Car crash in Malibu

On Tuesday, Stefan Eriksson, the former senior executive of Gizmondo, wrapped his one million dollar Ferrari Enzo around a pole in Malibu.

According to reports, he was speeding (at around 100 to 120 mph), as he was street-racing with a Mercedes Benz SLR. Eriksson lost control and his car split in two after it smashed into a light pole.

The police found Eriksson standing by the car bleeding from his mouth. When questioned by the police, he clamed that a friend from Germany was driving the car. He did not remember the full name of his “friend” and told them that shortly after the accident, Dietrich (he could only remember the first name of his close German friend) fled the scene.

The two airbags deployed--with bloodstains only on the driver-side bag. Surprisingly (or maybe not) Eriksson had a blood alcohol content level of 0.09, just over the legal limit of 0.08.

If you were an insurance agent, would you insure Mr. Eriksson or Gizmondo (a company that just went bankrupt in Europe)? Tor’s Insurance & Clams Inc. would look for other clients with more money and less risk.