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The fallout from Eliot Spitzer's insurance broker fraud investigation into bid rigging and kickbacks continues as executives from several of the firms accused in the complaint are fired.
In addition to the replacement of Jeffrey W. Greenberg as CEO of Marsh & McLennan, the firm has fired four executives and suspended another from Marsh, Inc. (the insurance broker subsidiary of Marsh & McLennan). The firm has not made the identity of the fired executives public, but according to the Washington Post, the highest ranking official fired was William Gilman, executive director of marketing. The Wall Street Journal reported that the three others were Edward McNenney, Gregory Doherty and Glenn Bosshardt.
According to the Spitzer complaint, the bid rigging was "strictly enforced" by Gilman. He once warned AIG that it "would live its entire book of business" if it stopped providing overpriced bids when requested by Marsh.
AIG has also suspended two executives, Karen Radke and Jean-Baptist Tateossian after they pled guilty to criminal charges associated with the Spitzer investigation. Note that AIG was not charged in the Spitzer complaint.
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