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MBIA breaks ties with trade association

February 22, 2008

MBIA Inc. has pulled away from the Association of Financial Guaranty Insurers. The Armonk, N.Y.-based bond insurer said that it no longer shared the trade association’s view on the direction the bond insurance industry should take going forward....

MBIA blasts Ackerman's bond insurer plan

February 21, 2008

William Ackman, head of Pershing Square Capital Management LLC, has come up with a solution for the troubled bond insurers, but the plan is meeting with stiff opposition, according to published reports. The activist investor pitched his plan...

MBIA chief mulls business split

February 20, 2008

Joseph Brown, new chief executive of MBIA Inc., is thinking of splitting the bond insurer’s guarantee business to maintain the firm’s AAA credit ratings, according to Bloomberg. Mr. Brown, who was yesterday appointed to the helm of MBIA, told...

Credit Suisse to take $1 billion beating

February 19, 2008

Credit Suisse wrote down $2.85 billion in losses from subprime-related debt today, and said its first quarter earnings, which the banking giant is scheduled to report on April 24, should be lower by about $1 billion. The Zurich-based bank said...

Cantor pays for personnel raid

February 15, 2008

Raymond James & Associates Inc. at the end of last month won an arbitration claim of $1.75 million against Cantor Fitzgerald & Co., with Raymond James alleging that Cantor Fitzgerald had unlawfully raided personnel and business from Raymond...

FGIC plans new bond insurer

February 15, 2008

Financial Guaranty Insurance Co., the embattled bond insurer, wants to split itself into two companies, according to published reports. The company placed a request with the New York State Insurance Department to open a new bond insurance unit,...

Ambac, MBIA soars as bailout banks named

February 1, 2008

Shares of Ambac Financial Group Inc. and MBIA Inc. rose after CNBC reported the names of eight banks that have banded together with the New York state Insurance Department to rescue the beleaguered bond insurance industry, according to Crain's...

Bond insurers could cost finance firms $75B

January 30, 2008

A possible collapse of teetering bond insurers could cost financial firms, including Merrill Lynch & Co. and Citigroup Inc., as much as $75 billion, according to a report from Oppenheimer & Co. analyst Meredith Whitney, according to Crain's...

Franklin Templeton launches int'l bond fund

January 28, 2008

Franklin Templeton Investments, a subsidiary of Franklin Resources Inc., has launched the Templeton International Bond Fund for U.S. investors. The fund, which is offered by the Franklin Templeton Fixed Income Group, seeks to generate income...

Banks on the hook if muni bonds tank

January 25, 2008

Banks, still hurting from painful write-downs, may need to set aside $143 billion in reserves if municipal bonds wind up being downgraded, according Barclays Capital. If the bonds insured by Ambac Financial Group and MBIA Inc. are cut one level...

Massachusetts subpoenas MBIA and Ambac

January 24, 2008

William Galvin, secretary of the commonwealth of Massachusetts has subpoenaed bond insurers MBIA Inc. and Ambac Financial Group. The two bond insurers are now being investigated by state regulators. Mr. Galvin said that last week he had requested...

Ambac, MBIA shares dive on ratings fears

January 17, 2008

Shares of bond insurers Ambac Financial Group Inc. and MBIA Inc. plunged Thursday on renewed concerns that the two companies are on the verge of losing their AAA credit ratings. Moody’s Investors Services late Wednesday said it may cut Ambac’s...

Rate cut seen as positive for high-yield-bond investors

September 24, 2007

After being beaten down as a result of the subprime-mortgage mess, junk bonds now look like big winners following last week’s interest rate cut by the Federal Reserve. And some industry experts say that that may translate into a sustained rally...

Court reverses FSA ruling

September 19, 2007

An Atlanta federal appeals court yesterday reversed a ruling, thereby affirming the dismissal of securities fraud charges against underwriter Stephens Inc. The court turned down an appeal by Financial Security Assurance Inc., a New York-based...

Gross: Crisis needs ‘Rooseveltian’ response

August 24, 2007

Prominent bond fund manager Bill Gross said the subprime-mortgage crisis needs a federal response of “Rooseveltian proportions.” In a commentary posted on PIMCO's website, Mr. Gross, the founder and director of Pacific Investment Management...

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