CATAGORIES: MONEY, NEWS & BREAKING NEWS & FOLLOW-UP, REAL HEROES, SMALL CUBICLE INSURANCE COMPANY, i love it when this happens — Yarbz @ 7:34 am

From Business Journal October 28, 2008 (Only the names have been changed to protect the innocent [Read: bloggers] ):

SMALL CUBICLE INSURANCE COMPANY TO SECRETARY PAULSON: NO BAILOUT FOR US, THANKS

Insurance companies may be next to get capital from the government as part of the $700 billion bailout approved by Congress, but The Small Cubicle Insurance Company (SCIC) won’t be one of them.

SCIC sent a letter Tuesday to Treasury Secretary Henry Paulson to inform him that it would neither seek nor accept any money under the Capital Purchase Program.

“SCIC does not require or intend to request any such assistance,” Chief Executive Porpoisehead Fred said in a letter to Treasury Secretary Henry Paulson, adding that SCIC is “strong, resilient and well capitalized” and did not need the help.

It also suggested that private market solutions should be found for other insurance companies that are interested in receiving government funding, so that federal funds could be preserved for “more acute problems.”