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Posted on 08/29/2006 9:03:07 PM PDT by calif_reaganite
GOP Unveils Television Ad Criticizing Garamendi’s Role in Executive Life Scandal
The California Republican Party launched a television spot Monday that criticizes John Garamendi’s role in the Executive Life insurance scandal.
In what could easily be described as an Enron-type scandal, Executive Life Insurance Company was destroyed and the assets seized in 1991. California’s biggest insurance scandal is also one of the most complex cases in California history.
Many Executive Life policyholders hold Insurance Commissioner John Garamendi responsible for seizing the company and selling off the assets to a disreputable junk-bond artist and a French government-owned bank for a huge windfall profit. The case triggered criminal and civil lawsuits, state and federal investigations, and audits involving billions of dollars.
As recently as last year, the State Senate held a hearing and requested a state audit of Garamendi’s actions in Executive Life. The State Auditor is expected to release the audit in fall 2006, according to the Bureau of State Audits Web site.
The party’s television ad features Sue and Vince Watson who have worked to keep Executive Life policyholders informed through the Executive Life Action Network.
Click here to watch the CRP’s television ad online and read the CRP’s news release.
Now’s your chance to help elect Tom McClintock Lt. Governor. Send this email to a friend and encourage them to join Tom’s team at www.HelpTom.com.
McClintock Ping List.
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Both my husband and I used to work for Executive Life back in the 80s. We were no longer working there when we decided to buy some Executive Life stock. We went on vacation, came back to the news that the company had been seized by the state and sold off. If I remember correctly, a big part of the problem for the company was that they had invested heavily in junk bonds, however, junk bonds did make a comeback, by then it was too late for the company thanks to Garamendi.
An alternative link for Executive Life:
http://www.freerepublic.com/focus/keyword?k=executivelife
BTTT
BTTT
And Garamendi was the BOZO that BBBBBruce BBBBBabit hired as his #2 right hand man at Interior during the Clinton mal-administration... What a Putz!!! Go McClintock!!!
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