Some people might consider this, in their opinions, to be theft of taxpayer money.
A simple true or false question for all of us industry folk:
True or false: The Hartford is a bank.
I think 99.9% of us say FALSE
That’s like saying I have green skin, red eyes and pink hair, simply because I filled out an application that says so.
It does not seem honest, and it does not seem above board. It seems like The Hartford and Lincoln National are calling themselves banks for the sole reason that they want OUR MONEY.
I welcome any comments that clarify the situation as clearly I must be confused.
“Hartford, which posted a record $2.6 billion loss in the third quarter on investment losses, has said it could be eligible for up to $3.4 billion if approved for the federal program.
Hartford, based in Hartford, Conn., plans to buy Federal Trust Bank in Sanford, Florida, for $10 million. The OTS said Hartford plans to inject a significant amount of capital into the bank to recapitalize it.”
So…. Let’s use a landscaper and a barber as comparisons. How is this any different than a landscaper who does $1,000,000 of jobs per year buying a rinkydink local barbershop for $50,000 then applying for “federal barbershop assistance” in the amount of $2,000,000?
Someone explain how a multi-billion dollar *INSURANCE COMPANY* can buy a piddling little local bank (The Hartford’s quarterly loss was ~250 times more than the purchase price of this bank!), and somehow they can now get billions of dollars of assistance from the government?
Write to your Congressmen and Senators NOW!
Unfortunately mine is Chris Dodd. But I’ll still write to him. He’s the biggest crook of them ALL! He’s in the pocket of The Hartford. Look and see how much they gave him in Campaign funds.
Are the Agent’s Bonus checks going to be AXED as part of the deal? Is Ramai Ayer going to work for $1.00? Contact The Hartford at HARTFORD.gov starting tomorrow?
See what’s happening to the GM & Chrysler Dealers!
It’s absolutely AMAZING. To think I voted for George Bush twice! Oh Gag Me!!!!
I have tried to be strong throughout all of this bailout mumbo jumbo, but now I am at a point where I just want to cry my eyes out. I have run out of sophisticated rhetoric and have nothing but simple teardrops to share with you.
This is the Craziest thing I have ever heard of that this two companies are going to buy into the Banking Business just to get Free money from the government. THIS IS NOTHING BUT GREED and I would tell those two companies and other companies that wants to do the same thing HELL NO!
Let’s think about this. Tell me that if your company is about to go belly up that you would not want them doing all it can to survive. Anything legal, that is.
Hartford is taking advantage of something that will help preserve the company. What are they supposed to do – just go ahead and fail and give up? Another 30,000 jobs gone? Give up on their contracts and obligations? Their Board is tasked to do what they can to keep the company alive.
I’m not saying it’s right. I’m also not saying I agree with it – I don’t. But I will say that Hartford has bailed out America many times (ie Chicago fire, Boston fire, New York fire, San Fran earthquake) in it’s 199 years of existence. Read the history of the company and you will see that they have carried through many times when other carriers simply gave up and did not pay their obligations. There is more to Hartford than just the last 12 months.
It should be noted that it is not Hartford’s operations that have brought the company down. It’s the combination of bad investments (AIG mainly) along with some exposure to derivatives (that has also tagged other companies as well, not just HIG) combined with that moron senator’s comments a few months ago.
I give credit to them for fast thinking! I’m also surprised they have not been taken over and parceled out for the P&C operations.
Come on Be Honest. How many mismanaged companies do you want to keep giving my money and your money too? When US Gov wouldn’t bail out Lehman who do you think took over their obligations. Come on GET REAL!
Big D, I’m not familiar with the history of Lehman. Have they ever put up their personal assets to guarantee payment on their contracts? Hartford did when NYC burned in the 1800’s.
In the Chicago and San Fran disasters Hartford paid all of their obligations while many other carriers simply folded. Hartford has helped rebuild major cities in our country several times. Hartford has helped the USA in a very significant way several times.
From what I know of Lehman they are strictly an investment house, one that ran into difficulty from mismanagement. All they did was push paper.
Again, I’m not saying I agree with it, but should they just fold? If the avenue is there should they not try to survive?
Call your congressman and complain about the loophole, they are the ones who put it there.
what are we ganna do when the gov runs out of money.who will bail it out . we will run out of money as a nation! then what ? we become a third world country !
Be honest, Why are you living in the past? First of all Hartford didn’t put up their “personal” assets…it’s called “Policyholders Surplus” to pay claims. Dah, Law of large numbers ring a bell? You want to reward failure! How about rewarding people for doing the right thing?
What about the companies that Hurricane Andrew put under? They deserved a bailout according to your thinking. Let’s bring them back.
I’m a stones through from the Hartford Home Office. I remember in the 1990’s when they lined up the buses outside the home office and gave 500 employees 30 minutes to clean out their desks. I suppose you think it was a good idea to have buses on hand.
If you think they deserve MY MONEY AND YOUR MONEY and the IJ readers MONEY (Bailout)and the gov thinks they’ve done wonders for the USA, why don’t they just go to the Feds and ask. Why do they have to buy a bank (they’re so broke they can buy a bank)and go in the back door?
Be honest now, Be Honest, this doesn’t make sense and I think you know it!
Have a pleasant day.
I think this bailout is sickening. To say we should allow this as taxpayers b/c of the Hartford’s history is absurd. The past is the past. Back then, the hartford was run by more ethical management. With time, people as a whole became greedy and this is a perfect example. I agree 100% with the notion that we shouldn’t reward mismanagement. If a company fails as a result of its own mismanagement, then let the competition absorb their market share and the world moves on. We cannot continue to bail out companies like we are. Eventually there needs to be a boundary set here.
Some people might consider this, in their opinions, to be theft of taxpayer money.
