THE DIRTY POOP ON...
Sightings from The Catbird Seat
~ o ~
May 2, 2009
Fraud and white-collar crime:
No place to hide
Author: Alistair Graham
UK and international authorities are gearing up for a fight against a potential rise
in white-collar crime as the global economy continues to struggle under the
downturn. Alistair Graham and James Woolrich report
One of the key questions vexing the legal profession at present is just how the current
downturn may impact on the incidence of white-collar crime.
Some think that price fixing will increase during times of financial squeezing as
businesses seek ways to ensure returns and stay afloat. At the same time, it is thought
that the higher stakes involved in winning contracts may encourage other extreme
tactics, such a bribery, to ensure success.
The commission of such practices may also be assisted by a lack of will or resources to
detect them when companies are more concerned with keeping their businesses viable
than spending time and energy on rigorous anti-corruption systems and controls.
On the other hand, some may argue that white-collar crime is easier to commit and
therefore more prevalent in boom times than in a bust: during the good times, there are
more opportunities for ‘pick pockets’ with less of a chance to be found out, while the
reverse is true when times are bad.
We can be confident that the discovery rate of white-collar crime will increase during a
downturn in the economy. There are two main reasons for this. Firstly, as was recently
seen with the Madoff case, in a strong economy more people may be taken in by get-rich-quick schemes. However, when the financial climate deteriorates and too many
investors ask for their money back, as with Madoff, the scheme unravelled since the
money was not actually there – older investors were paid with monies from newer ones.
Secondly, the current economic slowdown has coincided with an increase in both the
powers of UK regulators and statutory bodies to punish white-collar criminals, and their
appetite to do so.
Margaret Cole, director of enforcement at the Financial Services Authority (FSA), has
emphasised that “credible deterrence” lies at the heart of the FSA’s new approach to
regulating the financial services market. In short this means the FSA must show that it
is willing and able to process enough cases of the right kind to get the right outcome so
that firms, companies and individuals fully understand the consequences they could
suffer if they fail to improve standards of behaviour.
In that respect, the FSA has started 2009 with a bang: on 8 January, it published the
final notice it had issued to Aon, fining it £5.25m for breach of principle three of the
FSA’s Principles for Business.
The FSA had found that Aon failed properly to analyse risks associated with making
payments to non FSA-authorised overseas firms and individuals who helped it win
business from overseas clients. Aon also failed to implement effective controls to
mitigate those risks. The resulting danger that Aon could become involved in potentially
corrupt payments to win or retain business, combined with the prominence of Aon in the
insurance and reinsurance market (including the fact that Aon’s practices set an
example seen by other market practitioners) emphasised the seriousness of the
A correspondingly weighty fine – discounted by 30% because Aon settled at an early
stage of the FSA investigation – was levied.
It is noteworthy that the FSA has advised that the “proactive determination” of Aon’s
senior management to identify past problems and to improve the firm’s systems and
controls in this area was “a model of best practice that other firms may wish to adopt”.
To complement the FSA’s appetite for pursuing and punishing wrong-doers in the
regulated sector, the Government has proposed that the FSA be granted new statutory
powers, including the power to grant immunity to witnesses when investigating criminal
cases like insider trading. Under the new proposals the FSA would be afforded the
status of ‘specified prosecutor’ under the Serious Organised Crime and Police Act 2005
(SOCPA) and would be able to issue an immunity notice to an individual, subject to
satisfying the requirements of that act.
White-collar crime affects regulated and non-regulated businesses alike. On the non-regulated side of the fence, the proposed reform to the law of bribery and the Serious
Fraud Office’s (SFO’s) commitment to increase investigations into corruption, as well
as the US’s continued scrutiny of UK businesses, are gaining more attention as market
Reform of bribery
Despite its ancient roots (the Magna Carta declares that ‘justice or right’ would be sold
to no man), the current law on bribery in England and Wales is not held in high esteem
internationally and has been heavily criticised by the Organisation for Economic Co-operation and Development for having little impact in policing bribery and corruption.
However, this is set to change. In its final report, published on 20 November, 2008, the
Law Commission proposed to repeal the common law offence of bribery and many of
the statutory provisions relating to bribery. In their place will stand two general offences
concerned with the conduct of the payer or giver of an advantage to induce someone to
behave improperly; and the conduct of the recipient who requests or accepts such an
advantage either in exchange for acting improperly, or where the request/acceptance is
There will also be a specific offence relating to bribing a foreign public official (FPO)
where the intention is to influence that official in his or her capacity as an FPO in the
obtaining or retaining of business advantages. Finally, there will be a new corporate
offence of negligently failing to prevent bribes being given or offered on behalf of a
company or limited liability partnership registered in England and Wales.
Directors or equivalent officers of a company that contravenes any of these three
offences may find themselves held criminally liable as individuals. These new
offences will apply to conduct anywhere in the world by a UK national, resident or
company and will attract a maximum sentence of 10 years’ imprisonment for individuals
and an unlimited fine for companies.
While it will be a defence for the organisation to show that there were adequate
procedures in place designed to prevent employees or agents committing bribery, this
defence will not apply if the person responsible for preventing the bribery was a
director, manager or equivalent person within the organisation. All of this indicates that
the Law Commission’s key concern is with organisations that do not put systems in
place to ensure active bribery is not committed on their behalf.
Resolving an effective and fair modern law of bribery is an extremely challenging task,
both technically and politically. It is not easy to capture the balance between avoiding
formulating laws that impinge on local mores concerning acceptable profit taking and
creating an anti-bribery regime that can combat overseas bribery. However, the Law
Commission’s final report represents a significant step in simplifying and solidifying the
That is not to say, however, that the US is likely to relax its scrutiny of UK business in
this area. The Foreign Corrupt Practices Act (FCPA) gives US prosecutors very
strong powers to pursue foreign nationals and impose large fines and custodial
sentences. The Department of Justice brought more prosecutions under the FCPA in
the last two years than in the preceding 20 years. Many of the cases resulted in severe
penalties: 80% of individuals sentenced for FCPA violations receive jail sentences.
The Securities and Exchange Commission has also increased the number of probes
it carries out. UK businesses must therefore be aware of their potential exposure to the
long arm of the US law and, where necessary, seek advice from lawyers who
understand both the US and UK regulatory approaches.
The action has been mirrored in the UK, where the SFO’s director, Richard Alderman,
recently announced that the SFO will allocate more resources to combat overseas
corruption, increasing the number of investigators it has on anti-corruption work from 65
to 100. This verbal commitment to combating fraud has quickly been followed by action:
on 9 January, 2009 the SFO launched a formal investigation into London-based Madoff
Securities International – the results of which are awaited with interest.
