Genworth Seeks TARP Cover

TARP madness continues. We are getting major insurers to buy savings and loans, which then guarantees that the policyholders somehow can get TARP.

I like this from a personal point of view. My life insurance company is Genworth (GNW - commentary - Cramer's Take), and I was frightened all last week that it wouldn't pay. We know that the states are supposed to make it up, but have you looked at how the states are doing lately? But now that Genworth has bought some no-name bank in Minnesota called Interbank I can breathe easier.

Of course the ersatz way of saving Genworth means nothing because TARP is now just a big handout to companies that screwed up. The idea that a multibillion-dollar insurance company can now participate in a TARP plan because it bought some savings and loan no one has ever heard of doesn't even cause anyone to bat an eyelash these days. Everything is so stupefying.

The fact that Hartford (HIG - commentary - Cramer's Take) and Lincoln (LNC - commentary - Cramer's Take), as well as the others in the segment that may or may not need TARP help, are all being killed is not to be trifled with. But it does inspire confidence as a policyholder.

We live in ridiculous times. The idea that Genworth could have gone belly-up if it hadn't bought this savings and loan is just madness.

But madness beats insolvency, so Genworth lives to play again despite numerous miscues and recklessness which, of course, they would deny because that's another thing that comes part and parcel with this era, a total lack of culpability and humility.

Who cares. My policy's alive again. I'm happy.

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Know What You Own: Genworth operates in the life insurance industry, and some of the other stocks in its field include AXA (AXA - commentary - Cramer's Take), China Life Insurance (LFC - commentary - Cramer's Take), Manulife Financial (MFC - commentary - Cramer's Take) and Prudential (PUK - commentary - Cramer's Take). For more on the value of knowing what you own, visit TheStreet.com's Investing A-to-Z section.

At the time of publication, Cramer had no positions in stocks mentioned.

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