Don’t ‘ya think the $$ should go back to the corps. whose insurance premiums were affected by Marsh’s dirty hands? Maybe Gillman should fork over a few bucks personally. How’d he skate out of this anyway?
It’s a sad commentary on how a few can destroy the lives of many. Even worse, the main culprits are not serving prison time. It’s no seceret that the upper tier of management knew what was going on and they walk with millions. American justice. I think not.
Of course MMC wants to settle the thing for $600 mil and no apology or admittance of guilt. Forget about the criminal charges or losing the corporate license. MMC doesn’t want to open a Pandora’s box for their ex-team members to hit them with any civil action, and any acceptance of blame, guilt etc would only improve the plaintiff’s case. Even those still at MMC with any money in the corporate stock program (Enron comparisons anyone?) would have a much better event horizon for recovery. Nice to know that Marsh could not have bought insurance for THIS exposure (D&O and E&O don’t cover malfeasance or corporate knowledge of wrongdoing, do they? Certainly not a Fidelity loss, though their Employee Goodwill has tumbled on the balance sheet through a loss of fidelity.)
O for the days of our fathers and mothers when corporations actually gave a darn about the workforce. Paternalism in Memorio Pace Requiem. Or something. Get together and get them for what they’re worth.
Spitzer keeps deliberately lumping the criminal price-fixing activities and the MSA’s in the same press-release bucket as if they are the same – the former is illegal and obviously disgusting as well as financially suicidal; the latter is common practice and legal in 50 states. That distinction, however, doesn’t play well to the public whom he wants to woo in the next gubernatorial. And a public apology? What’s next – a scarlet “A” on our business suits (A is for avarice?) As an alleged champion of truth and transparency, Spitzer should make the difference between the two clear and cop to the fact that his personal distaste for MSA’s and obvious quarrels with the Greenbergs does not trump existing law. I’m all for the responsible Marsh execs for coughing up the fine out of their private treasuries, but I wish someone would hold Spitzer accountable as well – the 3000+ (and growing) Marsh employees are only the first casualties in this publicity war.
The part that still bothers me is the governments ability to walk in and say fire the guys on my list ,pay this amount or I will take you to criminal court ?Sounds more like mafia extortion than justice. Yes Marsh bows down pays 750 mil maybe an apology from who ? The people left who did nothing wrong while the ceo excersised 137 mil in options plus 37mil salary ? Who gets the money ? Not the employees done wrong ,not the stock holders , not even the companies supposedly done wrong . The state of new york gets it . That in my opinion is criminal by itself . I say any settlement reach should be disbursed equally to all parties done wrong .
This insurance business is full of non working sleezballs who take care of each other and pay themselves big bucks. The people that do all the work have always short changed.
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Don’t ‘ya think the $$ should go back to the corps. whose insurance premiums were affected by Marsh’s dirty hands? Maybe Gillman should fork over a few bucks personally. How’d he skate out of this anyway?
It’s a sad commentary on how a few can destroy the lives of many. Even worse, the main culprits are not serving prison time. It’s no seceret that the upper tier of management knew what was going on and they walk with millions. American justice. I think not.
Of course MMC wants to settle the thing for $600 mil and no apology or admittance of guilt. Forget about the criminal charges or losing the corporate license. MMC doesn’t want to open a Pandora’s box for their ex-team members to hit them with any civil action, and any acceptance of blame, guilt etc would only improve the plaintiff’s case. Even those still at MMC with any money in the corporate stock program (Enron comparisons anyone?) would have a much better event horizon for recovery. Nice to know that Marsh could not have bought insurance for THIS exposure (D&O and E&O don’t cover malfeasance or corporate knowledge of wrongdoing, do they? Certainly not a Fidelity loss, though their Employee Goodwill has tumbled on the balance sheet through a loss of fidelity.)
O for the days of our fathers and mothers when corporations actually gave a darn about the workforce. Paternalism in Memorio Pace Requiem. Or something. Get together and get them for what they’re worth.
Looks like Spitzer can be bought just like any other *****.
Well for everybody it is best that this case is coming to an end. Especially for the employees and stockholders.
Insurance buyers have learnt and this will have a positive effect on how they see brokers. Transparency will be key.
Spitzer keeps deliberately lumping the criminal price-fixing activities and the MSA’s in the same press-release bucket as if they are the same – the former is illegal and obviously disgusting as well as financially suicidal; the latter is common practice and legal in 50 states. That distinction, however, doesn’t play well to the public whom he wants to woo in the next gubernatorial. And a public apology? What’s next – a scarlet “A” on our business suits (A is for avarice?) As an alleged champion of truth and transparency, Spitzer should make the difference between the two clear and cop to the fact that his personal distaste for MSA’s and obvious quarrels with the Greenbergs does not trump existing law. I’m all for the responsible Marsh execs for coughing up the fine out of their private treasuries, but I wish someone would hold Spitzer accountable as well – the 3000+ (and growing) Marsh employees are only the first casualties in this publicity war.
The part that still bothers me is the governments ability to walk in and say fire the guys on my list ,pay this amount or I will take you to criminal court ?Sounds more like mafia extortion than justice. Yes Marsh bows down pays 750 mil maybe an apology from who ? The people left who did nothing wrong while the ceo excersised 137 mil in options plus 37mil salary ? Who gets the money ? Not the employees done wrong ,not the stock holders , not even the companies supposedly done wrong . The state of new york gets it . That in my opinion is criminal by itself . I say any settlement reach should be disbursed equally to all parties done wrong .
This insurance business is full of non working sleezballs who take care of each other and pay themselves big bucks. The people that do all the work have always short changed.
It’s like that with all businesses. That’s why the people who do the work are called “Pee-ons.”