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“Let them eat cake”

Yesterday, in responding to the fact that it would take 6 months to access the financial records of state-run, property and casualty insurance company, Insurance Commish Jim Donelon said:

“I urge you to beat that timetable,” said Donelon, who is up for re-election this fall. “My concern is Wall Street, no other consideration.” (emphasis mine)

See story here.

If the Commish’s only concern is Wall Street, let me ease his fears so that he can sleep well at night.

If it turns out that all the money has been stolen or misappropriated (it will takes 6 to 8 weeks after they find the records to know) Wall Street will not be out a penny. Unless some folks on Wall Street own property in LA for which they purchased an insurance policy via Citizens, they won’t even experience a rate increase.

Perhaps the reason that Donelon’s only concern is Wall Street is that by the time we find out what has happened to the money at Citizens, his reelection will be over.

The only people who will suffer for the on-going debacle at Citizens should any money be lost, stolen or misappropriated will be the taxpayers of LA and those who have insurance policies underwritten by Citizens.

I only wish that Commish Donelon cared as much about us as he does Wall Street. If he had, this situation might not have occurred on his watch.

C.B.

P.S. To the leges: Save about a Billion Dollars or so in case Citizens has to be bailed out — again.