Regional news: 
Insurers that don’t need bailout funds will still pay through the nose
Tony Ondrusek is founder and publisher of Insurance & Financial Advisor and IFAwebnews.com.
Just when you thought that federal bailout funds meant that only those firms that accepted TARP funds would be subject to fiscal confiscation, think again.
Large insurers that own banks and that also took no TARP money will be accessed fees to shore up the program, a money grab that President Obama believes is owed to America.
“We want our money back and we’re going to get it,” Obama said while announcing the Financial Crisis Responsibility Fee.
This misguided legislation would require firms that accepted and repaid TARP funds — and those that accepted none — to pay the fee. Firms affected include Prudential, Allstate, Lincoln National, AIG, Principal Financial and Hartford. Prudential and MetLife, for example, which never took TARP money, would each be forced to pay an estimated $85 million and $81 million, respectively.
One analyst, however, sees the fees as a plus, as it would make large insurers less competitive and enable smaller insurers to compete more effectively in specialized markets.
Obviously, Mr. Obama and his Democrat Congress has nothing but the best in mind for America and the U.S. economy.
One Response
- Alan Says:
January 19th, 2010 at 8:50 amAll the crooks, who screwed up the system, are now making out remarkedly well, because of those who still have jobs to pay taxes for their ongoing schemes. When will just one of the crooks go to jail?
As to Obama’s “biggest transfer of wealth in the history of America”…yes transfer to overseas. When it all stops, 20 million jobs will be gone forever and the remaining American workers will be paid less..taxed more. As above, “assessments” for nothing, but more taxes.
