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’Eric Dinallo to resign July 3, may run for NY AG
Eric Dinallo, the current superintendent of the New York State Insurance Department, will resign in July, New York governor David Paterson said on Thursday.
“Under Superintendent Dinallo’s leadership,
Paterson sets his sights on Spitzer’s title
No, not Client 9 – we’re talking Sheriff of Wall Street here.
Governor David Paterson, who succeeded Eliot Spitzer in March, has decided to regulate a portion of the “market for short selling bonds”
AIG capital deficit to be closed. Just like that!
Is this Tommy Cooper-meets-American insurance regulation?
New York Gov Paterson has granted Insurance Department superintendent Eric Dinallo authorisation to allow AIG to access $20bn of unspecified assets sitting in AIG subsidiaries and use these as collateral against a loan from the US treasury.
AIG watch
Moving swiftly on to the next part of this crisis…
Go here to watch the webcast of NY Governor Paterson reporting on the efforts of Superintendent Eric Dinallo, from the New York Insurance Department ,
The end of MBIA and Ambac?
Moody’s downgrading of MBIA and Ambac should be a cathartic event.
It means that the companies – in current form – will not write business ever again.
MBIA has been downgraded all the way to A2. It.
Monowhine II
This thing is over already, the market just doesn’t know it yet.
- Bill Ackman, speaking on Wednesday in New York.
He refers, of course, to the continuing existence of the monolines. Though he could equally be talking about his own involvement with them – since he’s widely believed to have closed out his shorts on Ambac and MBIA already.
MBIA takes on the New York Times
Incomplete. Unreliable. Inaccurate. Misleading.
Those are just some of the adjectives MBIA hurled at the New York Times on Wednesday in an epic, 2076-word rebuttal (with footnotes) of a story written by Gretchen Morgensen and Vikas Bajaj,
Dinallo: Groups to enter bond insurance
Two companies are considering opening new bond insurance firms – a large US bank and a large private equity firm – according to New York’s insurance industry regulator. The potential for new entrants into the bond insurance sector comes amid continued uncertainty around the biggest bond insurers,
Dinallo warns on FGIC woes
The US regulator overseeing efforts to prop up FGIC said the troubled bond insurer should come up with fresh capital in “the next 30 days” to avoid worst-case scenarios such as closing down. Eric Dinallo,
Dinallo defends monolines handling
Eric Dinallo, New York’s insurance regulator, has defended his handling of the bond insurer crisis, saying his decision to call in Wall Street’s top banks last month for talks was an effort to flag up problems and not the heavy-handed intervention portrayed by critics.
FGIC’s breakup: saving Main Street at the expense of Wall Street
Bond insurers: Eric Dinallo cometh.
The New York insurance superintendent Eric Dinallo has just been speaking to CNBC – the news outlet of choice for pre-weekend monoline news. Says Dinallo, FGIC – which lost its last triple-A rating on Thursday – wants to split itself up:
When Dinallo met Buffett: the monoline breakup plan
Bond insurer MBIA hit back on Thursday at Pershing Square’s Bill Ackman – the hedge fund manager who has made a fortune shorting the monolines. Outsiders seem to be finding value in the bond insurer business too.
Bill Ackman’s letter to the regulators in full, and his monoline model
FT Alphaville warning: This post is long. But worth reading. Bill Ackman has not only provided the rationale for his continued shorting of the monolines, but he’s also put the numbers for his risk modelling up on the internet – as open source.
To bailout or not to bailout, monoline edition
Maybe it’s just because there are lots of little French bon mots floating around at the moment, but does anyone feel a strange sense of déjà vu?
Not for SocGen though, but the monolines.
The FT broke news of a monoline bailout plan from the New York Insurance superintendent,