Matt Molnar
2008-10-02, 07:55 PM
Insurers dive on Reid's 'bankrupt' quote (http://money.cnn.com/2008/10/02/news/companies/insurance_stocks/index.htm)
Comments from Senate Majority Leader Harry Reid about a 'major insurance company' on the verge of bankruptcy send already hard-hit stocks sharply lower.
By Aaron Smith, CNNMoney.com staff writer
Last Updated: October 2, 2008: 4:19 PM ET
NEW YORK (CNNMoney.com) -- Several big life insurance stocks fell sharply Thursday, dragged down by jitters about their role in the credit crisis and fears sparked by a comment from Senate Majority Leader Harry Reid, D-Nev., Wednesday about a potential bankruptcy in the industry.
"We don't have a lot of leeway on time. One of the individuals in the caucus today talked about a major insurance company. A major insurance company -- one with a name that everyone knows that's on the verge of going bankrupt. That's what this is all about," Reid said prior to the Senate's approval of the $700 billion bailout bill. [Full Article (http://money.cnn.com/2008/10/02/news/companies/insurance_stocks/index.htm)]
First Schumer blabbed about IndyMac, which led to a run on the bank and its subsequent failure, and now this. This is why we're in this mess: these people are morons and they're never held accountable when they screw up.
Comments from Senate Majority Leader Harry Reid about a 'major insurance company' on the verge of bankruptcy send already hard-hit stocks sharply lower.
By Aaron Smith, CNNMoney.com staff writer
Last Updated: October 2, 2008: 4:19 PM ET
NEW YORK (CNNMoney.com) -- Several big life insurance stocks fell sharply Thursday, dragged down by jitters about their role in the credit crisis and fears sparked by a comment from Senate Majority Leader Harry Reid, D-Nev., Wednesday about a potential bankruptcy in the industry.
"We don't have a lot of leeway on time. One of the individuals in the caucus today talked about a major insurance company. A major insurance company -- one with a name that everyone knows that's on the verge of going bankrupt. That's what this is all about," Reid said prior to the Senate's approval of the $700 billion bailout bill. [Full Article (http://money.cnn.com/2008/10/02/news/companies/insurance_stocks/index.htm)]
First Schumer blabbed about IndyMac, which led to a run on the bank and its subsequent failure, and now this. This is why we're in this mess: these people are morons and they're never held accountable when they screw up.