At least one of the Life Insurance Companies that made poor bets on securitization and has tried to apply for Federal Bailout Money by buying a bank, has been turned down. Genworth Financial, Inc. also reportedly sells Mortgage Insurance. Lu Wang, "Boeing, Boston Scientific, Genworth, MEMC: U.S. Equity Preview" (Bloomberg.com, Friday, April 10, 2009).
It may be that Genworth has failed to qualify for the Troubled Asset Relief Program ("TARP"), or Bailout, because the Office of Thrift Supervision finally acted in response to a deadline that Genworth did not meet in order to buy a bank in the first place. See, e.g., Andrew Frye, "Genworth Fails to Qualify for TARP; Shares Plunge (Update 2)" (Bloomberg.com, Thursday, April 9, 2009); David S. Hilzenrath, "Richmond Insurer Fails to Qualify for TARP/Genworth Tried to Become a Thrift" (Washington Post Online, Friday, April 10, 2009).
Not one Property and Casualty Insurance Company has applied for a Bailout. When these newspaper reports refer only to "insurance companies," sometimes they do not say it. What they are referring to, of course, is LIFE Insurance Companies, ONLY.
Please Read The Disclaimer.
Comments