Posted On: August 27, 2008, 12:34 pm CDT

Posted By: bondguru

the State of California has wasted nine years and untold millions of dollars in legal fees suing the bank (and investors) who bailed them out by buying $3.25 BILLION in junk bonds from the Executive Life portfolio? Who cares if the French government controls Credit Lyonnaise? And, just how does the purchase of junk bonds from a failed insurer constitute control of an "insurer" by a foreign government under some old, and apparently now repealed, California law? This should have been dropped years ago.

So now that the Appeals court has thrown out the judgment amount, how much more money will the State waste in pursuing a new amount?

What a bunch of morons, fiscal and otherwise.