Nov. 17 (Bloomberg)
Four of the world's biggest life insurers may acquire small banks that regulators have cited for improper practices to improve their own chances of getting cash from the $700 billion U.S. government bailout fund. Lincoln National Corp. and Aegon NV, owner of Transamerica Corp., may buy savings and loan companies in Indiana and Maryland whose methods were found to be ``unsafe and unsound'' by the Office of Thrift Supervision. Hartford Financial Services Group Inc. is acquiring a Florida lender that was told by the OTS in May to curb lending. Genworth Financial Inc.'s target got a ``cease-and-desist'' order tied to potentially fraudulent loans....Lincoln National plans to buy Goodland, Indiana-based Newton County Loan & Savings, which has $3.83 million of deposits, according to regulatory data, and no branches. The lender posted a $404,000 loss for the quarter ended June 30, according to FDIC data. Newton was ordered to halt certain types of mortgages without written approval from the OTS. Lincoln may qualify for as much as $3 billion from the Treasury, company spokeswoman Laurel O'brien said today
In "more enjoyable reading" news, Doctor Pauly has a few good posts about the far reaching effects of the economic downtown; even hookers in Vegas are feeling the heat. ""It sucks," she said. "Business is bad. No one has money. Shit, I might have to actually get a real job." Pauly's inimitable observations and masterful dealings with the pro's are a must read. In another post, Emissaries From the Land of Indulgence, he echos a sentiment that the Big Show and I commented on out loud on our last two trips: the Vegas game is over. The bubble has burst, and there will be a lot of pain to come. Especially if Michaelski is standing near you when you're gambling.
And speaking of good news, Pauly and Michaelski, Pokerlistings will once again be hosting both of them, along with yours truly, in the second coming of the Run Good Challenge series, starting this Sunday.