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Gretchen Morgenson: From Wall Street to Journalism

Masters in Business

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The Case of John Garamondie

The Department of Insurance for the State of California was at the time run by John Garamondie. The minute he got in the door, junk bonds were cratering and everybody was concerned about executive life. And so he seized the company. It's still to this day, we don't know, but it certainly is in the three or four billion dollar range.

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