Did these folks grow up Reciting "Under God" in the Pledge of Allegiance ?
Marsh & McLennan Executives Indicted
Thursday September 15, 8:09 pm ET
By Michael Gormley, Associated Press Writer
Eight Former Marsh & McLennan Insurance Executives Indicted in Bid-Rigging Investigation
ALBANY, N.Y. (AP) -- Eight former executives at Marsh & McLennan Companies Inc. were charged with felonies in indictments unsealed Thursday in New York Attorney General Eliot Spitzer's investigation of bid rigging and price fixing in the insurance industry.
The former executives were accused of colluding with brokers and executives at major insurance companies to arrange noncompetitive bids for corporate customers of Marsh & McLennan, the nation's largest brokerage, based in New York.
The indictment said the former executives allegedly set a "target" figure for the predetermined winner to bid after obtaining losing "B quotes" from other participating companies to mislead customers.
"These are very senior executives within the Marsh hierarchy," Spitzer said. "Not only was it wrong, it was harmful to the economy ... There is simply no responsible argument in favor of rigging bids, stifling competition and cheating."
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