under RICO I’m not sure what would. This is not a case of one or two isolated criminals but a systemic process to defraud customers.
It might not be a bad idea for these criminals to go and muck out some of the houses and properties affected by the hurricane.
Much better use of taxpayers money that having them sit in a correctional facility.
I’m sorry you feel that way about Marsh, but we are a great company with great people, which is why we are still operating today. Our culture is one of integrity, trust, and honesty, despite what these employees have displayed.
If you think that this company has not suffered for the illegal activities, then I must not be the only one living in stupidity and ignorance. Our company and its employees have suffered for the sins of a few despite the outward appearance that the $850MM was nothing more than a slap on the wrist.
In response to your disbelief that â€Åâ€Ŕsome Marsh employees are innocent,†if your ignorance leads you to believe that nobody in an organization with over 60,000 employees should be shocked to learn about illegal activities taking place in one department, then I think you are the stupid one. Unless you are omnipresent and omniscient, there may be something that is going on in your company that you would be shocked to learn about.
What is frustrating is that not many people outside this company know how it is structured, yet don’t hesitate to comment on things they have no knowledge about. Common sense would tell you that it would be greatly inefficient for one centralized department to market accounts for the entire Marsh organization. But again this points to the ignorance of many outside of Marsh.
How much money did Marsh pay them to make sure they did not confess that the higher ups new all about this. How much money would it take for them to serve jail time and spend “hard time” with the inmates?
It might also be hard for them to get a job in insurance afterwards although some operations probably won’t care they are felons.
They are not biting the hand that feeds them they are protecting it.
It may take some time, but we’ll see if any of these bozos spend even one night in the slammer.
I have known and worked with most of these excellent insurance professionals and they did what they did with the full knowlege of their employer – too bad they are being indicted!!
Dear Retired: It sure sounds like you are a product of that March culture. They were wrong, they knew they were wrong. This business is built on TRUST. They said to their customers, only lawyers have clients, “trust me, I am a big gun @ the biggest brokerage in town, and I know what’s best.” They knew what was best for themselves and their company. They could have said, “no, I wont’t do that, it is illegal!!”. You have the arrogance to DEFEND them?? Pitiful…
Their practices were wrong and illegal, and they followed them, so indictment it is. Just because the company knew what they were up to doesn’t make it right, and doesn’t let them off the hook.
They’ll plead out like the others, avoid jail, pay a fine, and be barred from working in insurance. And Spitzer will still lose the governor race.
WELL, IT DEPENDS ON WHAT YOUR DEFINITION OF ILLIGAL IIISSSS.
Now that â€Åâ€ŔReverend Spitzer†has rained religion down onto Marsh, he seems to be a bit misguided on his delivery of wrath…
Punishment for Marsh:
Publicly apologize for â€Åâ€Ŕshameful†business practices, replace top management, agree never to do it again, and start a restitution fund of $850 mill (which is, I’m sure, just a small fraction of Marsh’s net worth, PLUS Marsh will probably be collecting the interest on the fund! This punishment equates to a â€Åâ€Ŕflogging and a fine†at best.
Punishment for Marsh Employees:
FEDERAL CRIMIAL RECORD, MONTHS/YEARS IN FEDERAL PRISON, NEVER ABLE TO WORK IN ANY TYPE OF PROFESSION AGAIN or perhaps any type of job, save menial labor for minimum wage. Marsh’s employee’s professional and working lives could be effectively ENDED!
While Marsh continues to remain in business, only slightly tarnished.
There should be equity in ethos.
The indicted employees were only serving their â€Åâ€Ŕmaster†(Marsh). The indicted employees were only doing the â€Åâ€Ŕbidding†of their â€Åâ€Ŕmaster†AND, they were doing their master’s bidding as their master would have them do!
Why should the â€Åâ€Ŕmaster†(Marsh) not suffer an equal wrath as his servants/employees?
The entity that is Marsh, should also be â€Åâ€ŔENDED†if the punishment fits Marsh’s employees, it should also fit the â€Åâ€Ŕmasterâ€ÂÂÂ.
