From Newsweek via Yahoo! News: "Marsh & McLennan CEO Appears Likely to Resign as Early as Monday After Board Meeting"--
Following New York Attorney General Eliot Spitzer's recent campaign against big insurance companies over secretive payoffs and kickbacks between brokers and insurers, the impact has been big and fast.Newsweek has learned that the CEO of Marsh & McLennan, one of Spitzer's most recent target companies, appears likely to resign as early as Monday following a board meeting where the company will enact reforms that it hopes will lead to a settlement with the A.G. (Marsh has no comment.)
And Spitzer's charges against Marsh have shaved billions from its stock-market value. "The thread that binds this case as well as the others," Spitzer tells Newsweek, "is the violation of trust and duty by someone who has a fiduciary duty to do what's right."
More power to Spitzer. Apparently these Wall Street behemoths preached free enterprise to everybody else, but did not practise it themselves. America will be the better when such institutional corruption and the persons who tolerate such corruption are removed from the ranks of decision makers. I hope more CEO's and Chairman from the insurance industry are removed by their respective boards.
Posted by: S.Swamy | October 25, 2004 at 09:39 PM