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October 18, 2004

Insurance 'first family' under fire

The question of blood ties in boardrooms arose last week after New York State Attorney General Eliot Spitzer accused insurance firms run by CEOs from the same family of taking part in a widespread bid-rigging scheme.

Spitzer's latest investigation touches three of the insurance industry's most powerful companies: American International Group (AIG), Marsh & McLennan (MMC) and Ace (ACE). Each is run by a Greenberg, the reigning "first family" of the insurance world.

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Posted by Tom Troceen