TARP

The Real Cost of the Financial Crisis Bailout

In an extraordinary piece of investigative journalism, Bloomberg Markets Magazine describes the real financial bailout action that took place when banks tapped into the Federal Reserve’s Term Auction Facility for additional borrowing at below market rates. Select highlights include: While the TARP program had a big $700 billion price tag, the Federal Reserve committed as much as $7.77 trillion to banks as of March 2009. These additional trillions were provided in almost complete secrecy...

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Hartford Financial Services Pays Back TARP Funds and Realigns Business

The Hartford Financial Services Group recently repaid the $3.4 billion in federal aid (TARP funds) it received during the financial crisis. The company also suggested that it will avoid any business, product line and risk concentration in the future. Hartford suffered from heavy exposure to the variable annuity business. The company will now operate with three broad business units: consumer markets; commercial markets, and; wealth management . Source: Investment Advisor Full Story

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Elizabeth Warren and the Need for a Consumer Financial Protection Agency

Elizabeth Warren recently wrote a rather extraordinary piece on the hollowing of the American middle class and the need for a Consumer Financial Protection Agency (CFPA). Consider the following: 1 in 5 Americans is unemployed or underemployed. 1 in 9 American families cannot make the minimum payment on their credit card. 1 in 8 mortgages are in default or foreclosure. 1 in 8 Americans is on food stamps. More than 120,000 American families are filing for bankruptcy every month. When adjusted for...

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Standard and Poor's Raises Outlook on The Hartford

S&P raised its ratings outlook on The Hartford Financial Services Group from negative to stable. The Hartford had received a series of ratings downgrades in light of the financial crisis and its impact on the company's variable annuity business. The ratings revision appears to be attributable in large part to the $3.4 billion in TARP funds that The Hatford received from the federal government. S&P considers The Hartford's life and annuity subsidiaries to be at "A" (strong) levels...

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Hartford CEO to Retire--Company to Receive TARP Funds

The CEO of the Hartford Financial Services Group, Ramani Ayer, will step down from the post by the end of 2009. Mr. Ayer has been with the Hartford for 36 years and has been CEO for 12 years. He has been the chief architect of the company's aggressive pursuit of variable annuity business. The Hartford has been one of the most active companies in the variable annuity space over the past several years. This line of business has been particularly painful for the company in light of fallout from...

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