February 19, the world's largest bond insurer MBIA announced that, please return to former CEO Joseph Brown (Joseph Brown) control the company. At the same time that the company is working with regulatory authorities in consultation, hoping to retain AAA rating.
According to Bloomberg news agency reported, MBIA incumbent CEO Gerui Dan Dayton (Gary Dunton) took office in 2004, began in 2007 as chairman of the board. MBIA said the statement, Denton would not retire from the company to remain in.
Brown, 59-year-old, he was in May 2004 after former CEO, also continue to serve as Chairman of the Board to May 2007. 1986 to 1999, he has served as a director of MBIA. According to the Associated Press reported that he was the property and accident insurance company Safeco Corp's non-executive directors, but will resign from the post.
Brown returned to MBIA's main task is to draw up plans to save bogged down in the quagmire of the loan-to-MBIA. At present, the loan-to-related securities for MBIA has brought more than 50 billion dollars in losses. Not only affect the ratings, but also drag in the 2007 stock 83 percent down. Last week, New York state insurance regulators who even suggested that Eric Dinallo, the loss of the bond insurance business into two, to avoid affecting the value of more than 1 trillion U.S. dollars of municipal bonds.
"MBIA is facing a major challenge." Brown said, he said that MBIA will build a new business model. Concrete change, Brown said First, change the type of securities issued, the number is changed. Bloomberg News reported that Brown has Dinallo MBIA discuss the restructuring plan.
In order to keep AAA rating, MBIA recent months has raised over 30 billion dollars of funds. However, many rating agencies have stated that there may be more recent loans in arrears, resulting in the value of the securities lending support to the bond insurer MBIA caused such a loss.
In fact, MBIA counterparts have suffered ratings were down. The second largest bond insurer Ambac publishers and the ratings, Fitch has been downgraded from AAA to AA, Moody's and Standard & Poor's has begun its rating revaluation; ranked third in FGIC and Fitch ratings were superscript Pronk also downgraded to AA, Moody's has not made any decisions, but also began to reconsider.
According to "The Wall Street Journal" reports, Ambac is preparing to sell discounted stock shareholders to raise 2 billion U.S. dollars of funds. But the spokesman did not Ambac to comment.
According to Bloomberg news agency reported, MBIA incumbent CEO Gerui Dan Dayton (Gary Dunton) took office in 2004, began in 2007 as chairman of the board. MBIA said the statement, Denton would not retire from the company to remain in.
Brown, 59-year-old, he was in May 2004 after former CEO, also continue to serve as Chairman of the Board to May 2007. 1986 to 1999, he has served as a director of MBIA. According to the Associated Press reported that he was the property and accident insurance company Safeco Corp's non-executive directors, but will resign from the post.
Brown returned to MBIA's main task is to draw up plans to save bogged down in the quagmire of the loan-to-MBIA. At present, the loan-to-related securities for MBIA has brought more than 50 billion dollars in losses. Not only affect the ratings, but also drag in the 2007 stock 83 percent down. Last week, New York state insurance regulators who even suggested that Eric Dinallo, the loss of the bond insurance business into two, to avoid affecting the value of more than 1 trillion U.S. dollars of municipal bonds.
"MBIA is facing a major challenge." Brown said, he said that MBIA will build a new business model. Concrete change, Brown said First, change the type of securities issued, the number is changed. Bloomberg News reported that Brown has Dinallo MBIA discuss the restructuring plan.
In order to keep AAA rating, MBIA recent months has raised over 30 billion dollars of funds. However, many rating agencies have stated that there may be more recent loans in arrears, resulting in the value of the securities lending support to the bond insurer MBIA caused such a loss.
In fact, MBIA counterparts have suffered ratings were down. The second largest bond insurer Ambac publishers and the ratings, Fitch has been downgraded from AAA to AA, Moody's and Standard & Poor's has begun its rating revaluation; ranked third in FGIC and Fitch ratings were superscript Pronk also downgraded to AA, Moody's has not made any decisions, but also began to reconsider.
According to "The Wall Street Journal" reports, Ambac is preparing to sell discounted stock shareholders to raise 2 billion U.S. dollars of funds. But the spokesman did not Ambac to comment.
No comments:
Post a Comment