The combination of the current economic downturn and the increase in the power and
appetite of the regulatory and prosecuting authorities to pursue white-collar criminals
will ensure that white-collar crime is high on the agenda in 2009. International
commerce may well be “red in tooth and claw” as Sir Christopher Staughton put it,
perhaps especially so in tough times, but it is clear that the rules of the game must still
be complied with. Those that break them or allow them to be broken by others in their
organisations will face tough penalties.
Alistair Graham is head of the London commercial litigation practice and James
Woolrich a commercial litigation associate at White & Case.
May 19, 2009
RE: CV05-00030 - U.S. Dept of Justice, David C. Farmer, Trustee vs.
Bobby N. Harmon - New Exhibit: "Marsh & McLennan & AON have
participated for decades in fraud and bid rigging..."
Bobby N. Harmon, CPCU
"President Barack Obama" <email@example.com>, "U.S. Attorney General Eric
Holder" <AskDOJ@usdoj.gov>, "David Farmer" <firstname.lastname@example.org>, "Steven
Guttman" <email@example.com>, "Carol K. Muranaka" <firstname.lastname@example.org>,
"Judge David A. Ezra" <email@example.com>, "Judge Kevin S.C. Chang"
<firstname.lastname@example.org>, "Judge Barry M. Kurren"
<email@example.com>, "Securities & Exchange Commission Enforcement
Division" <firstname.lastname@example.org>, "U.S. Treasury Dept. Office of Inspector General"
<email@example.com>, "Office of Inspector General US Dept of Justice"
<firstname.lastname@example.org>, "Executive Office for U.S. Trustees"
<email@example.com>, "Judge Robert Faris" <firstname.lastname@example.org>, "SEC
Office of The Inspector General" <email@example.com>, "Hawaii State Bar Association"
<firstname.lastname@example.org>, "Charles Goodwin" <HONOLULU@FBI.GOV>, "Hugh Jones"
<email@example.com>, "Insurance Division Fraud Branch"
<firstname.lastname@example.org>, "Lawrence Reifurth" <email@example.com>, "Linda
Lingle" <firstname.lastname@example.org>, "Jo Ann Uchida" <email@example.com>
"ACLU Hawaii" <firstname.lastname@example.org>, "All Representatives"
<reps@Capitol.hawaii.gov>, "All Senators" <sens@Capitol.hawaii.gov>, "Andrew
Walden" <email@example.com>, "Aon Insurance Managers"
<firstname.lastname@example.org>, "Arthur Rath" <email@example.com>, "Benjamin
Kudo" <firstname.lastname@example.org>, "Bradley Tamm" <email@example.com>, "Carl
Morton" <firstname.lastname@example.org>, "Charles Hurd" <email@example.com>, "David
Shapiro" <firstname.lastname@example.org>, "Dee Jay Mailer" <email@example.com>, "J C
Shannon" <Hapa1234@aol.com>, "James B Nicholson" <firstname.lastname@example.org>,
"James B. Farris" <Farrisj@adr.org>, "James Cribley" <email@example.com>,
"James Wriston" <firstname.lastname@example.org>, "Jeffrey Watanabe" <email@example.com>,
"Jim Dooley" <firstname.lastname@example.org>, "Joe Moore" <email@example.com>,
"John D. Finnegan" <firstname.lastname@example.org>, "John Goemans" <email@example.com>,
"Judson Witham" <firstname.lastname@example.org>, "Ken Conklin" <email@example.com>,
"Lyn Flanigan Anzai" <firstname.lastname@example.org>, "Margery Bronster" <email@example.com>,
"Marsh Affinity Group" <firstname.lastname@example.org>, "Michael N. Tanoue"
<email@example.com>, "Michelle Tucker" <firstname.lastname@example.org>,
"Nathan Aipa" <email@example.com>, "Paul Alston" <firstname.lastname@example.org>, "Randall
Roth" <email@example.com>, "Rick Daysog" <firstname.lastname@example.org>, "Robert
Bruce Graham" <email@example.com>, "Robin Campaniano"
<firstname.lastname@example.org>, "Samuel P. King" <email@example.com>, "William
K Slate" <Websitemail@adr.org>, "Jim Terrack" <firstname.lastname@example.org>, "Don Michak"
<email@example.com>, "Rocco Sansone" <firstname.lastname@example.org>,
"Ted Pettit" <email@example.com>, "Laura Thielen" <firstname.lastname@example.org>, "Vaughn
& Lynda Robinson" <email@example.com>, "Rebecca Christie"
<firstname.lastname@example.org>, "Catbird" <email@example.com>, "James Duca"
<firstname.lastname@example.org>, "Ian Lind" <email@example.com>, "Roy F. Hughes"
<firstname.lastname@example.org>, "Malia Zimmerman" <Malia@hawaiireporter.com>, "Jack
Cashill" <JCashill@aol.com>, "Marshall Chriswell" <email@example.com>, "Laser
Haas" <firstname.lastname@example.org>, "Lucy Komisar" <email@example.com>,
"Democrats.com" <firstname.lastname@example.org>, "Debra Sweet"
<email@example.com>, "Jane Kirtley" <firstname.lastname@example.org>, "V K Durham"
<email@example.com>, "John Jubinsky" <Jube@tghawaii.com>, "Yamil Berard"
<firstname.lastname@example.org>, "Global Exchange"
<email@example.com>, "William K. Black" <firstname.lastname@example.org>,
"Carole Williams" <email@example.com>, "Susan Tius" <STius@rmhawaii.com>, "Human
Rights in China" <firstname.lastname@example.org>, "Michelle Malkin" <email@example.com>,
"Heather Vsn Doren" <firstname.lastname@example.org>, "Phil J. Berg"
<email@example.com>, "Amnesty International U.S.A."
<firstname.lastname@example.org>, "Michael Moore" <email@example.com>, "California
Anti-SLAPP Project" <firstname.lastname@example.org>, "Thomas Fitton" <email@example.com>, "Ron
California Insurance Fraud Attorneys
The Law Offices of Nadrich & Cohen, LLP, a successful and aggressive California and
nationwide law firm is seeking appropriate companies and/or individuals who have
utilized Marsh & McLennan or AON as their insurance brokers for placement of
insurance policies. Marsh & McLennan & AON have participated for decades in fraud
and bid rigging by placing its clients' insurance with certain carriers solely to obtain
additional commissions undisclosed to their clients. What Marsh & McLennan and
AON clients did not know was that a secret commission was paid to Marsh &
McLennan or AON for their insurance placement in addition to the disclosed
Unlike markets for securities, commodities, and other financial products, commercial
insurance is bought and sold in private. Insurance brokers such as Marsh & McLennan
& AON are no more than middle-men who match up buyers and sellers in return for a
cut of the transaction. Marsh & McLennan is the leader in selling property casualty
coverage to businesses around the world. Industry wide, premiums paid last year just in
the United States totaled $176 billion.
