Without a doubt. Marsh has gotten off the hook in a big way. Notice how their internal investigation which showed “widespread instances” of this practice was simply buried in the last paragraph of the article. Some articles didn’t even run that portion. This was so rampant at Marsh and so part of the corporate culture that its disgraceful they got off this easy. Here’s hoping other states like Connecticutt, Georgia and California can expose them for what they are. EVERYONE at Marsh knew about the “B” quotes and the fact that Marsh steered business ONLY to those who had contigency agreements with. And despite all of this, you can still cut the arrogance at Marsh with a knife.
I vigorously applaud Mr. John Oxendine, Georgia’s Insurance Commissioner for taking a stand on the Marsh debacle. By today standards, his action is rare indeed!
I urge everyone in the insurance industry to contact Mr. Oxendine with a pledge of support to have the criminals face the existing laws instead of the usual creation of more laws, regulations that end up treating law-abiding professionals like farm animals being herded into an ever-smaller holding pen, while the likes of Marsh graze in the wide open pasture of more pay-offs, more kick backs and more of the same junk justice (Governor) Spitzer promises his old boss and largest campaign contributor.
No wonder the citizens of this once-great nation are disgusted with the insurance industry… WE THE INSURANCE PEOPLE are standing silent allowing these guys get away with this!
We have this one chance to stop this senseless trashing of our profession… either we seize that opportunity or else continue to take the heat!
There’s more AIG fun for the money here than a hot two-bit hoe on payday! ! !
Either by fear, genuine integrity or a combo platter of both, not unlike most decent, hard-working people, the vast majority of insurance professionals are content making a living on the up and up.
Being fair, I should restate the obvious… earlier, I might have neglected to mention ‘all’ of the Marsh people with dignity, high ethical standards, and good old fashioned principles, I truly hope they understand that however rarely, infinitives work both ways. To those people, please accept my humble apology if it’s due.
In the AIG/Marsh/ACE hay-days, (until last April) daddy Greenbux running AIG, Sonny I Greenbux banging away with AIG’s (loosely so-called) ‘Marsh unit’ and Sonny II Greenbux at AIG’s (loosely so-called) ‘ACE unit’ any wary shrew with a nose for paying attention would have smelled the seeping sewerage from the Greenbux pentouthouse long before it reached Spitzer’s nostrils.
And a few did! Now stay with me here… it get’s interesting! Here we go!
During what we might call the Pre-Spitzer days, some folks were watching and accusing AIG’s silver unit of sowing the ‘fertile’ field with (insane) naked short positions on the white metal and taking no prisoners with the (fairly convincing) arguable contention about the manipulation of the ‘tiny’ inventory of COMEX Silver.
Silver you ask?
Yes, SILVER!
Neither the tech-boys nor spot silver itself could ever seem to catch the E-Wave thing… know what I mean, Vern?
Funny that somewhere around April 2004, after being sharply implicated as one of the ‘big four’ players in the (alleged) ‘rigged’ silver (1)naked short business by a brilliant silver analyst shrew, (it was said) AIG suddenly disappeared from the COMEX silver pit’s radar screen.
However, with almost the precision of a perfect scene change, in that same month, AIG’s (alleged) ‘Marsh unit’ et all surfaced in the rigged insurance pit radar screen and the NY AG’s investigation had begun.
As with any deductive process, one is only left to wonder just how deep did AIG plant its ‘seed’ in the financial industry’s marketplace?
Insurance… Silver… any other guesses?
I digress…
(1) For those not in tune, the naked short silver biz is bumping somewhere around ONE BILLION net ounces of NAKED SHORT positions on silver…
Actual inventory? Net-net, the COMEX has less than 90 million ounces of .999 silver bullion in its warehouse.
Silver closed today at $6.49 per oz.
90M X $6.50 = ?
