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This I read just now on Senior Advisor Magazine
Why are the Dutch doing the auction, and not a US Broker? And don't use world wide marketing.... I don't buy that US doesn't have firm that can handle this and keep some commissions in our economy.
"Treasury to Sell Positions in Insurers
By NU ONLINE NEWS SERVICE
Published 9/7/2010 Subscribe to Life & Health
Print This Article Normal Text Large Text ShareThis
The U.S. Department of the Treasury says it plans to sell warrant positions in two life insurers over the next several weeks.
The moves will dispose of Treasury’s remaining holdings under federal bailout programs in the Hartford Financial Services Group, Inc., Hartford, and Lincoln National Corp., Radnor, Pa.
Each insurer previously had fully repurchased Treasury’s stock investments in the firms.
The Treasury received the warrants in consideration for investments made under its Capital Purchase Program (CPP) and Targeted Investment Program (TIP).
The CPP is a preferred stock and equity warrant purchase program conducted by the Treasury’s Office of Financial Stability as part of the government’s Troubled Assets Relief Program (TARP). The Treasury created TIP to steady the financial system by making investments in critical institutions.
If completed in full, the sales would liquidate Treasury’s remaining holdings in the insurers, Treasury says.
Treasury intends to sell the warrants through modified Dutch auctions, which establish a market price by allowing investors to submit bids above a minimum price specified for each auction.
The department named Deutsche Bank Securities Inc., Frankfurt, Germany, as auction agent and manager for the offerings.
wh
Why are the Dutch doing the auction, and not a US Broker? And don't use world wide marketing.... I don't buy that US doesn't have firm that can handle this and keep some commissions in our economy.
"Treasury to Sell Positions in Insurers
By NU ONLINE NEWS SERVICE
Published 9/7/2010 Subscribe to Life & Health
Print This Article Normal Text Large Text ShareThis
The U.S. Department of the Treasury says it plans to sell warrant positions in two life insurers over the next several weeks.
The moves will dispose of Treasury’s remaining holdings under federal bailout programs in the Hartford Financial Services Group, Inc., Hartford, and Lincoln National Corp., Radnor, Pa.
Each insurer previously had fully repurchased Treasury’s stock investments in the firms.
The Treasury received the warrants in consideration for investments made under its Capital Purchase Program (CPP) and Targeted Investment Program (TIP).
The CPP is a preferred stock and equity warrant purchase program conducted by the Treasury’s Office of Financial Stability as part of the government’s Troubled Assets Relief Program (TARP). The Treasury created TIP to steady the financial system by making investments in critical institutions.
If completed in full, the sales would liquidate Treasury’s remaining holdings in the insurers, Treasury says.
Treasury intends to sell the warrants through modified Dutch auctions, which establish a market price by allowing investors to submit bids above a minimum price specified for each auction.
The department named Deutsche Bank Securities Inc., Frankfurt, Germany, as auction agent and manager for the offerings.
wh