The bid-rigging scheme worked as follows: Marsh & McLennan or AON steered
business toward certain insurance companies at designated prices. They then would
solicit additional artificial higher fake bids from other companies to give the appearance
to the client of real bidding. Marsh & McLennan did this even as it claimed in public
statements that its "guiding principles" was to consider its clients' best interests "first
By this activity, Marsh clearly did not consider its client's best interest "first and
The kick-back scheme worked as follows: Insurance brokers such as Marsh &
McLennan & AON received directly from insurance companies additional secret
commissions over and above their ordinary commissions. These commissions were
paid for steering volume business to a particular company's way. Insurance companies
called these fees "contingent commissions" or "market service agreements". The client
Critics call these commissions for what they are:
These improper fee arrangements date back for decades. Many insurance industry
executives say it was known to select insiders that these arrangements were in place in
order to boost insurance brokers' revenue.
However, these payments were never disclosed to the insured/client to which the
brokers owed a fiduciary duty to. Critics and New York Attorney General Eliot Spitzer
maintain these practices are poorly disclosed and are a conflict of interest for brokers
ostensibly acting on a policy holder's behalf.
Attorney General Spitzer has obtained documentation of employees of AIG who
supplied fake quotes to provide the illusion of competitive bidding for Marsh &
McLennan clients knowing; at all times, that another insurance company would
nonetheless win the bid. Attorney General Spitzer's investigation includes AIG
Insurance Company, Bermuda based Ace Insurance Company, Hartford Insurance
Company and others.
Marsh & McLennan received $800 million in revenue from contingent commissions in
2003 - the equivalent of more than half of its $1.5 billion income.
Marsh & McLennan cheated its own corporate clients by rigging bids and
wrongfully collecting huge fees from insurance companys for throwing business
their way. They purposefully did not disclose these fees to their clients. If this occurred
to you and/or your company, please immediately contact our experienced insurance
class action law firm as we are vigorously investigating a class action against Marsh &
McLennan and AON.
The effect of contingent commissions are that they wrongfully reward brokers for hitting
profit or volume targets and thus provide brokers a financial incentive to choose one
company over another, even if the other company offered a better price or better terms.
Nadrich & Cohen, LLP and co-counsel are actively interviewing Marsh and AON's
clients for purposes of bringing a civil lawsuit against Marsh & McLennan and/or AON.
The lawsuit's basis will be that the incentive fees or contingent commissions or
placement service agreements paid in exchange for sending more business to an
insurance company's way were in reality, wrongful commissions which defrauded the
policy holder by not intentionally providing the policy holder with the best deal possible.
The cost of insurance was also artificially raised, forcing buyers to pay higher
premiums, thus further cheating buyers.
The lawsuit will seek to have contingent commissions declared illegal, recover damages
for Marsh customers and forces Marsh & McLennan to give up illegal profits.
Nadrich & Cohen, LLP and its co-counsel are pursuing a separate class action to
demand reimbursement to Marsh & McLennan stock investors because Marsh's
wrongful actions devalued the price of the stock.
The Law Offices of Nadrich & Cohen, LLP is seeking clients of Marsh & McLennan who
were victims of the undisclosed contingent commission bid-rigging and other anti-competitive activities. We strongly believe Marsh's actions harmed its clients by keeping
their insurance prices artificially inflated.
Our law firm is an experienced and aggressive insurance fraud law firm actively seeking
policy holders who purchased insurance through Marsh & McLennan or AON, Inc.
Companies that we know who are involved in the bid-rigging process included AIG or
American International Group, Hartford Fire Insurance Company, Chubb Indemnity
Corp., and other insurances.
If you or your business purchased insurance through Marsh & McLennan of AON,
please contact us immediately. Nadrich & Cohen, LLP works on a contingent fee basis
only. We are paid a fee only if we obtain a recovery. If we do not obtain a recovery our
clients owe us nothing for our services.
* * * * *
May 19, 2009
Dear President Obama, Attorney General Holder, Trustee Farmer, Mr. Guttman, and All
Due to the discovery of new facts, I am adding the subject Exhibit as it relates to this
lawsuit which violates my Constitutional Rights of Free Speech and a Fair Trial, and
Federal and Hawaii Anti-SLAPP statutes. You will find related information on-line at:
In view of all the facts that I have presented in this and hundreds of other Exhibits and
witness descriptions, it is beyond comprehension that former Attorney General Alberto
Gonzales; Assistant U.S. Trustees Curtis Ching, Gayle Lau and Carol Muranaka;
Judges Eden Hifo (fka Bambi Weil), Kevin Chang, David Ezra, Barry Kurren, Lloyd King
and Robert Faris; Trustees Mary Lou Woo, James Nicholson and David C. Farmer;
American Arbitration Association arbitrator Judith Neustadter Fuqua, attorney Steven
Guttman, and others, can still claim that they were non-conflicted, fair, impartial, and
unbiased in this case.
Mr. Farmer and Mr. Guttman, in spite of all this factual evidence (not just "political
opinions" or "conspiracy theories" as you have previously alleged), I am again asking
that we attempt to reach a global settlement of this matter through confidential
negotiation or mediation rather than continuing these costly and seemingly-endless
However, if you, and your insurance carriers, are still not willing to attempt to negotiate
or mediate a settlement, then I ask that you perform your mandated review of this new
Exhibit in accordance with Judge Ezra's Order, and advise me if you find it contains any
so-called "protected subject matter", and whether or not you intend to OBJECT to my
filing a Motion to reopen this case.
I respectfully request your immediate reply. If I do not receive a response from you or
your insurance carrier within 15 days, I will assume that you have found no "PSM" in
these updated pages, and that you will NOT file any objections to my Motion.
Very truly yours,
Bobby N. Harmon, CPCU, ARM
January 25, 2008
Aon Responds To Societe
by Stewart Douglas
Insurer Aon has today released a statement in response to the high profile Societe
Generale fraud case in which a rogue trader managed to amass some $7 billion of loss
undetected by his employers, casting further doubt over the health of the banking
industry, and the long term projections for Societe Generale.
