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was going to be a problem. He also argued that it was not proper for MBIA, which was legally restricted from trading in CDS, to instead do it through a second corporation, LaCrosse
Financial Products, which MBIA described as an "orphaned subsidiary". Ackman bought CDS against MBIA corporate debt as a
401:
announced that it would review MBIA's rating for possible downgrade for the second time in the year. Four months before this announcement, in
February 2008, Moody's had affirmed the AAA rating after MBIA raised $ 2.6 bn in capital and announced that would stop insuring structured finance securities
343:
and federal authorities. He was charged copying fees for copying 725,000 pages of statements regarding the financial services company, in his law firm's compliance with a subpoena. Ackman has called for a division between MBIA's bond insurers' structured finance business and their municipal
364:
climaxed, he sold the swaps for a large profit. Ackman reportedly attempted to warn regulators, rating agencies and investors about the bond insurers' high risk business models. The story of Ackman's battle with MBIA was turned into a book called
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cut MBIA's
Insurance Corp rating to AA from AAA with a negative outlook. Fitch issued the new, lower rating even though MBIA had asked the ratings company, the month before, to stop assessing its credit
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369:(Wiley, 2010) by Bloomberg News reporter Christine Richard. He reported covering his short position on MBIA on January 16, 2009 according to the 13D filed with the
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332:) formed the Municipal Bond Insurance Association in 1973 to diversify their holdings in municipal bonds. The company went public in 1987.
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881:"Assured Guaranty, MBIA drop on rating concern : Standard & Poor’s proposes new ratings criteria for bond insurers"
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808:"Rating Action: Moody's upgrades the MBIA group; National Public Finance at Baa1 and MBIA Corp. at B3"
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835:"Rating Action: Moody's upgrades the ratings of MBIA group: National Public Finance Guarantee to A3"
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side, despite statements from the insurance companies that this would not be a viable option.
781:"Rating Action: Moody's downgrades MBIA Insurance Corporation to Caa2 and MBIA Inc. to Caa1"
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was acquired by
Assured Guaranty Ltd together with its subsidiary Assured Guaranty Corp.
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June 25, 2009. Moody's downgraded MBIA from "Ba3" to "Ba1" which is a speculative grade.
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decided to downgrade MBIA's
Insurance Financial Strength (IFS) rating from AAA to AA.
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Cf. also later cited in Smith, Dick P., December 29, 2010, pp.13-14, inter alia.
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November 7, 2008. Moody's further downgraded the IFS rating to "Baa1" from "A2".
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http://www.marketfolly.com/2009/01/bill-ackmans-pershing-square-files-13d.html
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748:"Moody's comments on MBIA's fourth quarter earnings and ongoing litigations"
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619:"Assured Guaranty Corp. Completes Acquisition of MBIA UK Insurance Limited"
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Confidence game : how a hedge fund manager called Wall Street’s bluff
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June 6, 2008. Despite having affirmed MBIA's AAA rating in
February 2008,
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is an
American financial services company. It was founded in 1973 as the
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June 19, 2008. Moody's downgraded MBIA's credit rating 5 notches to A2.
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Bill Ackman's
Pershing Square Files 13D on Borders, Covers MBIA Short
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way to bet that it would crash. When MBIA did, in fact, crash as the
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November 19, 2012. Moody's downgraded MBIA Inc. from "B3" to "Caa1".
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88:
896:, Hoboken, N.J. : Wiley/John Wiley & Sons, Inc., 2010.
869:, Global Credit Portal : Ratings Direct, December 29, 2010
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May 21, 2014. Moody's upgraded MBIA Inc. from "Ba3" to "Ba1".
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May 21, 2013. Moody's upgraded MBIA Inc. from "Caa1" to "B3".
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March 5, 2010. Moody's referred to MBIA's IFS rating as "B3".
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293:. Financial insurance or Financial Guarantees are a form of
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Richard, Christine; Katherine Burton (January 31, 2008).
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protection MBIA had sold against various mortgage backed
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Brettell, Karen (November 7, 2008). Grebler, Dan (ed.).
674:"S&P cuts top ratings for MBIA, Ambac bond insurers"
640:"MBIA Loses AAA Insurer Rating From Fitch Over Capital"
534:"Ackman Devoured 140,000 Pages Challenging MBIA Rating"
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Financial services companies based in New York (state)
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service with about US$ 40 billion under management.
654:"Moody's says will likely cut MBIA, Ambac ratings"
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944:Financial services companies established in 1973
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929:Companies listed on the New York Stock Exchange
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696:"Moody's downgrades Aaa rating of Ambac, MBIA"
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595:by Christine S Richard, Bloomberg News, 2010
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449:"MBIA Inc. 2022 Annual Report (Form 10-K)"
351:He argued that the billions of dollars of
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496:"Municipal bonds hit by mortgage fallout"
934:Insurance companies of the United States
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949:1973 establishments in New York (state)
711:"Moody's cuts MBIA Insurance to "Baa1""
638:Richard, Christine S. (April 4, 2008).
453:U.S. Securities and Exchange Commission
959:American companies established in 1973
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312:A consortium of insurance companies (
861:"MBIA Inc. and MBIA Insurance Corp."
263:Municipal Bond Insurance Association
19:For the Cameroonian footballer, see
569:. February 20, 2008. Archived from
289:and on asset-backed securities and
16:American financial services company
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522:, MBIA website, accessed 2010 4 15
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561:"MBIA: Call to divide not viable"
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362:financial crisis of 2007–2008
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467:"Subsidiaries of MBIA Inc"
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291:mortgage-backed securities
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840:Moody's Investors Service
813:Moody's Investors Service
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481:"MBIA 2014 Annual Report"
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353:credit default swap (CDS)
265:. It is headquartered in
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277:Functions of the company
890:Richard, Christine S.,
376:In January 2017, MBIA
206:US$ −876 million
23:. For other uses, see
866:Standard & Poor's
384:Credit rating history
297:. It also provides a
25:Mbiá (disambiguation)
573:on February 27, 2008
455:. February 28, 2022.
167: million (2022)
145: million (2022)
407:Standard and Poor's
214:Number of employees
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887:, January 25, 2011
753:2011-07-14 at the
518:2010-04-22 at the
295:credit enhancement
267:Purchase, New York
100:Purchase, New York
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902:978-0-470-64827-8
694:(June 19, 2008).
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845:. Retrieved
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816:. 2013-05-21
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789:. 2012-11-19
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299:fixed-income
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230:MBIA Capital
224:Subsidiaries
195:Total equity
175:Total assets
95:Headquarters
75:Russell 2000
45:Company type
885:MarketWatch
717:November 2,
692:MarketWatch
394:worthiness.
337:Bill Ackman
330:Continental
121:154 million
923:Categories
847:2017-11-27
820:2017-11-27
793:2017-11-27
624:2017-09-28
435:References
281:MBIA is a
153:Net income
713:. Reuters
539:Bloomberg
335:In 2002,
322:Travelers
259:MBIA Inc.
218:75 (2022)
77:component
57:Traded as
31:MBIA Inc.
751:Archived
516:Archived
85:Industry
678:Reuters
659:Reuters
513:History
308:History
235:Website
108:Revenue
89:Finance
68::
900:
328:, and
208:(2022)
188:(2022)
123:(2022)
102:, U.S.
326:Cigna
314:Aetna
898:ISBN
719:2010
579:2008
547:2008
357:CDOs
242:.com
240:mbia
119:US$
66:NYSE
566:CNN
371:SEC
70:MBI
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27:.
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