S&P downgrades roll on: Insurers whacked

CNN Money ^ | August 8, 2011 | By Charles Riley

[Oldeconomybuyer]

NEW YORK (CNNMoney) -- The credit ratings of five major insurance companies were whacked by Standard and Poor's on Monday as the rating agency systematically downgraded debt that is closely linked to the federal government.

The latest victims are insurers Knights of Columbus, New York Life, Northwestern Mutual, Teachers Insurance & Annuity Association of America and United Services Automobile Association.

[Oldeconomybuyer]

Eat your peas.

[WKTimpco]

“Eat your peas.”

I like that. The idea that
if everyone would just take
their lumps the wonderful
world of socialism would work.

Clueless just doesn’t begin
to describe....

[aft_lizard]

I’m a member of USAA and use their insurance and banking...what exactly does this mean to me?

[sam_paine]

I’m a member of USAA and use their insurance and banking...what exactly does this mean to me?

Technically, if you can't tell us what it means to you, then it doesn't mean anything to you.

[KarlInOhio]

With all the insurance companies which are part of Berkshire Hathaway, it's no wonder why Warren Buffet was wishing he could rate US treasury bonds as quadruple A. That statement was as self serving as Buffet arguing for an estate tax while at the same time selling life insurance to reduce or avoid the estate tax.

[LRoggy]

None of these companies deserve this.

For the USAA customer: It means NOTHING to you.

I’ve said on other forums that I’d rather lend to Northwestern Mutual than this administration. In my opinion they are the finest financial company on the planet.

[acoulterfan]

“I’m a member of USAA and use their insurance and banking...what exactly does this mean to me?”

Ditto here - since 1971 !

[TheOldLady]

Mash His Cute Little Nose

We're Looking For a Little Yellow

Donate, monthly if possible

[CholeraJoe]

USAA has a boatload of my money. I have been a customer and policyholder for 31 years and do not have a single complaint.

[PatriotGirl827]

My daughter worked for them for 5 years - they were an incredibly stable company. I wonder what happened?

[Vince Ferrer]

My daughter worked for them for 5 years - they were an incredibly stable company. I wonder what happened?

They were dumb enough to buy United States treasuries.

[SunkenCiv]

Thanks Oldeconomybuyer.