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Reply #59: The Secret World Of Marsh Mac [View All]

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DrDebug Donating Member (1000+ posts) Send PM | Profile | Ignore Sat Jun-24-06 09:06 AM
Response to Reply #20
59. The Secret World Of Marsh Mac

November 1, 2004
The Secret World Of Marsh Mac
By Marcia Vickers, Business Week

CEO Jeff Greenberg presides over the arrogant and tight-lipped culture of Marsh & McLennan, where conflicts of interest abound. There's more trouble coming for the world's largest insurance broker.

When Jeffrey W. Greenberg took the helm of notoriously secretive Marsh & McLennan Cos. (MMC ), a $12 billion financial-services company, on Nov. 18, 1999, analysts were happily buzzing that Greenberg was a gregarious, outgoing executive. The word on Wall Street was that he would raise the profile of Marsh Mac with more public appearances and open communication than his tightlipped predecessor, A.J.C. "Ian" Smith.

(...) At the center of the storm stands Jeff Greenberg, 53. If you ask almost anyone about him, you'll hear that he is smart as a whip, incredibly knowledgeable about the insurance business, well-spoken, and polished. Much like his father, Maurice R. "Hank" Greenberg, 79, the legendarily hard-charging chairman and CEO of insurer American International Group Inc. (AIG ), he has a history of being opportunistic when it comes to scoring profits for his company. Even now, his defenders insist that he inherited serious problems, particularly in the brokerage and mutual funds businesses, when he moved into the top slot....

The firm's obsessive focus on secrecy helps keep any misdeeds under wraps, say the sources. "Some companies have a culture based on kickbacks and undisclosed financial arrangements, and their people are forced to remain silent about wrongdoing," says Edward A.H. Siedle, a former Putnam compliance director and SEC official who now heads the Center for Investment Management Investigations in Ocean Ridge, Fla., which looks into pension fraud....

(...) But now it's MMC's top brass who are squirming. Being in the spotlight is highly uncomfortable for MMC -- long known as a patrician, white-shoe firm with an air so understated and secretive that at least one former exec likened it to working at the CIA. Its ranks have included Ambassador L. Paul Bremer III, former Presidential Envoy to Iraq, who recently ran MMC's crisis-consulting business; Stephen Friedman, President George W. Bush's top economic adviser and former Goldman, Sachs & Co. (GS ) co-chairman, who was an MMC senior principal; Craig Stapleton, the husband of George W. Bush's cousin Dorothy, who was an MMC president; and Lord Lang of Monkton, a former British Member of Parliament who still sits on the board....

http://www.businessweek.com/magazine/content/04_44/b3906001_mz001.htm


Much more scandals at:
THE MARSH BIRDS
http://www.the-catbird-seat.net/MarshBirds.htm

KROLL, THE CONSPIRATOR
http://www.the-catbird-seat.net/KROLL.htm

MARSH & McLENNANS MERCER CONSULTING
http://www.the-catbird-seat.net/MM-Mercer.htm

MARSH & McLENNANS PUTNAM INVESTMENTS
http://www.the-catbird-seat.net/MM-Putnam.htm

MARSH & McLENNANS TRIDENT FUNDS
http://www.the-catbird-seat.net/TridentFunds.htm

It's like a combination of Enron and the CIA intermixed. Poppy's ultimate dream, an intelligence bureau which is huge and answers to no one except themselves.
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