Will Hartford Financial Services Fail
FBIC's referenced article from (United Press International aka UPI.com) dated October 9 "Insurance Groups In Hunt For Capital" ( Headline #1a-9) following, which eluded the mainstream media, indicates that in spite of what Hartford is saying about having substantial cash/capital to survive its adverse and negative financial condition, let there be no question that Hartford is desperate and very aggressively looking for new sources of more capital. Note: this headline and article came just 3 days after Hartford announced it had sold a nearly 24% stake in the company to Allianz for $2.5B.
This mid-October week and near-term future weeks diverts attention from these insurance company problems to focus on U.S. and international financial support by G-7+ Governments. Unfortunately, there is an overwhelming consensus by experts that the U.S. Government and international Governments will have to extend far more than their maximum financial supports are able to in order to avert extreme financial and economic crises ... the U.S. Governments $700B bailout is considered a very small amount when compared to the $trillions magnitude of the U.S. financial problems. Regardless, a major U.S. and international recession such as not seen before since the 1930s depression is a consensus, a given and expected by the experts ... less significant for the rest of 2008, moreso for 2009 and extending until 2010 is a given with continuing deflationary trends esp. in housing. But don't take your eye off the ball. These negative factors will heavily weigh as to how long Hartford can weather their storm before failing. Oct. 13: The U.S. Bond Markets are closed for the holiday. A stock market rally is expected today due to a coordinated international financial bailout efforts by G-7+ nations over the weekend.
Up until now the Wall Street stock price for Hartford has continued to plunge from it's 52-week high of $100 to the current Oct. 10 Hartford $19.23 closing price; Oct. 9 closing $20.11 price, representing a 52-week 80% decline. Hartford's stock price continues to fall sharply each day with Oct. 9 fall representing a 1-day 19.11% decline to closing price of $20.11 ... As FBIC has warned previously and continues to warn, and as investor and policyholder fears are peaking and strongly indicating as reported, Hartford will be next to fail and wipe out investors and/or follow AIG. FBIC, Investors, Policyholders Call For The Resignation And Replacement Of The Hartford's Chairman & CEO Ramani Ayer
And President & COO Thomas Marra 'Now' In Order To Save The Company From It's Impending Failure. FBIC, it's nationwide membership, present and former investors and policyholders are Calling For The FBI, Congress, and/or The Department Of Justice To Investigate Into The Company's Pervasive Criminal Activities And Culture (Which FBIC Will Be More Than Cooperative To Supply Overwhelming Evidence), The Company's (Ramani Ayer's And Thomas Marra's) Less Than Forthcoming Explanation As To The Truth Of Hartford's
Losses, Financial Status And Negative Exposures (i.e. Credit Default Swaps, Mortgage Derivatives, Loss Of Business And Confidence As Policyholders Flee, Etc.), Widespread Nature Of Fraudulent
Activities, Lack Of Business Ethics And Dereliction Of Fiduciary Responsibilities To The Company, Investors And Policyholders. (Go back to previous page to continue to read linked media's stories on insurers with negative financial exposure and Hartford's tenuous situation purporting the possibilities that Hartford Will Fail).