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Genworth Seeks TARP Cover

By Jim Cramer

 About this article:
 TARP madness continues. We are getting major insurers to buy savings and loans, which then guarantees that the policyholders somehow can get TARP. I like this from a personal point of view. My life insurance company is Genworth , and I was frightened all last week that it wouldn't pay. We know that the states are supposed to make it up, but have you looked at how the states are doing lately? But now that Genworth has bought some no-name bank in Minnesota called Interbank I can breathe easier. Of course the ersatz way of saving Genworth means nothing because TARP is now just a big handout to companies that screwed up. The idea that a multibillion-dollar insurance company can now participate in a TARP plan because it bought some savings and loan no one has ever heard of doesn't even cause anyone to bat an eyelash...

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