Report on Ex-MassMutual CEO released

Report on Ex-MassMutual CEO released

	Published : Fri, 30 Mar 2007 23:16 By : Agencies Print this Story

HARTFORD, Conn. (AP) - The fired cheif executive of MassMutual Financial Group made millions through secret stock trades and punished workers who questioned his below-cost purchase of a company condominium, according to a once-confidential report made public Friday.

The report on Robert O'Connell was unsealed after the company decided not to appeal a court decision earlier this week ordering it be released.

'The tone set by O'Connell focused almost exclusively on fealty to O'Connell and his chosen acolytes,' the report a Virginia-based consultant said. 'MassMutual personnel quickly understood that their primary role was to please O'Connell and to permit him to do as he pleased. Any challenge to his dictates was swiftly punished.'

A call seeking comment was left with O'Connell's attorney, Michael Keating.

The report was written as part of an internal investigation and given to the board of directors of Springfield, Mass.-based MassMutual on June 1, 2005.

The board fired O'Connell the next day, accusing him of a 'systematic and pervasive pattern of willful abuse of authority,' and 'willful gross misconduct.'

O'Connell's dismissal sparked investigations by Massachusetts and Connecticut officials.

Connecticut Attorney General Richard Blumenthal sought to make the investigator's report public after receiving a Freedom of Information request from The Hartford Courant.

MassMutual fought in state and federal courts, but a federal judge ruled this week that Blumenthal could release the documents. MassMutual decided on Friday it would not appeal that decision.

'The information makes clear the need for the board's decisive and unanimous action in terminating Mr. O'Connell,' MassMutual spokesman Mark Cybulski said in a statement Friday. 'We had argued to keep the reports confidential because they were provided to the attorney general with the belief they would remain confidential under the applicable regulatory rules and because we wanted to protect the privacy of our employees who came forward regarding Mr. O'Connell's conduct.'