Nightmares Not Over
The announcement by Marsh & McLennan Companies that it has cut a deal with New York's crusading attorney general, Eliot Spitzer, resolving a civil suit alleging bid-rigging and contingency fee abuse, is undoubtedly a relief for the beleaguered firm's top managers, employees and stockholders.
However, I think Marsh got off relatively easy with Mr. Spitzer. The really hard work is still ahead for the world's biggest insurance broker, and the full repercussions have yet to be felt by the rest of the industry.
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