Hartford Financial to get TARP funds
Posted by ConnPolitics.tv Staff on May 15th, 2009
Hartford (AP) – The Hartford Financial Services group says it’s been told it’s eligible for $3.4 billion in federal bailout money.
The federal government has agreed to extend billions in bailout funds to six major life insurers, helping them shore up their capital positions in the wake of major investment losses.
The money is from the Troubled Asset Relief Program, or TARP.
Shares of the insurers were mixed at midday Friday. Shares of Connecticut-based Hartford Financial rose 58 cents, or 3.9 percent, to $15.33.
The $700 billion TARP bailout fund, approved by Congress last year, was originally intended to purchase toxic loans on the books of banks that were inhibiting their ability to make loans.
Life insurers also requested government aid, worried that their balance sheets had became clogged by illiquid assets and escalating liabilities.
1 comment
These TARPS and bailout are not good for America's long term commitment to survive. Already Obama is starting to raise the flag that interest rates and inflation are becoming a problem. It is curious that he is raising the flag after his gawd awful budget request. I think he feels protected from reality with a over-friendly media these days.
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