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Brokers - Weathering the Spitzer storm.
(From Reinsurance)
New York Attorney General Eliot Spitzer delivered a bolt from the blue to brokers when he charged the industry with improper practices.
Almost six months later, the broking world is still dealing with the effects.
In October 2004, Mr Spitzer stunned the insurance market with the news that he was pressing charges against leading broker Marsh & McLennan (MMC), accusing the company of fraud and anti-competitive practices. In the following months, prosecutions of two members of the company were announced, four members of the MMC board resigned, including chairman Jeffrey Greenberg, and the company's share price fell almost 40%. ...
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