Sunday, October 17, 2004

FOLLOW UP: You've heard of the Illuminati, right?

The illuminati I described last year know that they are most effective when they are anonymous. Unfortunately, sometimes some curious spelunker shines the spotlight on them. If you watched closely this week, you saw the roaches scurry. One name I didn't mention last year was one of the most frequently heard American names among the congnac-swillers.


As in 'Ace' Greenberg, head of AIG, who has successfully placed his sons atop two other top insurance companies. Ace Greenberg who probably influences the management of more assets than anyone else in the world. Ace Greenberg who made the front page of the FT and WSJ this week for giving brokers kick-backs to the expense and detriment of his customers.

Do I think he was wrong? Yes. Private price negotiations are detrimental to my ideal of perfect capitalism. Am I against the illuminati or their big companies? No way. Size alone is no cause for concern. These guys have been consistently successful for decades and centuries. Assuming they did it legally, they deserve to enjoy the spoils.

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