Ameriprise Financial Says No to Bailout
May 15, 2009 by Stephen Kersey
Filed under Business
With the United States federal government handing out bailouts to try to stimulate the nation’s economy, many companies around the country have happily gobbled up the bailout offers. However, on Friday we learned of the first company on record to outwardly turn down bailout funding.
Ameriprise Financial is the company to turn down the bailout offer. This company is in the financial planning field and claims to have a history in the field that dates back more than 110 years.
Said Ameriprise Financial CEO Jim Cracchiolo: “While we appreciate Treasury’s approval of our application, we have elected not to accept funding. We have carefully evaluated our current position and expectations for the future, and we are confident that our current capital position and access to potential additional funding sources are more than adequate.”
Investors were apparently happy with this news as Ameriprise stock rose to $25.19 and is now up nearly 7.5% since the beginning of 2009.
Ameriprise Financial (Image: Flickr)
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Check out what others are saying about this post...[...] Leave a Comment // Not long ago, it seemed like every company that qualified was gladly accepting federal bailouts. On Tuesday, Allstate became the second insurance company to turn down federal bailout money. Last week, we reported that Ameriprise Financial was the first to say no. [...]