A simple true or false question for all of us industry folk:
True or false: The Hartford is a bank.
I think 99.9% of us say FALSE
That’s like saying I have green skin, red eyes and pink hair, simply because I filled out an application that says so.
It does not seem honest, and it does not seem above board. It seems like The Hartford and Lincoln National are calling themselves banks for the sole reason that they want OUR MONEY.
I welcome any comments that clarify the situation as clearly I must be confused.
“Hartford, which posted a record $2.6 billion loss in the third quarter on investment losses, has said it could be eligible for up to $3.4 billion if approved for the federal program.
Hartford, based in Hartford, Conn., plans to buy Federal Trust Bank in Sanford, Florida, for $10 million. The OTS said Hartford plans to inject a significant amount of capital into the bank to recapitalize it.”
So…. Let’s use a landscaper and a barber as comparisons. How is this any different than a landscaper who does $1,000,000 of jobs per year buying a rinkydink local barbershop for $50,000 then applying for “federal barbershop assistance” in the amount of $2,000,000?
Someone explain how a multi-billion dollar *INSURANCE COMPANY* can buy a piddling little local bank (The Hartford’s quarterly loss was ~250 times more than the purchase price of this bank!), and somehow they can now get billions of dollars of assistance from the government?
Write to your Congressmen and Senators NOW!
Unfortunately mine is Chris Dodd. But I’ll still write to him. He’s the biggest crook of them ALL! He’s in the pocket of The Hartford. Look and see how much they gave him in Campaign funds.
Are the Agent’s Bonus checks going to be AXED as part of the deal? Is Ramai Ayer going to work for $1.00? Contact The Hartford at HARTFORD.gov starting tomorrow?
See what’s happening to the GM & Chrysler Dealers!
It’s absolutely AMAZING. To think I voted for George Bush twice! Oh Gag Me!!!!
I have tried to be strong throughout all of this bailout mumbo jumbo, but now I am at a point where I just want to cry my eyes out. I have run out of sophisticated rhetoric and have nothing but simple teardrops to share with you.
This is the Craziest thing I have ever heard of that this two companies are going to buy into the Banking Business just to get Free money from the government. THIS IS NOTHING BUT GREED and I would tell those two companies and other companies that wants to do the same thing HELL NO!
Just another example of rewarding companies for mismanagement, ie. banks, wallstreet, auto industry, etc, etc etc.
Let’s think about this. Tell me that if your company is about to go belly up that you would not want them doing all it can to survive. Anything legal, that is.
Hartford is taking advantage of something that will help preserve the company. What are they supposed to do – just go ahead and fail and give up? Another 30,000 jobs gone? Give up on their contracts and obligations? Their Board is tasked to do what they can to keep the company alive.
I’m not saying it’s right. I’m also not saying I agree with it – I don’t. But I will say that Hartford has bailed out America many times (ie Chicago fire, Boston fire, New York fire, San Fran earthquake) in it’s 199 years of existence. Read the history of the company and you will see that they have carried through many times when other carriers simply gave up and did not pay their obligations. There is more to Hartford than just the last 12 months.
It should be noted that it is not Hartford’s operations that have brought the company down. It’s the combination of bad investments (AIG mainly) along with some exposure to derivatives (that has also tagged other companies as well, not just HIG) combined with that moron senator’s comments a few months ago.
I give credit to them for fast thinking! I’m also surprised they have not been taken over and parceled out for the P&C operations.
Come on Be Honest. How many mismanaged companies do you want to keep giving my money and your money too? When US Gov wouldn’t bail out Lehman who do you think took over their obligations. Come on GET REAL!
Big D, I’m not familiar with the history of Lehman. Have they ever put up their personal assets to guarantee payment on their contracts? Hartford did when NYC burned in the 1800’s.
In the Chicago and San Fran disasters Hartford paid all of their obligations while many other carriers simply folded. Hartford has helped rebuild major cities in our country several times. Hartford has helped the USA in a very significant way several times.
From what I know of Lehman they are strictly an investment house, one that ran into difficulty from mismanagement. All they did was push paper.
Again, I’m not saying I agree with it, but should they just fold? If the avenue is there should they not try to survive?
Call your congressman and complain about the loophole, they are the ones who put it there.
what are we ganna do when the gov runs out of money.who will bail it out . we will run out of money as a nation! then what ? we become a third world country !
Be honest, Why are you living in the past? First of all Hartford didn’t put up their “personal” assets…it’s called “Policyholders Surplus” to pay claims. Dah, Law of large numbers ring a bell? You want to reward failure! How about rewarding people for doing the right thing?
What about the companies that Hurricane Andrew put under? They deserved a bailout according to your thinking. Let’s bring them back.
I’m a stones through from the Hartford Home Office. I remember in the 1990’s when they lined up the buses outside the home office and gave 500 employees 30 minutes to clean out their desks. I suppose you think it was a good idea to have buses on hand.
If you think they deserve MY MONEY AND YOUR MONEY and the IJ readers MONEY (Bailout)and the gov thinks they’ve done wonders for the USA, why don’t they just go to the Feds and ask. Why do they have to buy a bank (they’re so broke they can buy a bank)and go in the back door?
Be honest now, Be Honest, this doesn’t make sense and I think you know it!
Have a pleasant day.
I think this bailout is sickening. To say we should allow this as taxpayers b/c of the Hartford’s history is absurd. The past is the past. Back then, the hartford was run by more ethical management. With time, people as a whole became greedy and this is a perfect example. I agree 100% with the notion that we shouldn’t reward mismanagement. If a company fails as a result of its own mismanagement, then let the competition absorb their market share and the world moves on. We cannot continue to bail out companies like we are. Eventually there needs to be a boundary set here.