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Article: Insurer's standards not so rigorous after all; Standards maybe not so rigorous
- Article from:
- International Herald Tribune
- Article date:
- November 13, 2009
- Author:
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Floyd Norris
International Herald Tribune
11-13-2009
Insurer's standards not so rigorous after all; Standards maybe not so rigorous
Byline: Floyd Norris
Section: High & Low Finance
Type: News
MBIA, the U.S. financial insurance company, used to hold itself out as a paragon of hard work and number crunching. But it AAA- rating has turned into junk, and no one wants to buy its insurance.
MBIA, the U.S. financial insurance company, used to hold itself out as a paragon of hard work and number crunching.
"Each transaction guaranteed by MBIA needs to pass a rigorous underwriting process proving no losses will arise under the worst probable case scenario," the company said in a typical investor ...