Apparently not everyone wants a federal bailout. Reports
have surfaced that the U.S. Treasury has given preliminary approval to sending billions via the Capital Purchase Program to six insurance companies, including RiverSource
, but Ameriprise wants no part of it.
"While we appreciate Treasury's approval of our application, we have elected not to accept funding," stated
Ameriprise chairman and CEO Jim Cracchiolo
. "We are confident that our current capital position and access to potential additional funding sources are more than adequate."
Several other fund firms' parents are singing a different tune, though. Hartford
chairman and CEO Ramani Ayer revealed
that he's "pleased" with Treasury decision to send Hartford $3.4 billion, which would "further fortify" the firm's "capital resources."
For its part, Delaware Investments
may take $2.5 billion through the CPP.
"Access to the Treasury's Capital Purchase Program is a means to further enhance the company's financial flexibility and capital in what has continued to be an unprecedented economic environment," stated
Lincoln president and CEO Dennis Glass
, and Jennison-Dryden
, have both officially not decided whether to accept the cash.
"As always, we will continue to consider a range of options to position us to take advantage of opportunities and to meet any further challenges," stated Principal president and CEO Larry Zimpleman
. "Our decision about whether to participate in CPP and, if so, at what level, will be based on a review following receipt of all the terms and conditions, both economic and non-economic."
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