Word: garamendi
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...political dynasty. And she has the money, having assiduously raised funds at $25 kaffeeklatsches and $500-a-plate banquets for the past 18 months. In the most recent campaign disclosure, Brown reported nearly $4 million in reserve, in contrast to $58,000 for her Democratic adversary, insurance commissioner John Garamendi...
...recent statewide poll, Brown won face-offs with both Garamendi, 42% to 25%, and Wilson, 51% to 39%. The state Democratic convention in Los Angeles last month declined to endorse a candidate this year, but her dominance at the event gave her a badly needed lift after a long season of unfocused strategy and outright foul-ups. Ushered before the placard-waving delegates swaying to rock music, Brown wore a suit of banker's blue with a string of Barbara Bush pearls as she uncorked a new campaign that pushed just two messages: a promise of 1 million new jobs...
This April, California insurance commissioner John Garamendi seized the $10.1 billion insurer as it teetered on the edge of insolvency. Two weeks ago, he told a crowd of worried pensioners they are almost certain to lose a portion of their savings. Along with 84,000 other Executive Life annuity holders in 46 states, Lillian Finan, 69 and now living month to month, worries whether she will lose her only steady income. "What am I going to do?" she wonders. "Is somebody going to give me a job? And why should I have to do that after my husband...
Maybe more. Testifying before Congress last week, California's Garamendi pleaded for aid for the victims of Executive Life's collapse. Garamendi contended that the PBGC bears some responsibility for those annuity payments, since it supervised the termination of pension plans in which federally guaranteed benefits were replaced by insurance annuities. Said he: "Doubtless there are some villains in this piece. Venal businessmen, negligent regulators, careless rating companies, crafty accountants and lawyers, greedy pension-plan sponsors are all candidates, and if punishment is due, it should be meted out. But that's not going to solve the giant human problem...
...announcing his takeover last week, Garamendi assured policyholders that medical claims and death benefits will continue to be paid while the state manages the company. He added that a consortium led by a division of Credit Lyonnais, the large French bank, is exploring an acquisition of the California insurer. If the deal goes through, most of the firm's policyholders will rest much easier. But the story isn't over. First Executive also owns Executive Life of New York -- and the California action has set off a renewed rush...