Pre-nationalisation Genworth pulls guidance

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.

Hilariously, GMA is up 20% for pulling its guidance!

Now that’s stupid.

David Llewellyn-Smith
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