Who was to blame for the Equitable Life debacle? Ever since the world's oldest life insurer nearly collapsed almost four years ago, the argument over the reasons for its troubles has raged. Policyholders ganged up in seven different action groups to fight for their varying interests, the company launched lawsuits against its former directors and its former auditors, Ernst & Young, while the Treasury asked Lord Penrose, a Scottish judge, to examine the reasons for the sudden demise of the industry's former "star. After more than 30 months Lord Penrose published his report on March 8th. His findings upset the company and dismayed many policyholders, but came as a relief to the government.
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