U.S. Approves TARP Funds For Life Insurance Companies; Hartford (HIG) Set To Receive $3.4B
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In a move that was anticipated for some time, the U.S. Treasury approved TARP funds for U.S. life insurance companies.
Thursday evening, Hartford Financial (NYSE: HIG) was the first insurance company to announce that it received preliminary approval, getting a total of $3.4 billion in funds.
Other companies expected to receive approval for funds include: Lincoln National Corp (NYSE: LNC), Prudential Financial (NYSE: PRU), Principal Financial Group (NYSE: PFG) , Allstate (NYSE: AL) and Ameriprise Financial (NYSE: AMP).
Like other financial firms, life insurance companies were hit hard with the crashing credit and equity markets due to their large investment portfolios in bonds, real estate and other asset classes. In addition, life insurance companies took losses in their variable annuities businesses, which promise minimum payouts even if markets fall.
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Neal Wolin - Bad News
So as Chief Operating Officer of the Hartford Financial Services, Neal Wolin filled out the paperwork to get TARP money for the company he managed into the ground. Now, a few short months later, as Deputy Treasury Secretary in Obama's administration, Wolin will ensure that his former employer, that paid Wolin millions in compensation, will get billions of your tax dollars..... What a country!
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bailouts
dave strater on May 15, 2009 05:11 AMtime will tell if these companies that are getting bailouts are going to reciprocate inkind toward their benefactors, i.e. joe public.