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Fraud in Insurance Is Vast, Spitzer Tells a State Panel

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LiviaOlivia Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 01:28 AM
Original message
Fraud in Insurance Is Vast, Spitzer Tells a State Panel
The New York Times
January 8, 2005
Fraud in Insurance Is Vast, Spitzer Tells a State Panel
By JOSEPH B. TREASTER

Eliot Spitzer, the New York attorney general, said yesterday that he had uncovered evidence of wrongdoing among insurance brokers and insurance companies on a far larger scale than he had anticipated when he began investigating the industry nearly a year ago.

"Many brokers, with the assistance and collusion of insurance companies, engage in systematic fraud and market manipulation," Mr. Spitzer said at a hearing of the Insurance Committee of the New York State Assembly in Lower Manhattan. "We did not anticipate the sheer magnitude of this practice."

In an interview, Mr. Spitzer said that since he sued the Marsh & McLennan Companies, the largest broker, on Oct. 14, he had been building cases against other brokers and insurers and was now "in discussion with several entities" aimed at settlements.

He declined to name any companies other than Marsh, which he accused in the lawsuit of rigging bids and improperly steering clients to high-paying insurers. An executive at Marsh and five executives at three insurance companies have been charged with fraud or antitrust violations.

<snip>

http://www.nytimes.com/2005/01/08/business/08insure.htm...
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The_Casual_Observer Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 01:39 AM
Response to Original message
1. Makes sense that chimp NEVER makes the connection
between insurance and healthcare costs. It always the enemies of the rw, "the trial lawyers" who take the rap from mr. duplicity.
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merh Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 09:49 AM
Response to Reply #1
7. The chimp ignores the Government Accounting Offices report
Edited on Sat Jan-08-05 10:33 AM by merh
releasee in either 2003 or 2004 that clearly states there is no connection between the increase of malpractice insurance premiums and the "loss of doctors". The chimp is a liar.

http://frwebgate.access.gpo.gov/cgi-bin/useftp.cgi?IPad...

http://frwebgate.access.gpo.gov/cgi-bin/multidb.cgi

http://frwebgate.access.gpo.gov/cgi-bin/useftp.cgi?IPad...

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SharonAnn Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 01:45 AM
Response to Original message
2. This stuff is endlessly disgusting! Every time I think I'm immune to
outrage, something like this comes up.

Crime, corruption and theft. The motto of the corporatists, the oligarchy, the Halliburtons, et al.
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sandnsea Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 01:53 AM
Response to Original message
3. Will they ever mention Bush?
Bremer headed Marsh Consulting which is a subsidiary of Marsh & McLennan. Craig Stapleton was the President of the real estate division, Bush's cousin's husband, Ambassador to the Czech Republic. How much corporate corruption is this country going to tolerate!!!
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newscott Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-11-05 07:17 PM
Response to Reply #3
11. We'll let you know after Spitzer mysteriously dies
in some sort of accident.
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yurbud Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 02:34 AM
Response to Original message
4. Isn't it obvious these assholes need some serious regulation?
That's one thing that disappointed me about Kerry.

You can't talk about seriously fixing health care without pulling some of these blood-sucking leeches from our wounds. They take as much of our money as they can, then give as little as possible of it out in claims. Every percentage point of profits, advertising, and executive salaries equals service withheld and lives lost.

I don't care if we stay with a private system instead of going to single payer, but if we do, we need to put these guys nuts in a vise, and have someone like spitzer around to tighten it every once in a while.
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Name removed Donating Member (0 posts) Send PM | Profile | Ignore Sat Jan-08-05 09:19 AM
Response to Original message
5. Deleted message
Message removed by moderator. Click here to review the message board rules.
 
Massachusetts Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jan-08-05 09:21 AM
Response to Reply #5
6. FUTURE A.G of OUR COUNTRY
I hope!
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cosmicdot Donating Member (1000+ posts) Send PM | Profile | Ignore Mon Jan-10-05 05:23 PM
Response to Reply #6
8. heck, Spitzer for President
following FDR's footsteps

as AG will be fine, too - I hope we can survive until that day ... it won't happen soon enough nor the 'real' reforms we need so desperately ...

corruption is knee-high to a tadpole, and the good ol'boys are sinking us fast

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struggle4progress Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-11-05 06:15 PM
Response to Original message
9. kick
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Megahurtz Donating Member (1000+ posts) Send PM | Profile | Ignore Tue Jan-11-05 07:09 PM
Response to Original message
10. Yeah, and this is what will surely happen
after the privitization of every government program der furer gets his hands on.

Looting Pirate!!! :grr:
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