WINNING: Hartford Just Totally Buckled To John Paulson's Demands

John Paulson allowance

Remember when John Paulson totally flipped out on a Hartford Financial Services conference call?

Hartford obviously does, because it’s making changes to its business that reflect Paulson’s very blunt suggestions, says Reuters.

Paulson is the majority shareholder in the company, and instead of letting one of his analysts get on the call last month. Paulson himself joined in. He then proceeded to ream the executive on the phone about a Goldman report that had some good recommendations about how the company could improve.

It sounded like this:

I’d like to see how you will overcome those obstacles to result in a more fair valuation for Hartford… not that there’s obstacles but how are you going to overcome those obstacles. That’s what I as a shareholder look from you as the management to do.”

Point is, it looks like Paulson got his way. Hartford decided it “would shut down its annuity business and pursue a sale or other options for its individual life insurance, retirement plan and broker/dealer businesses.”

So yeah, Paulson for the win.

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