See below, for more than you will ever want to know about AIG…
Nice job GA comissioner. Piling on is the behaviour of a coward. His “investigation” started after Spitzer blew the lid – but the stock collapse and layoffs that continue were just a fancy New York scheme to get Spitzer’s friends at Marsh “off the hook”? Why didn’t GA move first? Possibly too dumb?
Quickly glancing at the scenario, one might well agree with your observations. However, contrasting the facts with assertions one would surely find the GA Insurance Commissioner at a slight disadvantage compared to the Spitzer team.
First, please keep it in perspective; I ask that you recognize that the New York Insurance Commissioner’s name has escaped the breaking news on this subject, too. It’s the Attorney General (Governor candidate) of New York behind this fray. Are you smelling the burning rubber of politcal traction?
Anyway… secondly, I suggest that a review of the immediate players is in order and each one’s proximity to each other.
For example, the highly likely bean-spiller is none other than Spitzer’s old boss (and largest campaign contributor). That old boss was an employee of one of Marsh’s enterprises, and now, surprise, surprise took Jeffery Greenberg’s place.
A little arm-twisting maybe? A little political traction perhaps? A lot of insider information with a fat payoff at the end of the line for both players… Eliot Spitzer and Mike Cherkasky.
*EVERY* state should be shaking Marsh’s operations down along with a stern “we’re watching you…” warning that might well suggest that Marsh (if it’s at all possible) join the ranks of lawful businesses.
Noting the highlights of my research, facts suggest that Marsh’s woefully pathetic view towards ethics greets us as a matter of policy from the top end of its food chain, an not a few wayward employees in desperate need of the firm hand of discipline.
Far from Georgia, keep in mind that Marsh’s admitted-to $800 million dollars worth of greased profit is not a by-product of sheer luck and clean living.
We have updated our privacy policy to be more clear and meet the new requirements of the GDPR. By continuing to use our site, you accept our revised Privacy Policy.
I agree with Mr. Oxendine.
Without a doubt. Marsh has gotten off the hook in a big way. Notice how their internal investigation which showed “widespread instances” of this practice was simply buried in the last paragraph of the article. Some articles didn’t even run that portion. This was so rampant at Marsh and so part of the corporate culture that its disgraceful they got off this easy. Here’s hoping other states like Connecticutt, Georgia and California can expose them for what they are. EVERYONE at Marsh knew about the “B” quotes and the fact that Marsh steered business ONLY to those who had contigency agreements with. And despite all of this, you can still cut the arrogance at Marsh with a knife.
I vigorously applaud Mr. John Oxendine, Georgia’s Insurance Commissioner for taking a stand on the Marsh debacle. By today standards, his action is rare indeed!
I urge everyone in the insurance industry to contact Mr. Oxendine with a pledge of support to have the criminals face the existing laws instead of the usual creation of more laws, regulations that end up treating law-abiding professionals like farm animals being herded into an ever-smaller holding pen, while the likes of Marsh graze in the wide open pasture of more pay-offs, more kick backs and more of the same junk justice (Governor) Spitzer promises his old boss and largest campaign contributor.
No wonder the citizens of this once-great nation are disgusted with the insurance industry… WE THE INSURANCE PEOPLE are standing silent allowing these guys get away with this!
We have this one chance to stop this senseless trashing of our profession… either we seize that opportunity or else continue to take the heat!
I forgot to use a phony name. Not as good at this flame stuff as GJG.
I agree with GJG entirely. If only Marsh had the high ethics of most insurance brokers.
There’s more AIG fun for the money here than a hot two-bit hoe on payday! ! !
Either by fear, genuine integrity or a combo platter of both, not unlike most decent, hard-working people, the vast majority of insurance professionals are content making a living on the up and up.
Being fair, I should restate the obvious… earlier, I might have neglected to mention ‘all’ of the Marsh people with dignity, high ethical standards, and good old fashioned principles, I truly hope they understand that however rarely, infinitives work both ways. To those people, please accept my humble apology if it’s due.
