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Calif. Insurance Commissioner Vows To Stop Sale

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Calif. Insurance Commissioner Vows To Stop Sale

Business

Calif. Insurance Commissioner Vows To Stop Sale

Calif. Insurance Commissioner Vows To Stop Sale

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Officials in California are trying to sell assets from the state's workers' compensation fund. They hope to raise $1 billion. Insurance Commissioner Steve Poizner is fighting the idea. He told the Los Angeles Times the sale is "bad politics; it's illegal, and I'm going to stop it."

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STEVE INSKEEP, host:

NPR's business news starts with the great California sell-off.

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INSKEEP: The state of California needs cash and it's selling anything it can to plug its $25 billion budget deficit. Now, one of the things on the block is a portion of the state's workers compensation fund.

Anybody interested? Governor Arnold Schwarzenegger is hoping to get a billion dollars from selling some of the fund's assets. The state insurance commissioner opposes this move and says he plans to file a lawsuit to try to stop it.

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