MetLife (MET) Elects Not to Participate in Treasury's Capital Purchase Program
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MetLife, Inc. (NYSE: MET) issued the following statement today in response to inquiries regarding its potential participation in the U.S. Department of the Treasury's Capital Purchase Program:
MetLife, which has been a federally chartered bank holding company since launching MetLife Bank, N.A. in 2001, has elected not to participate in the program.
"MetLife is well positioned, with approximately $5 billion in excess capital, a strong balance sheet and leading market positions in our core group and individual insurance businesses, where our revenues continue to be healthy," said C. Robert Henrikson, chairman, president and chief executive officer of MetLife, Inc. "MetLife has already taken actions to reinforce its strong financial position, including raising capital in the marketplace. We have therefore decided not to participate in the Program."
"Although a number of economic challenges remain, MetLife is well positioned to continue meeting the needs of our clients," added Henrikson. "We repositioned our investment portfolio over a year ago for the current recession; completed a successful $2.3 billion common stock offering last October; and successfully remarketed over $1 billion in debt earlier this year. We are confident that we have the financial strength to continue to succeed now and over the long-term."
MetLife also confirmed today that, as a federally chartered bank holding company with more than $100 billion in total assets, the company is one of the top 19 U.S. banking organizations participating in the Treasury's capital planning exercise being conducted under the department's Capital Assistance Program. MetLife is working closely with the Federal Reserve on this exercise.
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Life Insurance Companies should be separate entities
Paul A. Mandel on Apr 13, 2009 10:21 PMIn the world I grew up in the 50s and the 60s Savings Banks were limited to 5 Branches and had to remain in the borough they originated from. New York City is comprised of 5 boroughs. Savings Banks did not have checking account privileges. In order to circumvent the State Banking Law the banks wrote checks for their depositors at no additional charge. These checks were cleared through a commercial bank. Through the years the banks and their aggressive officers and the insurance companies and the brokerage firms circumvented these laws, changed the laws and raided each others domain. Travelers took control of Citibank, Savings banks were taken over by commercial banks and commercial banks took over other banks. JP Morgan Chase is a composite of the following banks: Manufactuerers Hanover (Manufacturers had taken over the Hanover), East River Savings Bank, Chemical Bank, JP Morgan, Chase. These are the ones that I know from my memory of the past. Whatever happened to competition in the market place? These banks were auditied by the State of New York, The Federal Reserve, the banks internal audit system. Can you believe the banks are paying less then 1% interest to their depositors. This means these terrific deficits that were made through banking neglect is being paid for by people who saved all their lives.