Dissension In The Ranks
The producer community has taken it on the chin the past two years, after brokers at the biggest firms were found by New York Attorney General Eliot Spitzer to be rigging bids in return for lucrative contingency fees. The major brokerages were quick to strike deals with Mr. Spitzer, setting aside settlement funds for disgruntled policyholders, dumping contingency agreements and vowing to be more open with buyers.
Unfortunately, Main Street agents were trapped in the backlash. State regulators caught asleep at the wheel by New York's crusading gubernatorial candidate raced individually and collectively to prove they were on top of the scandal.
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