Friday, September 19, 2008

Welcome Back, Conseco: A New Crisis. Provides Reassurances (CNO)

The stock is down 17% today after collapsing Wednesday, jumping back late Thursday and this morning.
In this financial debacle — unlike the one that drove it to bankruptcy in 2002 — it holds securities of Lehman, AIG, and WaMu.

Conseco Inc., a company that's associated with an earlier financial crisis, said it has major exposure to three of the most troubled financial giants in the current upheaval.

The big insurer said that it held various securities of Lehman Brothers, American International Group, and Washington Mutual, totaling about $103 million as of Tuesday. The news sent Conseco's stock to a 42-percent decline, ending at $4.45....MORE

From Dow Jones via CNN Money:
Insurer Conseco provides update to investors, sees 3rd-quarter profit to range from $75M-$90M...MORE