I was having a wonderfully quiet morning until I read this article from Bloomberg.  I’ve provided the first paragraph which essentially summarizes the survival strategies for some of the largest insurance companies on the planet.

• Buy a small bank that no one else would want due to imprudent and improper lending practices
• Convert into a Federally regulated bank or S&L
• Stand in line and beg for money from the US taxpayer.

Go ahead and read the entire article.  It will make you violently ill.

I felt I needed to explain my previous post.

Bloomberg.com: Worldwide

Nov. 17 (Bloomberg) — Four of the world’s biggest life insurers may acquire small banks that regulators have cited for improper practices to improve their own chances of getting cash from the $700 billion U.S. government bailout fund.