Insurance Industry Seeks TARP Funds : NPR

I like to start my day by listening to NPR but I have to advise the followers of my blog not to waste 4 minutes of their lives listening to this piece of crap journalism.  The podcast/radio spot is one sided and in my opinion irresponsible reporting.  I wrote the comment below:

I am disappointed in the one-sided view presented by this podcast. The
use of the term “Ponzi scheme” to start the broadcast delivers not only
a negative tone to the piece, but also creates a false assumption in
the minds of the listener, that the entire life insurance industry is
in trouble and seeking TARP funds.

No specifics are provided as to which companies are in trouble and have requested TARP funds. The only specific examples are of some companies whose stock prices have been devastated in the past year. Get real. ALL stocks have been hit hard this past year.

Where is the balanced reporting I’ve come to expect from NPR. Shame on you.

Another listener wrote a similar rebuttal:

As an avid listener of National Public Radio, and a 27 year employee at
one of the most stable and responsible Life Insurance Companies in the
country, I was very alarmed to hear this unfairly negative report on
the financial insecurity leveled at the entire Life Insurance Industry.
Admittedly, there are plenty of Life Insurance companies in the
described situation, but not all. This reporter’s failure to
acknowledge financially sound life insurance companies with AAA ratings
across the board, or even explain the concept of mutual (owned by the
policyholders) versus de-mutual (owned by stock investors) life
insurance companies casts a major cloud of doubt across the entire
industry, at the expense and recognition of the companies that have
been well managed, carry huge capital reserves, accepted zero TARP
funds, are strong and sound, and hold a high degree of responsibility
for their policy owners financial welfare. As a reporter who was
described in the story as one reporting on the Life Insurance Industry,
I am appalled by David Hilzenrath’s lack of research and balance in
reporting. He has caused unnecessary stress and concern for many policy
owners who really need not worry.

Don’t believe everything you read (or hear).  Read a lot and read widely.  Beware of irresponsible journalism!