New York Life declines Fed’s money

New York Life Insurance Co. said it won’t participate in the Department of the Treasury’s capital-purchase program. “The company can meet all of its strategic objectives without government capital, its businesses are strong and profitable, and it is committed to remaining a mutual company operating for the sole benefit of its policyholders,” a spokesman for the insurance giant said in a statement. “We are well capitalized with more capital than is required to maintain our Triple-A ratings.” The Treasury Department launched its capital-purchase program last month with the funds coming from the government's $700 billion bailout program(InvestmentNews, Oct. 3).