Word: marsh
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Dates: during 2000-2009
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...This essentially means consulting firms, international banks or other sundry companies that remind me of the evil corporation in the recent remake of The Manchurian Candidate. I am not particularly excited at the prospect of working for a Halliburton, an Enron, a WorldCom, a Hollinger or a Marsh and McClellan...
...Marsh, whose stock sank 24% on the news, said it has been cooperating with Spitzer since spring but had not been made aware of the charges until last week, when it agreed to stop taking the payments and replaced the head of the business unit involved in the allegations. In a statement, Marsh said it was "committed to getting all the facts, determining any incidence of improper behavior, and dealing appropriately with any wrongdoing." Separately, the company's independent directors expressed confidence in the firm's leadership. Marsh declined to comment further to TIME. But the attorney general...
...attorney general really trying to get Marsh's CEO fired? It wouldn't be his first use of prosecutorial leverage to push for dramatic change. When he went after the mutual-fund industry for late- trading violations, he used the opportunity to force funds to lower their fees, which critics decried as overreaching but investor-rights advocates praised. He's now locked in a legal battle with former N.Y.S.E. chief Richard Grasso, trying to force him to return millions of dollars in compensation...
...this latest fight, Spitzer is again crusading against the system. Last week's suit outlines Marsh's deals with several big insurers, suggesting that price fixing and kickbacks may be widespread in the industry. "When you corrupt a market as the insurance carriers and brokers have by permitting cartel-like behavior, prices go up," says Spitzer. He has issued dozens of subpoenas targeting companies like Aon, Willis Group Holdings and, as was disclosed last week, MetLife. Two executives at AIG and one from insurance company Ace, which were mentioned in the Marsh suit, pleaded guilty to charges last week...
...Spitzer's latest assault is unclear. Hank and his sons Jeffrey and Evan, CEO of Ace, are widely respected as the first family of insurance. But each now has the rare distinction of heading a firm mentioned in a Spitzer lawsuit. Is Jeffrey really responsible for unethical practices at Marsh? Says Spitzer: "When you have an $800 million stream of income, one has to be either ignorant, lazy or complicit not to examine how this money is being derived." He's clearly ready for another fight. --With reporting by Barbara Kiviat and Jyoti Thottam/New York