Buy a Bank for $10 Million, Get $3.4 Billion from the Feds

Wish I thought of it:

Hartford Financial Services Group Inc. said it’s buying a Florida bank for $10 million so the insurer can be eligible for the Treasury rescue program. Hartford, based in the Connecticut city of the same name, expects to qualify for $1.1 billion to $3.4 billion under Treasury guidelines, the company said in a statement distributed today by Business Wire.

Posted by on November 16th, 2008 at 9:39 pm


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