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Banking, finance, and taxes

TARP Approved For Insurance Money: More Cash From The Taxpayer’s Pocket (LNC)(PRU)(HIG)(PFG)

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By Douglas A. McIntyre Updated Published

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

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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