Spitzer calls for wider inquiry

[emad]

Times
From James Doran, Wall Street Correspondent



THE corruption scandal engulfing the American insurance industry is just the tip of an iceberg with much of the sector’s $1.1 trillion (£593.6 billion) of annual premium income based on a widespread web of fraud, according to Eliot Spitzer, the New York attorney-general.

Mr Spitzer yesterday told a panel of senators that investigations into allegations of bid rigging and fee fixing among the world’s biggest brokers and insurers had only “scratched the surface” of questionable activities in the industry.

The attorney-general is suing Marsh & McLennan, the world’s biggest brokerage, and Universal Life, a California based broker, for allegedly colluding with insurance companies to fix high fees for customers.

Mr Spitzer told the senators that the biggest insurance companies and brokers acted as “a cartel based on hidden payments and preferential treatment”.
More:
http://www.timesonline.co.uk/newspaper/0,,172-1362233,00.html

[chelsea0011]

1. This guy should be Time Magazine's "Person of the Year"

Spitzer has been relentless against corporate crime. The Bush Justice dept. would wish scandals would all just go away.

[emad]

2. Dem 2008 candidate?

Would get my vote

[The Backlash Cometh]

3. ha-ha-ha, snort.

Don't you just love it? All the impetus for tort reforms are based on insurance rates. And now we're coming to find out, they're fixed. Too damn funny.

[Moderator]

4. Link without registration

http://business.timesonline.co.uk/article/0,,8209-1362233,00.html

[maddezmom]

5. similar article here

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=984269

[emad]

7. Today's Times article has new info, + updates

//

[RUMMYisFROSTED]

6. Iow,

Health Care Reform.

[Massachusetts]

8. Dems should wooo Spitzer

This guy has the intelligence, integrity and drive that is needed to repair OUR broken constitution. We should fear that (4) mores years of Bushco shenanigans will lock all the gates permanently.

[Danmel]

9. Spitzer's potential

It seems likely now that Schumer is going to be the Dems chief fundraiser and not run for govenor that Spitzer will run for Gov.

I'd love to see him run for Pres. one day but I don't think AMerica will ever elect a Jew from NY.

It's funny - when he ran for the first time for AG, he had these absoultely horrible ads with him mom and dad saying "Vote for our Elliot, he's such a good boy!" When I heard those I thought, OY what a Nebbish! But he most certainly is not.