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Posted on 10/20/2006 8:00:13 AM PDT by SmithL
A new state auditor's report concludes that Insurance Commissioner John Garamendi recovered $1.1 billion in litigation over the failed Executive Life Insurance Co. but it fails to address hotly contested questions over whether he achieved the best results for policyholders.
In 1991, during Garamendi's first stint as insurance commissioner, he seized control of Executive Life to protect its 330,000 policyholders because of heavy losses in the company's multibillion-dollar junk bond portfolio.
His handling of the matter has been assailed in a blitz of television commercials by the Republican Party and his opponent in the race for lieutenant governor, state Sen. Tom McClintock, R-Thousand Oaks.
The anticipated report by state Auditor Elaine M. Howle is part of an audit looking into Executive Life and the insurance commissioner's handling of the case.
Garamendi sold the company's assets in 1992 for $3.25 billion to an investor group financed by Credit Lyonnais, a banking firm owned by the French government. The firm resold the assets at a hefty markup, and he was criticized by some Executive Life policyholders for not getting the best deal on their behalf.
But state Deputy Auditor Doug Cordiner said the audit will not delve into questions over whether Garamendi had undervalued the Executive Life assets before selling them.
He said a second report, which is not due until after the Nov. 7 election, will seek to determine how many people recouped their investments from the Executive Life collapse and what the policyholder losses may have totaled.
(Excerpt) Read more at sacbee.com ...
FYI
The investors/policyowners were suckers, the managers and government bureaucrats were crooked, and nobody *really* won except the lawyers.
I'd settle for putting him in stripes and behind bars, along with his co-conspirators.
McClintock Ping List.
Please freepmail me if you want on or off this list
BTTT
Thanks a bunch Arnold (he appointed Elaine Howle to State Auditor).
Looks to me like she's Howlin at the moon!!!
And so... What's new???
Nothing at all :-).
In my opinion this is the most crucial vote. A great guy running against that POS. Tom needs everything we can give him. I wish that I had saved the Forbes article of about 6 yrs ago which showed just how bad & corrupt this guy did with Ex Life.
Donation just sent via your link.
Go Tom!
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