Stress Tests Hit Eject Button on MetLife (MET)
MetLife Inc. (NYSE: MET) is a bank? It was part of the Federal Reserve stress tests, and the insurance giant did not come out too well in the stress tests. The Federal Reserve has not given the insurance player the…
MetLife Inc. (NYSE: MET) is a bank? It was part of the Federal Reserve stress tests, and the insurance giant did not come out too well in the stress tests. The Federal Reserve has not given the insurance player the same approvals seen elsewhere by other big banks today.
The press release noted, “MetLife is financially strong and well positioned for both the current environment and a potential further economic downturn. We are deeply disappointed with the Federal Reserve’s announcement. We do not believe that the bank-centric methodologies used under the CCAR are appropriate for insurance companies, which operate under a different business model than banks.”
MetLife closed up 4.7% at $39.46 today, but shares were down 3.8% in teh after-hours trading session.
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Jon Ogg has been a financial news analyst since 1997. Mr. Ogg set up one of the first audio squawk box services for traders called TTN, which he sold in 2003. He has previously worked as a licensed broker to some of the top U.S. and E.U. financial institutions, managed capital, and has raised private capital at the seed and venture stage. He has lived in Copenhagen, Denmark, as well as New York and Chicago, and he now lives in Houston, Texas. Jon received a Bachelor of Business Administration in finance at University of Houston in 1992. www.247wallst.com.