Why The Hartford Took a Hit on Wall Street

October 6, 2008

  • October 6, 2008 at 8:35 am
    Mike says:
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    As I look at AIG, Wachovia, Hartford, Countrywide, Fannie Mae, Freddie Mac and all of the other carriers, banks, mortgage lenders and Wall Street firms that are now in bankruptcy or merged out of existance,
    I have to ask where the heck were the business rating folks.

    It seems that we hear they a company is in trouble one day, then the next day we hear the company is now gone.

    No one can tell me that much of these problems aren’t identifiable if the Ratings people really chose to look at the books as, cooked books or not, you can’t hide the shear magnitude of the disasters and outright fraud that have occurred.

    What good are the agencies if they either can’t, or won’t, give us an accurate financial picture of the companies which they are responsible to rate?…Maybe it’s time to get rid of the rating folks, as they’ve proven to be worthless.

    Perhaps we should let the states or the Fed’s do this job totally…As much as I hate the idea of this, the current ratings systems has proven to have no value so why not try something else for a change.

  • October 7, 2008 at 12:02 pm
    Pud says:
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    Just last week or so.I had read and posted an article from MSN Money that said how stable the Hartford’s books were and that the scout trader rating was an 8.This week they are rating The Hartford a 4 and saying to hold.
    I decided to look at the insider trading and as I expected the CEO made another cool 7.6 million this year unloading a stoick I’m sure that he knew was going to sh– the bed!
    Only in America!

  • October 6, 2008 at 1:46 am
    Stat Guy says:
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    Are the result of the telling truth about Wall Street: no one invests for the earnings potential in the long run; it’s all a shell game for speculation and now the B*stards are jumping ship like the rats they are. Too bad my 401(k) depends on earnings as well as the value of the portfolio because my holdings are decimated as the “investors” run for their mattresses. Didn’t learn anything in Macro-economics, I guess, and the great depression: George Santayana is spinning in his grave now…

  • October 6, 2008 at 3:21 am
    quack quack says:
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    The sales of stock by former executives should have been a red flag with this company!
    They have made millions if not billions over the years by hedging and manipulating numbers!

  • October 6, 2008 at 4:18 am
    Muggyfrost says:
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    Harry Reid needs to shut his damn pie hole.

  • October 7, 2008 at 5:57 am
    Know it All says:
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    Well, if you’re wondering where the rating folks are – it is one thing to miss on AIG and The Hartford. It another to miss on 2 Ohio carriers that need to be seriously looked at. One is A++, and I’ll give AM Best credit, they at least have them with NEGATIVE implications. But the move to A- should have been done a month ago!! The other is currently rated A+, and AM Best has done nothing with them. They could be in worse shape.

  • October 7, 2008 at 8:46 am
    Riiiiiiight..... says:
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    HARTFORD: Ramani Ayer, The Hartford’s chairman and chief executive, said that the recent deal did not indicate that the company was becoming less independent and described Allianz as a financial investor. A “stand-still” provision in The Hartford’s new agreement prohibits Allianz from buying more than 25 percent of its stock or proposing a merger for ten years, although the provision can be reversed if both companies agree.

    something tells me that they’ll be “agreeing” to talk merger soon….

    ?

  • October 7, 2008 at 9:28 am
    anon the mouse says:
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    I our current Democratic led financial debauchery, a minor presidential election is the least of America’s worries. People need to wake up and clean our Senate and House of any incumbent that contributed to our bankrupt fiscal policies over the last 30 years. And don’t forget, that is a group of blooming pond scum that wants to federally control the insurance industry.

  • October 7, 2008 at 1:30 am
    Pud says:
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    Couldn’t agree with you more on canning the entire House of Representatives and Con-gress!Con-gress is the opposite of Pro-gres and our government hasn’t done anything except pad their pockets with donations from lobbyists.
    Where is BinObama getting all this money to campaign? Maybe the claims of his ties to terrorists are true?

    What scares me is if BinObama IS elected, which all indicators point to because the average idiot or lazy Union worker is voting for him,more government and more regulations will be put into place!

  • October 7, 2008 at 1:52 am
    Mike says:
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    You’ve got to be kidding me…The Republicans controlled every level of Federal Govt from 2000 to 2006 and you folks want to blame the Democrats for this disaster…You’ve got to be kidding me!
    It is the “Deregulation” is better thinking that led to this disaster, and as we all know, it’s not the Democrats who think like this..

    It’s ok to lie to yourself but try not to lie to others as we know the difference.



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