"Hartford Financial Services Group Inc.,Genworth Financial Inc. and Lincoln National Corp. plan to buy lenders, a move that may entitle the three insurers to billions of dollars from the Treasury's bank rescue fund.
Hartford, which posted a $2.6 billion third-quarter loss, jumped 21 percent in New York trading after agreeing to buy Sanford, Florida-based Federal Trust Corp. for $10 million. That should allow the insurer to convert to a savings-and-loan holding company and qualify for $1.1 billion to $3.4 billion from the Treasury, the company said in a statement today."
Is there any doubt that this bailout is nothing but a run on taxpayer money to keep the cash flow moving from the have-nots to the haves, a redistribution of wealth that would gag a maggot?
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