Back the truck up, the TARP vaults are opening again. CNNMoney is reporting that TARP funds may be made available to insurance carriers that are also bank holding firms.
Prudential Financial Inc. (PRU, Fortune 500), Hartford Financial Services Group Inc. (HIG, Fortune 500) and Lincoln National Corp. (LNC, Fortune 500) are said to have applied but the Journal's sources said Treasury has not yet decided which applications will be approved.My question is, given the threats from Washington regarding anyone who receives federal tax dollars, why would any firm subject themselves to additional governance? Herr Geithner and Uncle Barney along with many of their band of merry men (and women) have already threatened to limit the pay of executives in firms who receive taxpayer money. And if they can't limit pay, or fire those they deem unfit, they will just tax the hell out of the money you receive.
Of the original $700 billion allocated for the financial-sector bailout, roughly $135 billion remains. However, that doesn't mean all of those funds would be made available for eligible insurersMoney left over? Sounds like party time.
Toga! Toga! Toga!
Thanks to Wenchy for the tip . . .
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