David C. Farmer vs. Harmon - Witness John D. Finnegan, CEO Chubb Group

David C. Farmer, Successor-Trustee vs. Harmon

(Formerly Woo vs. Harmon & Nicholson vs. Harmon)

CV05-00030 DAE KSC

U.S. District Court For the District of Hawaii

Judges: David A. Ezra; Kevin S. Chang

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DEFENDANT’S WITNESS

JOHN D. FINNEGAN

John D. Finnegan is Chairman, President & Chief Executive Officer for The Chubb Corporation.

John D. Finnegan joined The Chubb Corporation on December 1, 2002 as president and chief executive officer and was elected to the additional position of Chairman of the Board in December 2003. Founded in 1882, Chubb is one of the world’s leading property and casualty insurers, with 11,800 employees in more than 120 offices on five continents.

Previously, Mr. Finnegan was president of General Motors Acceptance Corporation (GMAC), chairman of the GMAC board of directors and executive vice president of General Motors Corporation (GM). Mr. Finnegan was responsible for GMAC’s activities worldwide, including the company’s automobile finance, insurance, commercial finance and mortgage operations. He was also president and chairman of the GMAC Mortgage Group board of directors and a director of GMAC Insurance Operations....

Mr. Finnegan is a director of Merrill Lynch & Co., Inc. and a member of the Business Council, The Business Roundtable and the Financial Services Roundtable.

http://www.chubb.com/journalists/chubb2096.html

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March 18, 2009

Judge rules against Merrill on keeping bonuses secret

Tags: Bank of America Commerce, Merrill Lynch, Wall Street

by Rudy Sutherland

(NEW YORK) A New York state judge ruled Wednesday afternoon that New York’s attorney general could disclose the names of Merrill Lynch executives who received 2008 bonuses as part of his investigation of the firm.

“The record does not support the intervenors’ claim that the employee compensation information is a trade secret,” Justice Bernard J. Fried of New York State Supreme Court wrote, referring to Merrill and its corporate parent, Bank of America.

Attorney General Andrew M. Cuomo has been demanding the names of Merrill’s 200 most highly paid employees, as part of an investigation into Bank of America’s acquisition of the firm, which was completed at the beginning of the year. The names could be released as early as Thursday.

Lawyers for Merrill and Bank of America argued last Friday that the names should not be disclosed publicly, since they were as much a trade secret as the recipe for Carvel ice cream.

“I conclude there is no legal basis for the proposed petitions to quash, fix conditions or modify subpoena and for a protective order,” Judge Fried said in his ruling.

“Today’s decision in the Bank of America case is a victory for taxpayers,” Mr. Cuomo said in a statement. “Let the sun shine in. Justice Fried’s decision will now lift the shroud of secrecy surrounding the $3.6 billion in premature bonuses Merrill Lynch rushed out in early December. Taxpayers demand and deserve transparency and now they will finally get it.”

Merrill employees were collectively given billions of dollars in bonuses shortly before its sale to Bank of America closed. Around the same time, Bank of America learned that Merrill’s fourth-quarter loss would be much larger than expected, and the shortfall forced Bank of America’s to go to the government to seek more financial aid.

Among other things, Mr. Cuomo has alleged that Merrill misled Congress about the timing of the bonuses.

As part of his investigation, Mr. Cuomo’s office has interviewed Kenneth D. Lewis, Bank of America’s chief executive; John Finnegan, the chief executive of Chubb, who headed Merrill’s compensation committee; and John A. Thain, Merrill’s former chief executive.

Bank of America has tried to prevent the names from being made public, arguing that it would cause the company “grave harm,” making it easier for rivals to poach employees and invading workers’ privacy.

Wordpress.com

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Bobby N. Harmon, CPCU, ARM

Las Vegas, NV 89118-2070

May 4, 2005

VIA fax @ 808-586-2806

Mr. J.P. Schmidt

Insurance Commissioner, State of Hawaii

335 Merchant St., Rm 213

Honolulu, Hawaii 96813

RE: Complaint Against Marsh & McLennan - Unfair Competition

First Reported on January 19, 2005

Dear Commissioner Schmidt:

This is to advise you that I have not received a response from your office to my Complaint dated January 19, 2005 regarding acts of unfair competition by Marsh & McLennan. However, I have just received a letter dated April 22, 2005 from State Senator Suzanne N.J. Chun Oakland (copy attached), in which she states:

“I am writing in response to receiving a copy of your complaint to the State of Hawaii Insurance Commissioner dated January 19, 2005 regarding unfair competition by Marsh & McLennan. Thank you for bringing this matter to my attention. My staff has read through information on your website and discussed your complaints with Amberlee Masuda, Branch Chief of the State of Hawaii Office of the Insurance Commissioner. According to Amberlee, their office does not have your January 19, 2005 complaint on file, nor are they aware of the particular issues raised in that complaint.

“While I appreciate you keeping me informed of this situation, I believe the appropriate forum for your concerns is to file a formal complaint with the State of Hawaii Office of the Insurance Commissioner. They are better suited to address your specific claims and concerns.”

As it appears your office may have misplaced my Complaint dated January 19, 2005, which would explain why I have not received a response, I am hereby transmitting to you another copy of that letter and request that your office immediately acknowledge receipt of this copy.

May I also suggest that it would be helpful in tracking this Complaint if a File Number can be assigned so that I can reference that number in future correspondence.

A copy of my Complaint dated January 19, 2005 can also be found on the internet at the following address:

www.kycbs.net/Claim-HI-Ins-Comm-1-19-5.htm

In the event your file is missing other of my Complaint letters, these may be found at:

www.kycbs.net/Claims-Branch-Commissioners.htm

Your prompt response in investigating this Complaint will be greatly appreciated.

Very truly yours,

Bobby N. Harmon, CPCU, ARM

attachment

cc: National Association of Insurance Commissioners

(via Email: www.naic.org)

Michael G. Cherkasky, President and Chief Executive Officer

Marsh & McLennan Companies, Inc. (via fax @ 212-345-4838)