Having traded under the radar for some time, an employee at the Paris based
investment firm was today uncovered as having traded fraudulently under the banner of
the bank, which led to substantial losses, several subsequent dismissals and extreme
public embarrassment and media scrutiny for the troubled bank.
The problem has come at one of the worst times for the banking industry in recent
memory, after the credit crunch and world economic slowdown has resulted in weak
trading conditions for investment firms and elevated risks for largescale investment
“Employee fraud, and in particular unauthorised trading, is insurable but the challenge
has been persuading some banks to admit such exposure exists. The SocGen incident
proves internal fraud has the potential to threaten the capital base of even the largest
banks,” said Daniel Butler of the financial institutions team at Aon.
“It is not only the magnitude that is shocking but the fact that it happened at head office.
Similar cases have tended to occur in far away subsidiaries and not under the noses of
Whilst the losses have undoubtedly damaged the reputation of the bank, it is thought
that the move will encourage more investment banks to take insurance against
employee fraud and misdemeanour with a view to protecting against future calamities
of this nature.
Insurance Daily UK
October 12, 2007
Aon Corp. CFO to Get
at Least $1M Bonus
WASHINGTON - Aon Corp. departing Chief Financial Officer David P. Bolger will get
a 2007 bonus of at least $1 million, according to a Securities and Exchange
Commission filing Friday.
Bolger is leaving because he was named chief operations officer of Chicago 2016,
Chicago's Olympic bid committee.
The insurance consulting and brokerage company has said Christa Davies, its new
executive vice president of global finance, will replace Bolger as chief financial officer,
effective March 1.
The Chicago-based company paid Bolger compensation valued at $3.5 million for the
fiscal year ended Dec. 31, 2006, including a $750,000 salary, stock awards valued at
$1.2 million, and $1.1 million in non-equity incentive plan compensation.
April 4, 2005
Aon names Gregory Case CEO
CHICAGO (AP) — Aon (AOC), the nation's No. 2 insurance brokerage, said Monday it
has named consultant Gregory Case as its president and chief executive — more than
six months after Patrick Ryan disclosed his intent to leave.
Case, 42, most recently served as head of the financial services practice at the
management consulting firm McKinsey & Co. and previously was responsible for
McKinsey's global insurance practice. He also was elected to Aon's board of directors.
Ryan, who has been CEO of Aon and its predecessor for more than 40 years, will stay
on as executive board chairman.
Monday's announcement came one month after Aon agreed to pay $190 million to
settle an investigation by the attorneys general in New York, Illinois and Connecticut
into anti-competitive business practices. The authorities concluded that Aon had
steered clients' insurance premiums to insurers who agreed to use Aon's separate
reinsurance brokerage to obtain insurance for themselves.
Ryan issued an apology as part of the settlement.
The CEO search was delayed while the company negotiated with New York Attorney
General Eliot Spitzer over the final terms of the settlement.
Andrew McKenna, lead Aon director and chairman of the board's search committee,
said Case is well-suited to lead Aon at a time when the insurance industry is changing
March 4, 2005
Aon Settles Corruption Probe with
3 States for $190 Million
Complaint Cites Involvement of Top Execs
The Insurance Journal
New York Attorney General Eliot Spitzer and Acting New York State Insurance
Superintendent Howard Mills, together with Connecticut Attorney General Richard
Blumenthal, Illinois Attorney General Lisa Madigan and Illinois Acting Director of
Insurance Deirdre Manna, today announced an agreement with the nation’s second
largest insurance brokerage to resolve allegations of fraud and anti-competitive
Under the agreement, the Chicago-based Aon Corporation is providing $190 million
over a 30-month period for restitution to policyholders and is adopting a new business
model designed to avoid conflicts of interest. In addition, Aon’s Chairman and CEO,
Patrick G. Ryan, will issue a public statement apologizing for Aon’s improper conduct
according to the statement issued by Spitzer’s office.
“The underlying complaint in this case shows that improper conduct was
pervasive at Aon,” Spitzer said. “To its credit, however, the company has
acknowledged the problems, has agreed to compensate policyholders and has adopted
reforms that will provide greater accountability in the future.”...
The agreement with Aon was modeled after an earlier agreement reached January 31
with the nation’s largest insurance broker, Marsh & McLennan Companies, for $850
The Aon complaint cites the involvement of Ryan in efforts to increase placements with
an insurance company in exchange for that company’s use of an Aon subsidiary (Aon
Re) for reinsurance brokering.
The complaint also alleges that Michael O’Halleran, Ryan’s second-in-command,
personally negotiated “clawback” arrangements in which Aon Re would provide
insurers with discounts or rebates on its reinsurance commissions on the condition that
Aon could recover or “claw back” these discounts through retail placements made with
the same insurers....
The civil complaint filed today in State Supreme Court in Manhattan and the citation
issued by the New York Insurance Department allege that for years Aon received
special payments from insurance companies that were above and beyond normal sales
commissions. These payments – known as “contingent commissions” – were
characterized as compensation for “services to underwriters” but were, in fact, rewards
for the business that Aon steered and allocated to the insurance companies.
Spitzer’s office and the Insurance Department have said they have uncovered evidence
showing that the “practice distorts and corrupts the insurance marketplace and
cheats insurance customers.”...
Spitzer’s complaint against the company cites internal communications in which top
executives openly discussed these efforts to maximize Aon’s revenue and insurance
companies’ revenues - without regard to Aon’s clients’ interests....
Spitzer’s office and the New York State Department of Insurance said they are
continuing a broad investigation of the insurance industry. To date, 10 executives from
four companies have pleaded guilty to criminal charges stemming from the probe.
October 26, 2004
Aon Mired in Marsh
By Rich Duprey, The Motley Fool
As Marsh & McLennan (NYSE: MMC) struggles to stay afloat in a quagmire of alleged
bid-rigging and price-fixing, another industry giant, Aon Corp. (NYSE: AOC), has
suddenly found itself flailing about for buoyancy as well.
New York State Attorney General Eliot Spitzer has allegedly found proof that the
world's second-largest insurance broker was steering business to insurers that paid
incentives to the company, a possible violation of the state's fraud and antitrust laws,
as well as evidence of the practice of "tying," whereby the broker threatens to stop
recommending an insurer's policies unless it agrees to use the broker to place its own
The alleged sins of Marsh & McLennan are overt criminal acts; the practices of Aon
are more nebulous. The impact on the industry is far-reaching.
