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Article: Tug of war on First Exec testimony.
- Article from:
- National Underwriter Life & Health-Financial Services Edition
- Article date:
- April 2, 1990
- Author:
CopyrightCOPYRIGHT 1990 Summit Business Media. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Tug Of War On First Exec Testimony
Despite a quashed subpoena and a refusal to testify voluntarily, California lawmakers remain determined to hear First Executive Chairman Fred Carr's testimony on investments in hihg-yield junk bonds.
The Assembly Finance and Insurance Committee, which is investigating insurer investment practices and looking into whether California needs a life insurance guaranty fund, originally subpoenaed Mr. Carr and Douglas F. Marcian, senior vice president for investments, Feb. 27. The First Executive officers had the subpoenas quashed by challenging the procedures by which they were authorized.
A spokesman for the committee ...