Major insurance company going under . . .

Senate Majority Leader Harry Reid, D-Nev., pressed for passage, with the alarming news that one of the country's premier insurance companies was about to go bankrupt if the crisis was not quickly resolved.

This is as somewhat bizzare statement, and then not to back it up . . . if you read the full article (link below) you'll see that an aid backpeddled for him shortly after the comment was made.

Having worked in the media for well over a decade, it was always my experience that no comments were ever made without a purpose.

Scare tactic or fact?

I'm betting the former.

ABC News

Good ...they are another parasite on the human race as are the big bankers. I say let them all go and redo the whole system, the less greedy basturds with money the better.

In reading further this morning, the only comparison I can come up with is this sounds like a room full of used car salespersons doing their best to sell a bondo-filled, oil burning turd of a heap to an uninformed, unsuspecting sucker who thinks that new ride is their vehicle to salvation . . . only to realize the 2-2-2 theory waaaaaaaay too late (two miles, two minutes, too bad).

On Drudge this morning, they've got a teaser for an article . . . Sweeteners . . . the things added to extort votes out of those in Congress who are to weak to do the right thing.

The bottom line I'm seeing is that this 'rescue'/'bailout'/'porkbarrel'/'swindle' is something the country cannot afford, yet it is full speed ahead and damn the torpedos kind of thing.

It may help in the short term but once they're done stomping out this fire, they'll realize the bag on the porch really was full of turds.

But who is it? Hartford, Prudential, Genworth, MetLife or State Farm Genworth stock has been down alot and they have heavy exposure to private mortgage insurance.Which is not a good place to be at this time.

Looks like it is Hartford. Thanks Harry Reid.

Originally posted by Reevster
Good ...they are another parasite on the human race as are the big bankers. I say let them all go and redo the whole system, the less greedy basturds with money the better.

That sounds like now. I don't want to live in a serfdom or pick cotton. Maybe somehow setting a threshold for money that you are allowed to accumulate?

It's not prudential, just talked with my agent, he and I both worked there, and they are doing fine.

A spokesman for Sen. Reid backtracked a bit Thursday and said that the senator was not aware of any company being in danger of bankruptcy.
"Senator Reid is not personally aware of any particular company being on the verge of bankruptcy. He has no special knowledge about [a bankruptcy] nor has he talked to any insurance company officials," said Jim Manley, spokesman for Sen. Reid, in an email to CNNMoney.com.
"Rather, his comments were meant to refer to the conditions in the financial sector generally. He regrets any confusion his comments may have caused," Manley added.

Yeah right . . . how dare an elected representative speak the truth with honesty and clarity . . .

Steaming pile of bullhorky