On Aug. 6, four months after seizing Executive Life Insurance of California, state Insurance Commissioner John Garamendi signed an agreement to sell Executive Life's policies and other assets to a French group led by Paris-based insurer MAAF. At the same time, Garamendi sold Executive Life's junk bonds to Altus Finance, an investment arm of Credit Lyonnais, for $2.7 billion. At a press conference announcing the transactions, Garamendi also confirmed that the U. S. Justice Dept. is investigating Executive Life's pre-seizure business practices.
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