Banking, finance, and taxes
TARP Approved For Insurance Money: More Cash From The Taxpayer's Pocket (LNC)(PRU)(HIG)(PFG)
Published:
Last Updated:
The Washington Post is reporting that the Treasury Department has granted approval for insurance companies to have access to TARP funds. It is not clear what that will do to the balance in the TARP “account.” By some estimates it is down to $115 billion. Some of the banks who have received funds plan to pay that money back in the coming months. Other banks may need additional capital from the TARP.
The news does mean that the financial bailout is spreading and that the Treasury must believe that there is some systemic risk to a failure of one or more of the large insurance companies.
Earlier reports are that the Hartford (HIG), Prudential (PRU), Lincoln National (LNC), and Principal Financial Group (PFG) will receive capital.
Now taxpayers can own shares in all of those companies, too.
Douglas A. McIntyre
Is Your Money Earning the Best Possible Rate? (Sponsor)
Let’s face it: If your money is just sitting in a checking account, you’re losing value every single day. With most checking accounts offering little to no interest, the cash you worked so hard to save is gradually being eroded by inflation.
However, by moving that money into a high-yield savings account, you can put your cash to work, growing steadily with little to no effort on your part. In just a few clicks, you can set up a high-yield savings account and start earning interest immediately.
There are plenty of reputable banks and online platforms that offer competitive rates, and many of them come with zero fees and no minimum balance requirements. Click here to see if you’re earning the best possible rate on your money!
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