In the AIG/Marsh/ACE hay-days, (until last April) daddy Greenbux running AIG, Sonny I Greenbux banging away with AIG’s (loosely so-called) ‘Marsh unit’ and Sonny II Greenbux at AIG’s (loosely so-called) ‘ACE unit’ any wary shrew with a nose for paying attention would have smelled the seeping sewerage from the Greenbux pentouthouse long before it reached Spitzer’s nostrils.
And a few did! Now stay with me here… it get’s interesting! Here we go!
During what we might call the Pre-Spitzer days, some folks were watching and accusing AIG’s silver unit of sowing the ‘fertile’ field with (insane) naked short positions on the white metal and taking no prisoners with the (fairly convincing) arguable contention about the manipulation of the ‘tiny’ inventory of COMEX Silver.
Silver you ask?
Yes, SILVER!
Neither the tech-boys nor spot silver itself could ever seem to catch the E-Wave thing… know what I mean, Vern?
Funny that somewhere around April 2004, after being sharply implicated as one of the ‘big four’ players in the (alleged) ‘rigged’ silver (1)naked short business by a brilliant silver analyst shrew, (it was said) AIG suddenly disappeared from the COMEX silver pit’s radar screen.
However, with almost the precision of a perfect scene change, in that same month, AIG’s (alleged) ‘Marsh unit’ et all surfaced in the rigged insurance pit radar screen and the NY AG’s investigation had begun.
As with any deductive process, one is only left to wonder just how deep did AIG plant its ‘seed’ in the financial industry’s marketplace?
Insurance… Silver… any other guesses?
I digress…
(1) For those not in tune, the naked short silver biz is bumping somewhere around ONE BILLION net ounces of NAKED SHORT positions on silver…
Actual inventory? Net-net, the COMEX has less than 90 million ounces of .999 silver bullion in its warehouse.
Silver closed today at $6.49 per oz.
90M X $6.50 = ?
See below, for more than you will ever want to know about AIG…
http://www.the-catbird-seat.net/AIG.htm
See also:
http://www.the-catbird-seat.net/MarshBirds.htm
Naturally no hoe-house would be complete without all the tools hanging in the right places…
http://www.the-catbird-seat.net/ACE.htm
Nice job GA comissioner. Piling on is the behaviour of a coward. His “investigation” started after Spitzer blew the lid – but the stock collapse and layoffs that continue were just a fancy New York scheme to get Spitzer’s friends at Marsh “off the hook”? Why didn’t GA move first? Possibly too dumb?
Quickly glancing at the scenario, one might well agree with your observations. However, contrasting the facts with assertions one would surely find the GA Insurance Commissioner at a slight disadvantage compared to the Spitzer team.
First, please keep it in perspective; I ask that you recognize that the New York Insurance Commissioner’s name has escaped the breaking news on this subject, too. It’s the Attorney General (Governor candidate) of New York behind this fray. Are you smelling the burning rubber of politcal traction?
Anyway… secondly, I suggest that a review of the immediate players is in order and each one’s proximity to each other.
For example, the highly likely bean-spiller is none other than Spitzer’s old boss (and largest campaign contributor). That old boss was an employee of one of Marsh’s enterprises, and now, surprise, surprise took Jeffery Greenberg’s place.
A little arm-twisting maybe? A little political traction perhaps? A lot of insider information with a fat payoff at the end of the line for both players… Eliot Spitzer and Mike Cherkasky.
*EVERY* state should be shaking Marsh’s operations down along with a stern “we’re watching you…” warning that might well suggest that Marsh (if it’s at all possible) join the ranks of lawful businesses.
Noting the highlights of my research, facts suggest that Marsh’s woefully pathetic view towards ethics greets us as a matter of policy from the top end of its food chain, an not a few wayward employees in desperate need of the firm hand of discipline.
Far from Georgia, keep in mind that Marsh’s admitted-to $800 million dollars worth of greased profit is not a by-product of sheer luck and clean living.