Spitzer forced Marsh to press the ouster of its CEO by refusing to negotiate with the
company and threatening to indict it criminally, an action the company would have been
hard-pressed to survive. With little choice, Marsh CEO Jeffrey Greenberg resigned
and was replaced by Michael Cherkasky, the former CEO of Kroll Inc., a company
Marsh acquired only this year.
Coincidentally -- or not -- Cherkasky was once Spitzer's boss in the district attorney's
office. The show of force used by Spitzer to change not only business practices but also
corporate leadership has many concerned that the tactics are overreaching, that there
is a lack of due process where Spitzer serves as judge, jury, and executioner.
Executives from American International Group (NYSE: AIG) and ACE Ltd. (NYSE:
ACE), companies run by Greenberg's father and brother, respectively, apparently
pointed to business practices at Marsh when they came under Spitzer's scrutiny, which
ultimately led to Greenberg's downfall.
Aon and Marsh control 70% of the insurance company market.
The investigation is widening throughout the industry, as insurers seemingly report daily
they have received subpoenas for documents on how business is conducted between
brokers and insurers. St. Paul Travelers (NYSE: STA) is the latest of more than two
dozen who have received such subpoenas from Spitzer.
Some consumer advocates view Spitzer's crusade as beneficial, possibly leading to
lower insurance premiums. Even if no widespread collusion or price fixing is uncovered,
companies might reduce premiums simply to avoid the taint of being associated with
scandal. Marsh, Aon, and Willis Group Holdings (NYSE: WSH) have already said
they will stop charging the miscreant contingency fees, which cost carriers billions of
dollars each year.
While that appears good on the surface, premium growth in the commercial insurance
industry was already slowing, meaning policies were being renewed at lower rates as it
was. Moreover, some insurers like St. Paul's are expecting huge hits to third-quarter
profits from the back-to-back-to-back-to-back hurricanes that have hit the Southeast in
The investigation into insurance industry practices has grown beyond the New York
attorney general. Other states, including Minnesota, Connecticut, and California,
have also launched investigations, while federal authorities and the SEC push their own
It is a morass that may cause Aon investors to be off with their money to safer
~ o ~
(Catbird Note: For an earlier case of alleged corruption, collusion, racketeering, bid
rigging and price fixing involving Aon, Marsh & McLennan, The Chubb Group, XL
Insurance, and other birds of a feather, GO TO > > > Harmon’s Claim Letter to John
Sinnott; Harmon’s Letters to Insurance Commissioners; RICO in Paradise; Claims By
November 4, 2004
Spitzer suit vs. Aon likely, analysts say
by Alistair Barr, CBS MarketWatch
Aon will likely become the second insurance broker to be sued by New York Attorney
General Eliot Spitzer, analysts said Thursday.
Aon shares have lagged a slight recovery by Marsh & McLennan in recent days, amid
concern that the second-largest insurance broker will face the same bid-rigging and
steering charges as its larger rival, or entirely new allegations relating to so-called
Tying occurs when brokers direct the business of their corporate clients to insurance
companies in return for those insurers using the broker for their own reinsurance
Axis Capital, a Bermuda-based reinsurer, said late Wednesday that it got a new
subpoena from Spitzer on Oct. 21 as part of an industry-wide investigation into tying.
“Aon is the No. 2, so if Spitzer is going to move on from Marsh they are the obvious
next target,” said Adam Klauber, an analyst at Cochran, Caronia & Co....
“Since retail insurance brokers have consistently used tying as a method of developing
reinsurance brokerage revenues, investigators are going to find evidence of this with
Aon,” said Andy Barile, an industry consultant who founded his own reinsurance broker
On a Friday conference call, Patrick Ryan, Aon’s chairman and chief executive,
refused to comment when an analyst asked him whether Aon engaged in tying.
Leading brokers, such as Marsh & McLennan and Aon, also generate revenue from
insurers that they helped start and own stakes in, Barile said. “When they started
Bermuda reinsurance companies, they would be the reinsurance broker for that firm as
Aon was one of the leading investors in Endurance Specialty Holdings, a Bermuda-based reinsurer set up after the Sept. 11, 2001 terrorists attacks, and also acted as its
main reinsurance broker, according to an Endurance filing with the Securities and
Exchange Commission in 2002.
“It is possible that certain brokers and intermediaries that compete with Aon will
perceive a conflict of interest in our relationships with Aon,” Endurance said in the filing.
Marsh had a similar relationship with Axis, which it invested in via its MMC Capital
private equity unit.
Axis used Marsh and Guy Carpenter & Co., Marsh’s reinsurance unit, for 38 percent
of its gross written premiums in 2002, according to an Axis filing with the Securities and
November 6, 2004
Florida AG Launches Widespread
10 Subpoenas Issued
By Dave Kaiser, Insurance Journal
Florida Attorney General Charlie Crist has issued subpoenas seeking documents
and records from 10 firms and anticipates sending six more subpoenas out next week
as insurance industry investigations widen.
Crist is investigating arrangements between insurers and brokers commercial group
accounts for property and casualty insurance, life and health policies. The investigation
stems from a complaint from a Florida resident.
The 10 firms receiving subpoenas are AON, Inc., The Willis Group, Inc., Brown &
Brown, Inc., Arthur J. Gallagher & Company, Acordia, Inc. doing business a
Acordia Southeast, Inc., Heath Lambert Group doing business as Heath Lambert
Maimi, LLC, Hilb Rogal & Hobbs of Vero Beach, Inc, USI Holdings Corp doing
business as USI Insurance Services of Florida, Inc, HUB Investment Corporation
and Marsh & McLennan Companies.
Additional firms, which could soon receive subpoenas include ACE Ltd., American
International Group, Inc. (AIG), Chubb Corporation, The Hartford Financial
Services Group, Inc., Munich American Reinsurance Co., and Zurich American
“At this point we are investigating the brokers and insurance companies for possible
violations of anti-competitive activities,” said Crist. “The subpoenas are part of a larger
effort to ascertain whether insurance practices are being conducted lawfully, with no
conflict, with insured citizens’ best interest at the forefront.”...
Crist said there are indications that insurance brokers have improperly steered business
to insurers who pay the brokers the highest fees rather than seeking the best deals for
their customers. There are also indications that companies may have engaged in bid-rigging.
The alleged practices could be in violation of Florida’s antitrust laws, Chapter 542,
Florida Statutes. Penalties allow fines of $1 million for corporate violations, $100,000
for individuals and for three times the amount lost due to illegal activities.
Crist said the State Attorney General’s looks forward to working with the task force
established by Tom Gallagher, Florida’s Chief Financial Officer. The Florida Attorney
General is among several state attorney’s general, including New York,
Massachusetts, California, Connecticut and Ohio, that have opened investigations
into insurance industry practices....
