The Treasury Department has agreed to extend billions in TARP funds to at least six life insurance companies. Unlike the banks, these companies were not forced to take the TARP money, and therefore, are corrupted by management too stupid to be trusted with your money.
The six companies are: Hartford Financial Services Group, Lincoln National Corporation (the Lincoln Financial Group), Allstate (you are no longer in good hands), the Principal Financial Group, Prudential, and Ameriprise Financial.
These companies have clearly learned nothing from the trials and tribulations of the banks.
To paraphrase H. L. Menken - Requesting government aid is the belief that financial companies know what they want, and they deserve to get it -- good and hard.
UPDATE: Someone reads this blog -- Ameriprise said "No Thanks" to the TARP offer today. Word is Prudential will decline the "help" as well. We'll see what Timmah! and B.O. have to say about this.
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