... FIRST TWO TO TAP TARP FOR LIFE. This is an update on the post in these Categories on June 19, 2009.
The first -- and so far, the only -- Life Insurance Companies to take TARP money from the Federal Taxpayers have reported their current Quarterly results. HARTFORD FINANCIAL SERVICES GROUP, which reportedly took $3.4 Billion or $3,400,000,000.00 in TARP bailout funds, reported a loss for the fourth consecutive Quarter. Hartford itself reported a loss for its most recent Quarter of $15 Million or $15,000,000.00. That compares with a profit in the same Quarter a year ago in the reported amount of $543 Million or $543,000,000.00.
LINCOLN NATIONAL reported a loss for the third consecutive Quarter. Its reported loss for the Quarter just ended is $161.4 Million or $161,400,000.00. One year ago, LN reported a profit in the same Quarter of $124.7 Million or $124,700,000.00. John Kell, "Hartford, Lincoln Post Quarterly Losses Again" (Wall Street Journal/Dow Jones International reports, available online, July 29, 2009)(subscription required by the Wall Street Journal for full access).
"Troubled Assets," perhaps; definitely no "Relief" until and unless the LIfe Insurance operations of The Hartford and LN get with the "Program," if ever.
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