Insurers dive on Reid's 'bankrupt' quote

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Insurers dive on Reid's 'bankrupt' quote
Comments from Senate Majority Leader Harry Reid about a 'major insurance company' on the verge of bankruptcy send already hard-hit stocks sharply lower.

By Aaron Smith, CNNMoney.com staff writer
Last Updated: October 2, 2008: 4:19 PM ET

NEW YORK (CNNMoney.com) -- Several big life insurance stocks fell sharply Thursday, dragged down by jitters about their role in the credit crisis and fears sparked by a comment from Senate Majority Leader Harry Reid, D-Nev., Wednesday about a potential bankruptcy in the industry.

"We don't have a lot of leeway on time. One of the individuals in the caucus today talked about a major insurance company. A major insurance company -- one with a name that everyone knows that's on the verge of going bankrupt. That's what this is all about," Reid said prior to the Senate's approval of the $700 billion bailout bill. [Full Article]

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First Schumer blabbed about IndyMac, which led to a run on the bank and its subsequent failure, and now this. This is why we're in this mess: these people are morons and they're never held accountable when they screw up.

Someone wake me up when all this passes please.... My god our representatives are just flipping fools. I swear there is no way I'm voting for any incumbent official this Nov...they all have to go.

Tommy, the only way these morons will ever get out of office is if less morons vote in the first place.

Yet we continue believe on the religion of "getting out the vote".

More ill informed people voting will be the failure of democracy as a system. -- Well between that and under paying the politicians so they constantly fall victims to bribes (in one form or another) and the media crucifying any true leader that might say something "unpopular".

Now you know everytime I drive to LAS when I pass through Searchlight I extend my right arm, extend middle finger and salute dingy Harry. He is evil.