Whoah God only knows, God makes his plan
The information unavailable to the mortal man
Were workin our jobs, collect our pay
Believe were gliding down the highway,
when in fact were slip sliding away
Simon And Garfunkel
Judging by the spate of news reports flying around financial circles it appears that after almost 200 years of gliding down the highway of steady, solid success, Hartford Financial Services Group (Hartford) is about to slip slide away into history. And it my opinion, nothing short of an Allianz SE buyout can save it.
You may have read the latest. Bloomberg News reported Thursday (April 23) “Hartford Financial Services Group Inc. is seeking bids from rivals including Travelers Cos. for its flagship property insurance business, said people familiar with the matter, in a sign that damage from the financial crisis may lead to a wholesale breakup of the 200-year-old insurer.”
It would be sad to see a great company like the Hartford fall by the wayside, but that is the price any company (or individual) pays when it stops doing those things that made it great. As I have often said – If you are not making history, you are history!
That’s why it’s misleading for Bloomberg and others (including Hartford management) to lay the blame for the demise of the Hartford at the feet of “the financial crisis.” The financial meltdown did not cause Hartford’s crisis; it only exposed the poor judgment and inept leadership of Hartford’s management.