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May10
NY Attorney General Elliot Spitzer Sues Liberty Mutual
Elliot Spitzer on May 5 sued another major insurance company for bid-rigging.  According to the filing “Liberty Mutual offered incentives to agents to bring clients to Liberty as well as “violating their fiduciary duty to assist in finding the best insurance for the lowest price.”  “The lawsuit also charges that Liberty Mutual repeatedly rigged bids for excess casualty insurance as part of an anti-competitive customer allocation scheme led by Marsh & Mclennen Companies Inc. brokerage.”   

I am amazed at the amount of deception that goes on within some of these insurance companies.  Is greed the main factor or is there something else?  Insurance companies make an astronomical amount of money on the billions of dollars in premium they receive.  Why do the few who break the law feel it necessary to deceive others?  Just for more money?
I’m sure I could delve into a long diatribe about greed and human nature.  If we as humans feel we will not be caught breaking the law then we might have the confidence to take that route.  We all have done it at some time in our lives.  But would you participate in the alleged actions of certain people at Liberty Mutual? 

I suppose desperation or greed took over their decision making abilities.

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