by Structured Settlement Watchdog
Hindert Seems to Have Taken a Turn
What is former NSSTA President Patrick Hindert smoking for implying that Treasury should deny Hartford TARP funds because of a legal case that has not yet been decided, Spencer v Hartford?
Hindert asks: “Should federal officials consider Spencer v. Hartford if and when Hartford applies for federal TARP funds?”
What is TARP?
Treasury established several programs under TARP, during the 2008 Financial Crisis to help stabilize the U.S. financial system, restart economic growth, and prevent avoidable foreclosures.
In November 2008 Reuters reported that Hartford agreed to buy Sanford, Florida-based Federal Trust Corp, which operates the 11-branch thrift Federal Trust Bank, for $10 million. According to the report the insurer said it plans to recapitalize Federal Trust, and has applied to the federal Office of Thrift Supervision to become a savings and loan holding company with said development hopefully allowing it to sell $1.1 billion to $3.4 billion of preferred shares to the government under the Treasury Department’s $700 billion Troubled Asset Relief Program (TARP).
Why is Hindert implying that a piece of litigation should have any impact on TARP eligibility?
Why wouldn’t the Spencer litigants be interested in enhanced financial security?
What about the millions of other owners or beneficiaries of Hartford insurance products?
Troubled Asset Relief Program (TARP) | U.S. Department of the Treasury (treasury.gov)
Related Reading
“Credit Check” for Attorney Dick Risk? – Structured Settlements 4Real®Blog August 23, 2011
While Tulsa attorney Dick Risk seems to imply to visitors to the Risk Law Firm website that he was responsible for Hartford Life leaving the structured settlement business in 2009, a 2011 Hartford press release suggested otherwise.
Hartford Life Withdrawal From Structured Settlement Market | Dick Risk Takes Credit – Structured Settlements 4Real® December 18, 2010
Leave a Reply