Metlife 1 Essay

Submitted By Dave-Triplett
Words: 477
Pages: 2
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Thank you ladies and gentlemen for joining us today. I am Erick, these are my colleagues: EEsha, Vicki, and Gian. We make up The X Consulting Group. Our CEO, Mr Kerry Van Sickle, has hired us to look into the scandal that has rocked MetLife.
MetLife: An Overview in 1863, a group of New York City businessmen started a company which was known as the National Union Life and Limb Insurance company. it focused on insuring civil war sailors and soldiers against wartime related disabilities. After 5 grueling years of reorganization and name changes, President James R Dow, decided to leave the casualty business and focus solely on life insurance. The company stands as one of the biggest Life insurance firms in America today.
In 1990, Metlife faced a allegations and underwent a thorough investigation from the State of Florida due to unethical practices. MetLife duped its comers into believing they were purchasing, retirement plans. When, in reality, they were purchasing life insurance. thousands of these customers were nurses lured by the sales pitch to learn more about "something new, one of the most widely discussed retirement plans in the investment world today". Rick Urso, a key player in the company's deceptive sales practice scandal, knew things had hit the fan when he received a phonecall on Christmas eve 1993, when his boss, a regional sales manager, told him there was a rumor going around that Urso was to be fired. The state of Florida had been conducting and investigation and that company auditors had also been looking into these false sale practices. Corporate Vice presidents even showed up to conduct the fourth audit that year

Complaints first arose in 1990 when the Texas insurance commissioner warned Metlife to stop their sales practices. An internal audit in 1991 raised some questions about the term "retirement savings policy" as it had nothing to do with what they were selling. Unfortunately, this did not end the use of their sales practices.
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