HIG – The Hartford is now a bank?

When I got home, the news reported The Hartford (HIG – aka Hartford Financial) was converting to a savings and loan. According to the reports I have read, this will allow HIG to take advantage of the federal bailout of banks.

My thoughts:
1. Hopefully it will work. HIG is a major employer in the area and I don't want mass layoffs in my area.

2. Bailout mania seems to be spreading to everyone. I cannot wait to see Walmart convert to a bank to get federal cash?

3. Hopefully, HIG senior execs in the life insurance operation (and in corporate) who caused the debacle will be forced out and will be replaced by better stewards of policyholder and shareholder funds.

 

Full Disclosure – I was once an employee of HIG.