The inquiry came three week after New York attorney general Eliot Spitzer filed a
lawsuit against the biggest insurance broker in the US, Marsh & McLennan. He
alleged that the broker was taking kickbacks in return for directing business to certain
firms and was also involved in bid-rigging to set higher costs for customers. The suit
also implicated several other firms.
Since the New York suit was filed, Marsh has fired four executives and suspended six
others. The insurance firm Ace has fired two and suspended three, and two AIG
workers have pleaded guilty to criminal charges in court.
December 3, 2004
Aon Sells Endurance Stake to Goldman Sachs
Aon Corp. on Friday said it sold most of its 16 percent stake in insurer Endurance
Specialty Holdings Ltd. to Goldman Sachs Group Inc. for $320.5 million.
Aon, the world's second-largest insurance brokerage and consulting company, said it
sold 9.8 million Endurance shares Thursday at $32.70 apiece. Endurance shares
closed Thursday at $34.50, and Friday at $33.26.
Goldman Sachs, the New York-based investment bank, will resell the purchased
shares, not keep them in its own portfolio, Endurance Chief Financial Officer James
Chicago-based Aon, which trails only rival Marsh & McLennan in size, helped found
Bermuda-based Endurance in December 2001 in an attempt to create additional
capacity in the market.
Aon held about 14.2 million shares, or 21 percent, of Endurance as recently as April,
according to a regulatory filing.
Other major holders included Capital Z Financial Services Fund II LP, with 8.5
percent; Perry Corp., with 7.3 percent; and Thomas H. Lee and Texas Pacific Group,
each with 13.4 percent.
Aon still has the rights to purchase another 4.1 million Endurance shares, the company
Aon shares closed Friday at $22.26, up 49 cents, or 2.2 percent. The stock is down
about 30 percent since the middle of October, when it was learned that New York
Attorney General Eliot Spitzer is investigating practices at several large insurance
brokers, including Aon.
< < < FLASHBACK < < <
August 19, 2002
Look Out Aon -
Here Come the Lawyers
Aon’s recent revelations of “financial irregularities,” while not in a class
with Enron or WorldCom, have drawn the inevitable wolf pack to the scent of blood.
Late last week two prominent law firms, specializing in class action recoveries,
announced that they had filed lawsuits against the Chicago-based insurance broker.
The Little Rock Arkansas-based firm of Cauley Geller Bowman & Coates, LLP, and the
Law Offices of Leo W. Desmond in West Palm Beach Florida both announced that they
had filed class actions in the United States District Court for the Northern District of
Illinois. The class is defined as persons who purchased Aon securities between May 4,
1999 and August 6, 2002.
Desmond’s announcement indicated that the case has been brought against “Aon
Corporation, Patrick G. Ryan and Harvey N. Medvin,” and stated that, “It is alleged
that defendants violated Sections 10(b) and 20(a) of the Securities Exchange Act of
1934 and Rule 10(b)(5) promulgated thereunder, by issuing a series of materially false
and misleading statements to the market throughout the Class Period which statements
had the effect of artificially inflating the market price of the Company’s securities.”
Cauley Geller’s announcement stated that, “The complaint charges Aon Corporation
and certain of its officers and directors with issuing false and misleading
statements concerning its business and financial condition. Specifically, the
complaint alleges that defendants issued numerous statements and filed
quarterly and annual reports with the SEC which described the Company’s
earnings and financial performance.
The complaint alleges that these statements were materially false and misleading
because they failed to disclose and/or misrepresented the following adverse facts,
among others: (i) that the Company had materially overstated its net income by $27
million in 1999, by $24 million in 2000 and by $5 million in the first quarter of 2002; (ii)
that the Company lacked adequate internal controls and was therefore unable to
ascertain the true financial condition of the Company; and (iii) that as a result, the value
of the Company’s net income and financial results were materially overstated at all
Neither action has yet been certified as a class action by the court, and Aon has not yet
commented on them, but it’s likely that the company will end up defending itself, or
settling the actions for a significant amount.
Before the trial bar begins howling that they’ve been unfairly described as savage
predators, some balancing is in order. While the regulatory authorities have been less
than successful in curbing the fraud and deception wrought by greedy corporate officers
and their accounting firm lackeys, one non-governmental institution remains steadfast in
its efforts to sanction corporate wrongdoing - plaintiffs’ attorneys.
Sure they do it for money and sometimes they target the innocent, but most often they
get it right. The threat of lawsuits from the victims of corporate fraud, represented by
competent counsel, is a far greater inducement to avoid misbehavior than all the
rhetoric coming from Congress, and the feckless posturing of the current administration.
If they didn’t exist, the U.S. would be far worse off, as most corporate shenanigans
would be swept under the rug, as they are in much of the rest of the world. Don’t
forget, however, that these lawyers are in business to make money, just like the
insurance industry - a fact they too often forget. If given an opportunity they’ll take it.
That’s why corporate honesty pays more in the long run than trying to
cook the books. - CEB
o o o
May 18, 2004
Chubb Latest to Face N.Y. Probe
of Compensation Pacts
The Insurance Journal
The Chubb Corporation in Warren, N.J. has received a subpoena seeking information
regarding certain compensation agreements between insurance brokers and Chubb’s
insurance companies from the New York Attorney General Eliot Spitzer....
Marsh & McLennan, Willis Group and Aon Corporation previously confirmed that
they have received subpoenas from Spitzer. The subpoenas are seeking information
as part of a preliminary inquiry into compensation agreements between insurance
brokers and insurance companies.
In February, the national, non-profit public policy group Washington Legal Foundation
(WLF), wrote the New York and California attorneys general and insurance
departments asking them to probe “two potentially damaging practices engaged in by
some in the insurance brokerage industry.”
The two practices WLF wants targeted are placement service agreements (PSAs)
and “leveraging” in the insurance brokerage industry. WLF alleges that these
practices present conflicts of interest.
The group maintains that PSAs encourage brokers to steer customers to insurers
that will profit the broker in contingency fees, but not necessarily benefit the
“This is a troubling trend in the insurance brokerage industry,” said WLF Chairman and
General Counsel Daniel J. Popeo. “Insurance brokers are paid to advocate for their
customers, not themselves.”
WLF likened these agreements to abuses recently uncovered in the mutual fund
industry by the Securities and Exchange Commission.
