Earlier this year the insurance companies fought like hell to become TARP-eligible, even going as far as snapping up small thrifts. But by the time the Treasury decided to let insurers in, the financial crisis seemed all over, and none of the insurers wanted to br branded with the scarlet-T.
Well, at least it seemed that way, but today Hartford Insuance decided that, yeah, it wants in on TARP. $3.4 billion worth. Of course, every other firm is eager as hell to extricate themselves from the scheme and rid the government as a partner. So it’s hard to interpret Hartford’s move as anything other than a very bad sign, which is why the stock is tanking today, down over 8%.
At about $13, it’s still about 4x off the lows it made last year. Maybe the crisis isn’t quite over?