Oh dear..... Your research may be in question OldCrow..they will be docking your expenses next quarter !
From the transcript of the 1 qtr conference call to shareholders.
"On the expense front, we rolled out our new perquisite and out-of-pocket travel and entertainment expense programs in our retail P&C, our wholesale and our corporate units affected March 31st and we expect our retail benefit brokerage and our risk management units to be done by the end of the second quarter."
When a company starts tapping into the wallets of their producers (the life blood of the company) they are only looking to cut costs to stave off a hostile purchase. Perhaps if the company were sold, restructured and re-born the real owners of the company (shareholders) would finally realize a decent gain.