INSURANCE: Needed: A Code of Ethics

Before a meeting of 400 insurance executives in Chicago last week, a growing problem was posed. The problem: the danger of racketeering in the administration of big union welfare and pension funds. The man who posed it was Martin E. Segal, Manhattan consultant for nearly 500 such funds. Said he: "Some individuals have used the welfare funds for their own private gain rather than for the benefit of the workers and their families.

It would be a mistake ... if the welfare funds which are in disrepute were permitted to cast a shadowy doubt on the thousands of collectively bargained...

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