Marsh woes deepen after credit lines are threatened
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Marsh &amp; McLennan, the US insurance broker accused of rigging the market to win bogus fees from customers, yesterday warned lines of credit from lenders
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The insurance broker accused by the New York attorney general of bid rigging and price fixing faces another threat: lawsuits filed by angry customers and the company&#39;s own shareholders, who are upset the company&#39;s stock has plummeted.
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As scrutiny of the insurance industry intensifies, investigations are likely to underline the web of relationships between insurers and Marsh & McLennan.
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Last yearâs bankruptcy reforms could make the current credit squeeze even worse; the varieties of money laundering; and a warning to customer service managers.
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INSURANCE broker Marsh &amp; McLennan will take a massive hit from closing down its controversial commission- generating scheme with other firms, as demanded by New York Attorney General Eliot Spitzer.
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Placement fees charged by broker Marsh &amp; McLennan Cos. (MMC.N: Quote, Profile, Research) may be unethical and under intense scrutiny by regulators, but that
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Accounting flaws at the insurance giant that understated the companyâs losses raised new questions about the deteriorating health of financial companies.
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The pressure on bond insurers increased on Wednesday after Fitch Ratings downgraded FGIC Corp's credit rating and Standard &amp; Poor's reviewed the ratings on $529 billion worth of U.S. mortgage-backed securities and collateralized debt obligations.
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SLM, the parent of Sallie Mae, which for years profited from placing large bets on its own stock going up, now faces a possible loss of more than $1 billion.
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No one knows how large the earnings losses at banks will be, but the turmoil in the credit markets will likely hurt the industry over the next couple of financial quarters.
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New York Attorney General Eliot Spitzer has sued Marsh, alleging that the world&#39;s largest insurance broker steered unsuspecting clients to insurers with whom it had lucrative payoff agreements, and that the firm solicited rigged bids for insurance
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Eliot Spitzer&#39;s run at insurance broker Marsh &amp; McLennan (MMC ) looks increasingly as if it could be just the opening battle in a wide-ranging war against abuses in the insurance industry.
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New York Attorney General Eliot Spitzer on Thursday sued Marsh & McLennan Cos., the world's No. 1 insurance broker, for steering unsuspecting clients to certain insurers in exchange for lucrative payoffs, sending Marsh's stock plummeting.
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Marsh &amp; McLennan Companies Inc. is moving to collect about $230 million in controversial contingent commissions owed by insurers and will put the money toward a settlement with the New York Attorney General Eliot Spitzer.
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Delta Air Lines&#39; plan to restructure some of its debt outside of bankruptcy has raised concerns among credit analysts who believe the move could be tantamount to defaulting on the money the struggling carrier owes.
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A slew of private equity deals already under financing pressure from the credit crunch now face added concerns over a potential recession.
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Giant insurance broker Marsh and McLennan is now expected to escape criminal charges over illegal payments. It has been the subject of legal action over the payments by New Yrok attorney general Eliot Spitzer.