The practice of “leveraging” or “tying” refers to brokers coercing insurance companies
into using their services to purchase their reinsurance in exchange for future referrals
for their primary insurance business....
o o o
August 18, 2004
Aon and CSC Create Strategic Alliance to
Deliver Human Resources BPO Services
CHICAGO & EL SEGUNDO, Calif.--(BUSINESS WIRE) - Aon Corporation (NYSE:
AOC - News) and Computer Sciences Corporation (NYSE: CSC - News) announced
today that Aon Human Resources Outsourcing (HRO), a division of Aon Consulting
Inc., has formed a strategic alliance with CSC to develop and deliver human
resources business process outsourcing (HR BPO).
Under the agreement, CSC will provide information technology (IT) application and
infrastructure outsourcing services to support future HR BPO engagements.
“We are delighted to enter into this agreement with CSC,” said Gary Budzinski,
president, Human Resources Outsourcing, Aon Consulting. “Our clients will no doubt
benefit from the capabilities of both organizations as we team up on future human
resource outsourcing engagements.”...
Aon HRO provides outsourcing services to manage clients’ business processes in the
areas of benefits, compensation, payroll, recruitment, development and learning, and
performance management. The organization provides outsourcing services to more
than 400 organizations, servicing a combined total of more than 3.5 million employees.
Aon Corporation (www.aon.com) is a leading provider of risk management services,
insurance and reinsurance brokerage, human capital and management consulting,
and specialty insurance underwriting. The company employs approximately 52,000
professionals in its 600 offices in more than 120 countries....
Aon Consulting is among the top global human resources consulting firms, with 2003
revenues of $1.185 billion and 7,500 professionals in 140 offices throughout the world.
Aon Consulting delivers integrated consulting solutions to help clients with employee
benefits, human resources, compensation, communication and management
o o o
October 23, 1999
FOR IMMEDIATE RELEASE:
Jeffrey H. Case Joins Aon Risk Services
As Executive Vice President
Jeffrey H. Case has joined the downtown Honolulu offices of Aon Risk Services
Companies Inc. as executive vice president in charge of marketing.
Announcement of Case's association with the globally active insurance brokerage and
risk management organization was made public today by John D. (Butch) Beck,
president of Aon Risk Services Inc. of Hawaii.
Case was previously vice president of Marsh Risk & Insurance Services Inc., based
in San Francisco....
Case graduated from Punahou School, earning a BA degree in economics from
Denison University of Ohio and his Associate in Risk Management (ARM)
designation from the Insurance Institute of America.
He was born and raised in Honolulu along with brothers Steve Case, chairman of
America Online, and Daniel H. Case III, chairman of the Bay Area financial firm,
Hambrecht & Quist, and sister Karen Case.
Aon Risk Services Companies Inc. is a subsidiary of Aon Corporation, a Fortune
500 company with more than 600 offices in 115 countries and 40,000 employees
engaged in insurance brokerage, consulting and underwriting services....
o o o
WTC News Briefs
IMPORTANT PEOPLE WHO MAY
HAVE CHEATED DEATH
"President Bush's cousin should have been in the World Trade Centre when it was
attacked. Jim Pierce, managing director of AON Corporations, had arranged a
business conference on the 105th floor of the South Tower where its New York offices
were based. But his group was too large so they decided to move across the street to
the Millenium Hotel. Two hundred AON staff are missing."
– Ananova, September 18, 2001
"For Mayor Willie Brown, the first signs that something was amiss came late Monday
when he got a call from what he described as his airport security -- a full eight hours
before yesterday's string of terrorist attacks -- advising him that Americans should
be cautious about their air travel ... Exactly where the call came from is a bit of a
mystery. The mayor would say only that it came from 'my security people at the airport.'
Mike McCarron, assistant deputy director at SFO, said the Federal Aviation
Administration 'routinely' issues security notices about possible threats. He said two or
three such notices have been received in the past couple of months, but none in recent
– San Francisco Chronicle, September 12, 2001
o o o
January 7, 2002
Turning to sleepy insurance to
jazz up portfolios
By Beth Healy, Boston Globe
Forget tech. The hot new deals for deep-pocketed private equity firms
are in the least sexy business on the planet: insurance.
In the wake of Sept. 11, a host of new insurers and reinsurers are opening their doors,
with billions of dollars in backing from existing insurers and big-name buyout firms,
including Boston's Thomas H. Lee Co. Lee recently has bet $475 million on three
Bermuda insurance deals, after a year in which it made only one investment (in phone
book publisher TRW) from its massive $6.1 billion fund.
Other investors leaping into the sector include Blackstone Group; Goldman, Sachs &
Co.; and Warburg Pincus , all based in New York. Marsh & McLennan, the New York
insurance brokerage (and parent of Boston fund manager Putnam Investments) is
backing a start-up, as is Chicago's Aon Corp....
This is opportunism at its best. The last time new insurers launched was after
Hurricane Andrew struck in 1992. Rates on property-casualty insurance policies soared
following that natural disaster, much as they've skyrocketed since the terrorist attacks.
Some customers are seeing renewal rates jump 300 percent and 400 percent.
And they're faced with having to buy more coverage, as their sense of risk has
increased and as acts of terror are struck from typical policies. New kinds of special
coverage will be required to guard against losses from terrorism and acts of war.
All this adds up to big new potential revenue streams for at least six ---- and possibly as
many as a dozen ---- new insurers and reinsurers (firms that pick up excess liability
from other insurers) and their investors. The start-ups are virtually all based in
Bermuda, not for the golf, but for its tax-haven status.
And they are filling a need, industry experts say, with losses sustained by current
insurance players estimated conservatively at $40 billion. The new entrants figure they
can jump in and be competitive because they aren't grappling with losses from the
"A lot of capital went out of the business with the catastrophe and has to be replaced,"
said Lanny Thorndike, managing director at Century Capital, a Boston-based
Because of Sept. 11, he said, "there's a higher appreciation for risk, and with that
comes higher returns for those who assume the risk."...
o o o
August 7, 2002
Aon accounting questioned
by SEC, drops spin off plan
By Bill Rigby
NEW YORK (Reuters) - Aon Corp. (AOC) said on Wednesday it may have to restate
several years' earnings after regulators questioned its accounting practices.
The world's No. 2 insurance broker also put its underwriting unit up for sale, dropping
plans to spin it off.
Aon shares fell as much as 34 percent to a seven-year low of $13.95 on the New
York Stock Exchange, as investors recoiled from another firm with potentially unreliable
accounts. They recovered slightly to finish the regular New York Stock Exchange
trading session at $14.77, down $6.43, or 30.3 percent.
Aon stock has fallen more than 55 percent this year.
