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Insurers Say 'No' to TARP as Banks Scramble to Get Out from Under

Posted May 18, 2009 11:19am EDT by Aaron Task in Investing, Banking
Related: PFG, ALL, HIG, LNC, XLF, AMP, PRU
When the government pledged $22 billion of TARP funds for the life insurance industry last week, a lot of people were justifiable outraged at the appearance of insider trading in the sector ahead of the announcement.

It's still unclear why the insurers need $22 billion today, but yet another funny circumstance has emerged: several insurers have said "thanks, but no thanks" to Uncle Sam, The WSJ reports.

Whether the government will make the insurers an offer they can't refuse - as Hank Paulson did with the banks last year - remains to be seen. But given the banks' experience under TARP, and their collective scramble to get out from under, can you blame insurers for politely declining the government's offer?

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