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Who's next in the government line well it may be life insurers they can be the next companies to tap the tar.
Of government bailout funds Adam Shapiro joining us now at the very latest.
It's a little difficult though it's not the same as when you go to the banks and you say OK you -- gonna have you applied to your regulator you go through the FDIC or maybe through OTS.
And they figure out okay Europe prove who put a patch on the treasury and then treasury finally says -- -- buy some shares.
With the insurance companies it's a whole lot different now the argument is the -- that you need to beef up.
There bottom line and let's take a look -- you know what would happen in the case of scene and DIA what they're trading at today.
They certainly would welcome this kind of figure and then take a look at Ambac.
They would probably take some money from the federal government if they could sell shares as well who's behind endorsing this kind of thing all the financial services roundtable.
Once the TARP opened up not just for insurance companies but -- got a letter they sent to Neal Cotts sorry that -- he wanted opened up to broker dealers insurance companies automobile companies will be talking about that this week.
All kinds of institutions that have some kind of impact on the economy here's an exact quote.
From that letter in which they say the reason that they should open up TARP to just about everybody is the round table would strongly urge you permit such institutions to participate.
In the program for the sake of the economy there is a -- however from -- VW in which they say well capital infusions may be helpful to some ensures.
They certainly won't cure much of what ails the industry in our view in this came out yesterday we don't have any official statement from treasury yesterday.
About which insurance companies -- if insurance companies would be able to take part.
In this kind of program where you are selling shares to the US treasury the other part of this that makes a troubling or at least confusing is.
How do you -- who -- -- for instance with the banks we've been following the press releases from all of the financial institutions.
Which say they have been approved by treasury to sell shares to the US government but to get into confusing scenario because you take a look at -- third.
Fifth third put out a press release over the week and it said we've applied but as of right now fifth third has not received preliminary approval from the US treasury.
So there's this whole confusion as to who would be announcing.
Who would define what it means to be approved and as of right now insurance companies are not taking part in the -- but but the third there's been some reports that they have been approved.
You've learned they have not -- yet.
They've ever been approved yet and it I think there's been very straightforward about that spoke with that yesterday that -- look always had -- press releases we have applied.
We've been approved by our regulator -- passed on -- treasury.
But the part that's missing -- talk about this is we haven't gotten that.
Preliminary approval from US treasury to do the deal I think it's the KeyCorp press release actually talk about closing the deal within thirty days with fifth third.
They haven't gotten that part of the components yet they are not officially.
On the list as of yet but they're they're hoping to get 3.4 billion.
From the US treasury by selling shares but again if they're not officially and I hate that gesture quote we use -- different -- -- -- but that they are not officially approved.
The internal quotes and a -- to protect -- much.
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