You know what I would like to see is what happened to firms that didn't get TARP money- did they not agree to these 'donation' terms?
At the time this was happening, I knew people that worked at Genworth. At the time a lot of US life insurance carriers had European parents and they eagerlyhad their hands out which resulted in a lot of eyebrows raised. But Genworth did not. I knew people at Genworth at the time and they were one of the few companies whose TARP application was not approved. They couldn't understand it. They fought back saying we have done everything you asked per your instructions and they were basically told 'well, look how good you are doing without the money.' It was not long afterwards that they really started to have problems.
You know what I would like to see is what happened to firms that didn't get TARP money- did they not agree to these 'donation' terms?
At the time this was happening, I knew people that worked at Genworth. At the time a lot of US life insurance carriers had European parents and they eagerlyhad their hands out which resulted in a lot of eyebrows raised. But Genworth did not. I knew people at Genworth at the time and they were one of the few companies whose TARP application was not approved. They couldn't understand it. They fought back saying we have done everything you asked per your instructions and they were basically told 'well, look how good you are doing without the money.' It was not long afterwards that they really started to have problems.