I recently had a conversation with an attorney at a major insurer regarding the "Spitzer investigations." When asked his opinion of the emerging scandal, he all but brushed it off, saying "these risk managers knew what was going on all along."

My reaction was one of disbelief mixed with alarm. Disbelief at the cavalier brush off of what is becoming a rapidly growing scandal, and alarm that this attorney thought it was OK as long as the victims knew they were being victimized. I also felt somewhat naïve and unworldly; ignorant of the rough-and-tumble rules of business. Perhaps my reaction mirrors that of the risk manager at Fortune Brands, who was allegedly an aggrieved victim of a sham bidding scheme orchestrated by Marsh. If Fortune Brands' risk manager knew about these back-room deals, that knowledge certainly was not communicated to the company's attorneys, who appear to be quite concerned.

Since my brief and disturbing conversation, the attorney's employer has received at least one subpoena. One can only hope that the attorney is now taking this a bit more seriously.