AEGON works for U.S. bailout funds
Dutch insurance company AEGON is looking to make itself eligible for the U.S. financial bailout by buying American. If successful, it could receive more than a billion dollars of U.S. taxpayers' cash. Stephen Beard reports.
The logo of Dutch insurer Aegon is seen at the firm's headquarters in The Hague (Koen Suyk/AFP/Getty Images)
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Steve Chiotakis: Looks like everyone wants a piece of the U.S. financial bailout action. Even companies overseas. A Dutch insurance company, AEGON, is looking to make itself eligible by buying American -- and selling its American sales. From the European desk in London, here's Stephen Beard.
Stephen Beard: AEGON has applied to join the TARP bailout program. If successful, it could receive more than a billion dollars of American taxpayers' cash. The Dutch company owns the U.S. life insurer Transamerica.
But the insurance company needs to be federally regulated to qualify for any bailout funds. To gain that federal status, AEGON is exploring the possibility of buying a small American savings and loan firm.
AEGON's spokesman is Greg Tucker:
Greg Tucker: What we've done is try to maintain a place at the table while we look at this TARP program and understand number one if we would be eligible, and number two, on what terms.
AEGON has just received $3.8 billion worth of Dutch taxpayer's cash. The company points out that it generates three-quarters of its profits in the U.S. And if it succeeds in getting any U.S. bailout funds, the money will be spent in America.
In London, this is Stephen Beard for Marketplace.
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