Financial Business Review: Blackstone Interested in ASSETS, Wells Fargo STUNG By Drought

The Blackstone Group (NYSE:BX) is among those interested in what’s on offer, as the U.S. government steps up its plans to divest the billions of dollars in assets it purchased during the bailout of the financial system in 2008. The assets include the preferred shares of over 300 small and midsize banks held by the United States Treasury, and mortgage bonds held by the New York Federal Reserve Bank, according to the Wall Street Journal.

Don’t Miss: Arch Capital Group Ltd. Second Quarter Earnings Sneak Peek.

Top crop insurers, such as Wells Fargo & Co. (NYSE:WFC), ACE Limited (NYSE:ACE), and Q B E Insurance Group (QBEIF.PK), might experience their first underwriting losses in a decade due to the ongoing drought. However, taxpayers might have to provide some 50 to 80 percent of government subsidies and reinsurance, along with having to pay more at the grocery store. Meanwhile, cynics sat that farmers might be tempted by the severity of the drought at abandon their crops and claim the insurance instead.

Don’t Miss: Assurant Second Quarter Earnings Sneak Peek. 

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