Mass Mutual won't go for fed program

WHYN News ^ | Monday, November 10, 2008

[Malsua]

assMutual says it has no intention to seek help from a federal government program designed to restore liquidity and loosen the frozen credit markets that are hampering economic activity. MassMutual says it has the financial strength

and capital necessary to satisfy policy holders and customers. The Springfield based company says it has not participated in any discussions directly to seek capital investment from the Treasury Department.

[Malsua]

This is just a short presser that I assume comes from MassMutual. MassMutual is the company that holds my 401k and is rather large so I expect others here have a 401k with them as well.

The question I have...can I believe it? Any one know any further details about the financial health of MassMutual? It appears healthy, but time and again in one week "We're healthy"(Bear STearns, Lehman, etc.) and the next they're toast.

If true, I guess that's good news.

[Slapshot68]

Are they hiring?

[Heartland Mom]

GREAT news!

[AU72]

No reason they shouldn’t be very solvent if they didn’t invest heavily in Freddy, swaps, and derivative instruments.

[gieriscm]

No reason they shouldn’t be very solvent if they didn’t invest heavily in Freddy, swaps, and derivative instruments.

Good point. My local community bank is also fine as they never stepped into the subprime loan biz.

[Malsua]

My local community bank is also fine

Mine too...funny though, near where I work they keep putting up new signs. Washington Mutual, Wachovia, Commerce are all gone.

[grandpa jones]

MM paid dividends last week to policyholders, some $1.35 billion. source.

There really aren't too many mutual insurance companies out there any more. Most are stock companies. MM and NWM are the two biggies, both AAA rated, and from all reports, still doing quite well.

[spokeshave]

What about New York Life....there was a report in WSJ last week that suggested they were interested,...but company denied.

[Malsua]

MM and NWM are the two biggies, both AAA rated, and from all reports, still doing quite well.

Thanks, that's what I was looking for.

[PigRigger]

"What about New York Life....there was a report in WSJ last week that suggested they were interested,...but company denied. "

The WSJ published a correction to reflect NYL was not interested....Mutual companies with conservative investment strategies...and large surplus set aside....faired the downturn relatively well.....

Trust me about NYL....I know...

[grandpa jones]

agree

[Balding_Eagle]

assMutual says it has no intention to seek help from a federal government program

As with certain financially strong banks in the banking bailout, they may no choice in the matter. Just wait until they enter that locked room with the Government Thugs.