Pre-nationalisation Genworth pulls guidance

Thursday, 26 March 2020

Via GMA:

“Strong balance sheet”…and hilarity ensues. Last time I looked it was leveraged 307x capital to insurance in force.

I predict that within six months this business will be the hands of the government and be channeling fantastic quantities of your taxpayer dollars into backdoor bailouts for the banks making good on insolvent premiums.

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.