Executive Life: A Saga In Search Of An Ending

Welcome to what could be the exciting endgame at Executive Life. The busted Los Angeles insurer, suffering from a malignant collection of junk bonds, was put up for auction and attracted a horde of eager bidders. Then John Garamendi, California's insurance regulator, surprised everybody on Oct. 24, when he conditionally chose the winner: a thinly capitalized trade association with eight staffers operating out of a small office in the suburbs of Washington.

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