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October 28, 2004

Marsh CEO buys company shares as he resigns

GreedMarsh & McLennan Cos.' former chairman and chief executive, Jeffrey Greenberg, exercised options to buy 540,000 shares of the company's stock on the day Marsh announced his resignation, according to documents filed with regulators on Wednesday.

Greenberg resigned on Monday, 11 days after New York Attorney General Eliot Spitzer accused Marsh, the world's biggest insurance broker, of rigging bids.

Greenberg snapped up 540,000 Marsh shares at $14.48 to $20.64 each, according to the SEC documents. That's upwards of $10.8 million.

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Posted by Tom Troceen