Bailout Callout: Watchdog Says Billions To Insurance Companies Go Against ‘Spirit And Intent’

WASHINGTON — The participation of two big insurers in the $700 billion financial rescue contradicted the goals of the government program, a bailout watchdog said Thursday.

The inclusion of Hartford Financial Services Group Inc. and Lincoln National Corp. “was incongruous with the spirit and intent” of the bailout program, according to the report by Special Inspector General Neil Barofsky. The taxpayer investments in the two companies went to support their insurance businesses, not the small thrift institutions they acquired in order to qualify for the bailout.

Read more: Insurance, Economic Crisis, Watchdog, Insurance Bailout, Bailout, Neil Barofsky, Financial Crisis, Business News

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