corrente

Thank God for Democrat Elliot Spitzer:

Like the universe itself, corporate chicanery just seems to keep on expanding. Unlike earlier versions, however, the latest scandals tend to implicate not just individual companies but entire industries.


Mr. Spitzer's suit, which detonated Thursday, was filed against Marsh Inc., whose parent, Marsh & McLennan, also owns Putnam Investments and Mercer Inc., the consulting unit. The suit was a shocker even to industry veterans because it disclosed Mr. Spitzer's findings of phony bids designed to direct business to certain insurers and to keep insurance rates high.

Besides bid-rigging, Mr. Spitzer's suit detailed the kickbacks from insurers that brokers receive for sending them business as well as the hidden fees charged to the companies buying insurance. These arrangements, known as marketing service agreements or placement service agreements, were openly used by the industry. But Mr. Spitzer argued that because they were used to steer business, they represented a breach of duty to Marsh's customers.
(via Times)

So, why hand Social Security, the biggest money pot around—and your money, too—to this shameless crowd of hucksters, con men, and thieves? Oh, wait. Campaign contributions! ("When they say it's not about the money, it's about the money".

Now it all makes sense. Phew! My faith was shaken there for a moment!