Prudential Financial

7 Stories

Big Biz Pays Chamber of Commerce to Fight Its Battles

Handful of anonymous corporate donors account for bulk of funding

(Newser) - The foreign money that's been funneling into the Chamber of Commerce looks like small potatoes in light of a new analysis from the New York Times that found nearly half of the Chamber's $140 million in 2008 contributions came from 45 anonymous corporate donors who step up the spending when... More »

Troop Death Benefits: We Pay, Prudential Profits

American legion calls for 'overhaul' of system

(Newser) - Prudential is making a profit on death benefits owed to military families—and it's doing so using government funds. When a service member dies, the feds send the full amount of the life insurance policy, usually $400,000, to Prudential. If survivors opt to receive a lump-sum payment, which 95%... More »

Insurers Rip Off Families of Fallen US Soldiers

Keep payouts in interest-bearing accounts and skim off profits

(Newser) - It turns out that insurers handling death benefits for American soldiers have got a sweet scam going that enables them to keep profiting from the money even after it is supposedly paid out to families. They tell bereaved relatives that they've opened a convenient, interest-bearing account for their money that's... More »

Dow Climbs 79 on AIG Deal

Manufacturing employment rises

(Newser) - News of Prudential's agreement to buy AIG's Asia division sowed confidence on Wall Street today. Stocks rose, boosted as well by a jump in manufacturing employment, the Wall Street Journal reports.
  • The Dow rose 78.53 points to close at 10,403.79.
  • The Nasdaq added 35.31, closing at
... More »

Big Life Insurers Will Get TARP Funds

(Newser) - Now that the banks' stress tests are done, it's on to the insurance industry. The Treasury Department said today it will give TARP funds to the nation's biggest life insurers, the Washington Post reports. Hartford Financial has been given preliminary approval to receive $3.4 billion, and as-yet unspecified amounts... More »

As Life Insurers Face Losses, Next Bailout Decision Looms

Life insurers, a key cog in capital markets, seek TARP funds

(Newser) - Life insurance companies, an oft-overlooked yet important cog in the financial infrastructure, haven’t been immune to tumbling markets, the Wall Street Journal reports, which are eroding both their portfolios and consumer confidence. A Dow Jones life insurance index is off 59% this year and 82% from its 2007 high,... More »

Dow Off 177 on Poor Earnings

Goldman report sends life insurance down

(Newser) - Stocks declined today as poor earnings reports made investors bearish, the Wall Street Journal reports. Although news of the Fannie/Freddie plan to speed refinancing efforts for distressed homeowners checked midday losses, the Dow dropped 176.58 to close at 8,693.96. The Nasdaq dropped 35.84, settling at 1,... More »

7 Stories