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Friday, March 06, 2009

Believe It or Not...

There are still brains in the financial sector.
March 6 (Bloomberg) -- Liberty Mutual Group Inc., the policyholder-owned property insurer, dumped shares of Bank of America Corp., Wells Fargo & Co. and General Electric Co. last year, avoiding losses of more than 50 percent in 2009.

“Our decision to substantially exit the public equities market was clearly the right decision to make,” Chief Executive Officer Edmund “Ted” Kelly said today in a statement. “The current economic crisis is challenging.”

Liberty Mutual posted a 12 percent increase in fourth- quarter profit today, earning $474 million compared with $425 million in the year-earlier period.
The president could do a lot worse than firing Treasury Secretary Geithner, putting Edmund “Ted” Kelly in charge (if he's foolish enough to take the job), then stand back and shut up.

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