John Garamendi. -- man, you did policy holders 'dirty' as California Insurance Commissioner in 1991:
"In any case, the advantage given to [Leon] Black’s partners by [John] Garamendi led to a terrible outcome for Executive Life’s policyholders. He’d allow assets needed to fulfill Executive Life’s promises to be sold off for far less than they were really worth. ..

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"Even though the nation’s debt markets far exceed the stock market in dollar value, regulatory officials have focused much more closely on policing activities in stock trading than in bond transactions. You almost never hear of insider trading cases involving debt issues, for example."

Excerpt From
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner p. 53
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"Even though the nation’s debt markets far exceed the stock market in dollar value, regulatory officials have focused much more closely on policing activities in stock trading than in bond transactions. You almost never hear of insider trading cases involving debt issues, for example."

Excerpt From
These Are the Plunderers
Gretchen Morgenson & Joshua Rosner p. 53
#leonblack #bookstodon #privateEquity #theseAreThePlunderers #apollo #gretchenmorgenson #joshuaRosner #nonfiction #apolloGroup

“No matter. Profiting from problems you’ve created is a long-standing tradition on Wall Street. For example, investment bankers are famous for advising corporate clients whose acquisitions don’t work out to sell companies they had advised them to buy in the first place. Best of all, advisers earn fees on both deals.”

These Are the Plunderers
Gretchen Morgenson & Joshua Rosner
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'Then [Thomas] McCann opined on [Eli, Leon Black’s father] Black’s larger legacy. “One good way to kill off a company is to approach it as though it has no life, no age, no spirit, no constituencies that matter,” he wrote. “In other words, to approach it as Eli Black did, as though it were nothing more than numbers.”
Much like the plunderers of today.'

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