Reply #98: Conn AG: MetLife-Travelers deal not in public interest (Well, DUH!) [View All]

[UpInArms]

http://www.marketwatch.com/news/story.asp?guid=%7BF2FCD96B%2D71EF%2D4B4C%2D8CAB%2DC256A2DE1855%7D

NEW YORK (MarketWatch) -- Connecticut Attorney General Richard Blumenthal said he will oppose MetLife's pending acquisition of Travelers Life & Annuity, saying that the deal goes against the public interest.

In a statement Wednesday, Blumenthal said the acquisition will "destroy jobs, damage our economy and disadvantage families."

Blumenthal said MetLife will cut almost 800 jobs at Hartford-based Travelers Life & Annuity due to the acquisition.

"My message to MetLife is simple: Keep jobs in Hartford or keep your hands off Travelers," he said.

MetLife spokesman John Calagna declined to comment on the attorney general's statement. But he said MetLife plans to eliminate 600 jobs within the year, while 100 jobs in Connecticut will be moved elsewhere.

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And can anyone tell me the last time a corporation did something in the "public interest"?

A corporation's only tenet is profits.