OR… Marsh’s employees should be given the same punishment handed to Marsh: Publicly apologize for â€Åâ€Ŕshameful†business practices, promise never to do it again, and pay a fine in an amount that is commensurate with Marsh’s â€Åâ€Ŕfine/fund†as it relates to net worth respectively. Then, Rev. Spitzer could also â€Åâ€ŔPRAISE†Marsh’s EMPLOYEES, as he praised Marsh, for â€Åâ€Ŕembracing reform†and finally seeing the light. Consequently, the employees, like Marsh, will be free from criminal record and could obtain employment, ie: stay in business, just like Marsh.
Either way, this insurance professional is glad the â€Åâ€Ŕgood word†is being spread.
I was wondering how many comptrollers or corporate “insurance buyers” of the “victims” have been implicated as co-conspirators or at the very least fired because they weren’t doing
their job and assuming an “alphabet house” broker was looking out for their best interest?
I have to deal with a buyer on every presentation and they usually have competitors keeping me honest!
How could these mega-firms be such “victims” when they have professional staff working for them that are supposed to deal with this?
Just wondering.
How much money were these people earning?
I guess it would have to be a considerable salary – to bite the hand that feeds them.
These amoral professionals have learned well and make me proud. Blind, Sheeplike behavior without any thought of morals and values is always commendable.
Mark:
These ex-employees do not represent the culture of Marsh as a whole. We are good, hard working individuals who have been judged by the wrongdoings of a few. Many of the employees who didn’t work in the Global Placement arena were not aware this was taking place. I believe that I work for a very credible company that is taking a step in the right direction. The actions of eight is not a reflection of the employees who still work for Marsh.
Most employees that have even half a brain are aware of corporate culture and how certain departments seem to consistently overachieve or get special treatment. If you are stupid enough to believe that the Marsh exec team did not know about this then you are certianly great material for Marsh and I’d want you handling my insurance.
It’s an insult to all insurance professionals when you get some supposed Marsh employee espousing total innocence and surpise that a overperforming dept staffed with criminals was totally unaware this was going on. It just shows how pathetic some people are.
The reality is that the entire industry (that certainly does not need help in sullying it’s image) was tainted by these crooks. People that have never thought of doing these criminal activities are painted with the same broad brush as these scum. We all suffer so that they could make their goals.
The other issue is that basicly Marsh “skates” on this issue. Rather than losing licenses and company contracts they just move right along. Certainly some insureds have moved but the overall impact is much less than and Arthur Anderson or and MCI.
Abuse of trust for an industry that does not make a tangible product is certainly a reason to pull licenses and contracts.
Scamming people is wrong and they should go to prison for 1 billion years.
I would suggest that a must more useful and constructive punishment would be to take the houses from the criminals and sell them. Use the proceeds to either reimburse the injured parties or maybe as a gift toward the hurrican relief effort.
If the bid rigging and collusion does not fall under RICO I’m not sure what would. This is not a case of one or two isolated criminals but a systemic process to defraud customers.
It might not be a bad idea for these criminals to go and muck out some of the houses and properties affected by the hurricane.
Much better use of taxpayers money that having them sit in a correctional facility.
I’m sorry you feel that way about Marsh, but we are a great company with great people, which is why we are still operating today. Our culture is one of integrity, trust, and honesty, despite what these employees have displayed.
If you think that this company has not suffered for the illegal activities, then I must not be the only one living in stupidity and ignorance. Our company and its employees have suffered for the sins of a few despite the outward appearance that the $850MM was nothing more than a slap on the wrist.
In response to your disbelief that â€Åâ€Ŕsome Marsh employees are innocent,†if your ignorance leads you to believe that nobody in an organization with over 60,000 employees should be shocked to learn about illegal activities taking place in one department, then I think you are the stupid one. Unless you are omnipresent and omniscient, there may be something that is going on in your company that you would be shocked to learn about.
What is frustrating is that not many people outside this company know how it is structured, yet don’t hesitate to comment on things they have no knowledge about. Common sense would tell you that it would be greatly inefficient for one centralized department to market accounts for the entire Marsh organization. But again this points to the ignorance of many outside of Marsh.
Hadda Choice
I think it’s the other way around.
How much money did Marsh pay them to make sure they did not confess that the higher ups new all about this. How much money would it take for them to serve jail time and spend “hard time” with the inmates?
It might also be hard for them to get a job in insurance afterwards although some operations probably won’t care they are felons.
They are not biting the hand that feeds them they are protecting it.