Insurers buying banks to get the handout

[airdvr 210]

Four Insurers Seek to Buy Lenders to Get Bailout Money
http://www.foxbusiness.com/story/markets/industries/finance/insurers-seek-buy-lenders-bailout-money/

Four insurance companies on Friday moved to buy lenders in order to gain access to money from the Treasury Department’s $700 billion-plus bailout program, in another sign that the insurance industry may be vulnerable in the financial crisis.

This is bullshit. I have a problem with my grandkids future being bought and sold.

Please don't dent the planet.

Destinations by Roxanne

[kelpdiver 2]

Quote

Hartford said it has applied to the Office of Thrift Supervision to become a savings and loan holding company, and has applied to participate in Treasury’s Capital Purchase Program. Hartford said it believes it’s eligible for a capital purchase of between $1.1 billion and $3.4 billion under current Treasury guidelines.

In order to make itself eligible for the CPP, Hartford moved to buy for $10 million the parent company of Sanford, Fla.-based Federal Trust Bank

So if they invested $10M, they should be allowed to apply for $10M in the bailout. A 110:1 return - fuck you very much.

This action is so transparent that I suspect (and hope) it will backfire.