Garamendi Took Easy Way Out

The most frightening item in “How State’s Junk Became French Riches” [Sept. 9] is that John Garamendi has announced that he will again run for insurance commissioner.

Forget whether or not the French duped Garamendi on the Executive Life takeover through the use of an illegal tactic. If it was illegal, that’s not what made it a bad deal for the policyholders. It was Garamendi’s overwhelming need to do the popular thing at the expense of any sound business logic.

Garamendi took the easy out. Swayed by the cries of a small but very verbal Executive Life Policyholders Assn., he sold the junk bonds, following the age-tested plan of investment losers: Sell low.

Michael M. Flynn

Encino