The daily articles on Sptizer et al vs. the Insurance Industry are disappointing and reflect badly on everyone in our industry. Most of the insurance industry practitioners are ethical and expert, and are getting punished for the arrogance and greed of a few. This problem is not limited to the insurance industry. I am reminded of a recent read of The Wall Street Journal (3/24/05) which I did not previously include in this blog, but feel compelled to now. As described in the WSJ in one issue, this is the business world we work in, live in and insure:
· Don Imus possibly cutting corners on his taxes with his Imus Ranch
· David Myers, former controller of Worldcom, having his life destroyed by bad (and unethical and illegal) accounting decisions
· Alephia apparently close to settling with the SEC and Justice Dept. for approximately $725 million from its accounting and looting scandal
· JP Morgan and law firm Skadden, Arps taking an aggressive (arrogant?) approach to the Worldcom settlement & losing
· Morgan Stanley & law firm Kirkland & Ellis accused of failing to produce requested documents by a judge.
· “How and Why We Lie at the Office…” – (Ethics in the Workplace)
· Barry Bonds retiring from baseball because of a bad knee (not because of BALCO or steroids)?
· Three brokerage firms and a mutual fund firm agree to settle allegations of improper sales practices for $81 million in fines
· A US Attorney’s office confirming a criminal investigation into payments made to former Hollinger executives
· Hank Greenberg possibly taking the 5th after losing his job as CEO of AIG