Aon, second only to Marsh & McLennan Cos. Inc. (MMC) in the insurance brokerage
industry, also said earnings would be lower than forecast as it struggles to keep costs
"(The results) leave us with little confidence that management can accurately forecast
Aon's results," Salomon Smith Barney analyst Ron Frank said. "The outstanding SEC
accounting issues, even if they prove benign, will likely hang over the stock."
The Securities and Exchange Commission questioned several items in Aon's accounts,
including the reporting of investment write-downs, the timing of some costs and a
reinsurance recoverable item and the decision not to consolidate certain special
Chicago-based Aon said it may have to restate earnings for the past three years, if the
SEC says it is necessary.
"If (the SEC) thinks additional disclosure is appropriate, we're going to do it," Aon Chief
Executive Patrick Ryan told analysts during a two-hour conference call. "There is not a
revenue recognition problem."
The firm also said it was looking at alternatives -- including a sale -- for its underwriting
unit, Combined Specialty Group, which it had planned to spin off, blaming poor stock
"We will provide an update when new plans have been finalized," Ryan said.
The move is a blow for Aon management and investors, who were hoping to cash
in on soaring insurance rates with the spinoff.
Late Wednesday, Moody's Investors Service cut Aon's senior unsecured debt rating
one notch to "Baa1," its third-lowest investment grade, and said it may cut the rating
Aon's news caps several years of nagging problems for the company, which has
struggled to consolidate its operations and cut costs after a string of acquisitions in the
1990s. The firm grew rapidly over the decade, becoming the only serious rival to Marsh,
the world's long-established leading broker.
The firm lost 176 employees in the attacks on the World Trade Center on Sept. 11.
The SEC's questioning of its accounts suggests that the firm was aggressive with its
profit reports. To remedy the situation, the SEC demanded that the firm release more
information in its financial reports and stop using EBITDA numbers, which are
potentially misleading earnings numbers, excluding a host of charges....
Aon is waiting to see whether the SEC will demand that it restate earnings in previous
years to more accurately reflect the timing of some costs and charges and the
consolidation of off-balance-sheet deals.
Aon's problems are more about presentation than hiding figures, Aon's CEO told
investors and analysts in a conference call.
"We firmly believe that any adjustments made will not affect shareholder equity," Ryan
said. "I believe they (the SEC) are going to try to help us resolve these issues, so that
we won't have any concerns."
BREAK-EVEN FOR QUARTER
The news came as Aon reported it broke even for the second- quarter, compared with a
profit of 11 cents a share a year earlier.
Results were torpedoed by a $36 million charge for losses from an underwriting
agency that Aon has sued for fraud.
Profits were also cut by a charge to write down investments and an addition to
© 2002 Reuters
o o o
August 21, 2002
Another Class Action Lawsuit
Filed Against Aon
From Insurance Journal
The New York law firm of Wechsler Harwood Halebian & Feffer announced that it has
filed a class action lawsuit in Federal Court in Illinois on behalf of shareholders against
Aon Corp., following revelations of misstatements in the company's earnings reports.
The news follows two similar actions filed last week by law firms in Arkansas and
Florida (See IJ Website August 19), and contains similar allegations, based on
violations of Rules 10(b) and 20(a) of the Securities and Exchange Act, which affirm the
right of a purchaser of securities to file an action for damages if there are grounds for
affirming that the decision was based on a "material misrepresentation."
Aon's acknowledgment that it overstated earnings, and its agreement with the
Securities and Exchange Commission to restate them for the years 1999-2002, has
opened the world's second largest insurance broker up to a series of such civil suits....
o o o
September 13, 2002
Bernstein Liebhard & Lifshitz, LLP Announces
Class Action Lawsuit Commenced Against
Aon Corporation (AOC)
NEW YORK, NY--(INTERNET WIRE)--Sep 13, 2002 -- A securities class action lawsuit
was commenced on behalf of all persons who purchased or acquired Aon Corporation
(NYSE: AOC - News) ("Aon" or the "Company") securities between May 4, 1999 to
August 6, 2002, inclusive (the "Class Period")....
The action is pending in the United States District Court for the Northern District of
Illinois, Eastern Division. The complaint alleges that throughout the Class Period the
Company issued a series of materially false and misleading statements regarding the
Aon's earnings and financial performance....
On August 7, 2002, the company shocked the investing community when it announced,
among other things, that the Securities and Exchange Commission ("SEC") had been
investigating its financial results and was questioning many aspects of the Company's
financial statements. Aon also stated that, if the SEC required, it will have to restate its
earnings for the past three years and reduce its net income by the numbers stated
Following this announcement, shares of Aon fell over 30% to close at $14.77 per
o o o
P&C INSURANCE COMPANY SWITCHES
At another unknown date, Kamehameha Schools’ controversial captive subsidiary,
P&C Insurance Company Inc., parted ways with Aon.
It is also unknown at this time WHO their new captive manager might be.
~ ~ ~
UPDATE: Surprise! The NEW captive manager is the same as the OLD captive
manager: Marsh & McLennan !!!
# # #
For more scoops of lucre-flavored poop,
A Connecticut Yankee in King Kamehameha’s Court
Ace Up The Sleeve
AIG: The American Idol of Greed
An Octopus Named Wackenhut
Birds on the Power Lines
Birds that Drink from Cesspools
The Blackstone Group
Buzzards of Paradise
Claims By Harmon
Confessions of a Whistleblower
Down the Rabbit-Hole
Dirty Money, Dirty Politics & Bishop Estate
Nests in the Pentagon
Nests of the Insurance Vampires
Predators in Paradise
P-s-s-t, wanna buy a good audit?
Stealing Your Nest Eggs
The American Red Double-Cross
The Eagle Awakes
The Eagle Hooded
The Harmon Arbitration
The Indonesian Connection
The Marsh Birds: Marsh & McLennan
The Myth & The Methane
The Nests of CB Richard Ellis
The Nests of Osama bin Laden
The Nuclear Nests
The Prudential: A Nest on Shaky Ground
The Puna Connection
The Secret Nests
The Sinking of the Ehime Maru
The Stephen Friedman Flock
The Story of Enron
The Strange Saga of BCCI
The United Defense Industries Matrix
Thorns in the Rose Garden
Uncle Sam’s Guinea Pigs
Who’s Guarding the Hen House?
William Simon says...
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Originally posted: January 3, 2003
Last Update May 19, 2009, by The Catbird
January 3, 2003: Originally posted on www.the-catbird-seat.net
March 13, 2007: Judge David Ezra signs Order to shut down website
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