Friday, May 15, 2009

"Gimme Tax Money!!" That's Allstate's Stand

More rewards for incompetence.

“The Treasury Department will make federal bailout funds available to a number of U.S. life insurers, acting on the embattled sector’s long-running effort to get government help. The Treasury is prepared to inject up to $22 billion into the insurers under the rescue plan launched last fall as the Troubled Asset Relief Program, said a person familiar with the matter."

Ritholtz is more than a little unhappy:

This is totally unacceptable. If you did not manage your assets prudently, if you failed to employ appropriate risk management procedures, and if you come to the government teat for aid, there must be a heavy cost and major strings attached

Recipients? Here's a list.

Hartford Financial Services
Prudential Financial Inc.,
Principal Financial Group Inc.
Lincoln National Corp.
Ameriprise Financial

We're waiting for a list of 'fired idiots'...

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