Spitzer wins apology, $1bn from brokers

[Minstrel Boy]

FYI, I also just posted in GD about Marsh's connection to the German firm which was recovering WTC hard drives containing data pertaining to insider trading.

Spitzer wins apology, $1bn from brokers

By Walter Hamilton
New York
February 2, 2005

Apologising for "shameful" behaviour, insurance broker Marsh & McLennan has agreed to pay $US850 million ($A1 billion) to settle charges by New York Attorney-General Eliot Spitzer that it cheated clients by rigging insurance bids and taking kickbacks.

It is the largest settlement yet with any of the companies caught in the recent spate of corporate scandals, topping a $US750 million deal between WorldCom Inc and the US Securities and Exchange Commission.

The $US850 million will be used to compensate customers who were gouged by the insurance broker's practices.

As part of the agreement, Marsh acceded to Mr Spitzer's demand for a written apology. "Certain Marsh employees unlawfully deceived their customers," the statement said in part, adding that "such conduct was shameful".

http://www.theage.com.au/news/Business/Spitzer-wins-apology-1bn-from-brokers/2005/02/01/1107228697864.html?oneclick=true

[Runcible Spoon]

1. Spitzer RAWKS!

I'm so glad to have a rock star for my state AG.........*sigh*

[bluestateguy]

2. This man will be the next governor

and the Wall Street crowd had better get used to it. He's even a possible future presidential candidate.

[vickie]

3. Spitzer is among the cream of Democratic party crop. He

magnificently articulates issues in terms of 'the Democratic party's history of honesty and integrity and he's a brilliant guy. My eye is on him. Even pond scum Novak stated that it is being said that Spitzer will undoubtedly be America's first Jewish President.

I am so proud of him!

[Emboldened Chimp]

4. Spitzer is a pitbull

Not only does he get them to cough up the money, but he makes them apologize to boot. Most companies get away with not having to admit wrong-doing. Bravo, Spitzer!

[hector459]

5. Isn't this what the Bushcos are fighting against? No more law suits

with huge payouts?

[Liberty Belle]

6. Bingo! Go to the head of the class.

[lovuian]

7. Love Spitzer!!!

:bounce:

[sally343434]

8. How much did they steal?

If this is like most of these settlements, the penalty sounds large. but it is so small compared to the amount stolen that it becomes just the "cost of doing business."

Only when those responsible are forced to serve very long jail terms will things change. And we should also consider having a "death penalty" for corporations found to have committed these crimes.

[0007]

9. Bet this one gave junior and his crime family and pig pals

indigestion and a good case of diarrhea.

Mr Spitzer is the guy I want for my President.