Marsh Announces 3,000 Layoffs And Other Cuts As Profit Plunges

Article Abstract:

In order to offset third-quarter losses of 94 percent over last year, Marsh & McLennan Companies are making cutbacks worth about $400 million. They will layoff 5 percent of their work force, including some senior management positions, sell the corporate jet and the fleet of limousines, and end the executive lunch program.

Management dynamics, Personnel administration, Management, Human resource management, Letting of contracts, Competitive bidding, Company business management, Company personnel management, Price fixing, Incentives (Business), Downsizing

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Conseco Agrees to Settle In Securities Trading Case

Article Abstract:

Insurance company Conseco has consented to pay $20 million in fines and restitution to settle charges of market timing and improper trading in securities. The Securities and Exchange Commission and other regulatory bodies are continuing with an investigation of variable annuities.

Discipline, Conseco Inc., Variable annuities, Market timing, Inviva Inc.

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Fraud in Insurance Is Vast, Spitzer Tells a State Panel

Article Abstract:

While Marsh and McLennan is making management changes in order to deal with its fraud case, New York State Attorney General Eliot Spitzer announced that his office has been discovering that fraud within the insurance industry is more widespread than he had initially expected.

Executive changes & profiles, Public affairs, New York, Ethics, Officials and employees, Appointments, resignations and dismissals, Beliefs, opinions and attitudes, Ethical aspects, Gilbert, E. Scott, Beber, Michael A.

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