2008 0228 - FT (Financial Times) - Markets Assess the Costs of a Monoline Meltdown, by Gillian Tett -
But the monoline issue has raised anxiety about whether other counterparties in the CDS world, such as hedge funds, will be able to honour their contracts if corporate defaults rise.
While the International Swaps and Derivatives Association, the main trade body, vehemently insists this risk should be offset by the fact that most trades are backed by collateral, levels of investor unease are nevertheless rising.
2008 0618 - NYT - MBIA Debt is Setting Up Standoff with Regulators, By Gretchen Morgenson and Vikas Bajaj - [link]
The risks associated with the vast, unregulated market for credit default swaps played a crucial role in the bailout of Bear Stearns.
Now these financial instruments are taking center stage in another Wall Street drama: whether regulators will let MBIA, the big bond insurance company, renege on a promise to shore up a crucial unit with $900 million in capital.
2021 0225 - YPFS Lessons Learned Oral History Project: An Interview with Eric Dinallo --- [BonkNote] --- 19p
(p4) - Which is, even if I had caught it and demanded that we fix it, the amount of political energy that would have been leveled against me would be inconceivable. - Until the crisis happened.
(p6) - I wrote an op-ed for the [Financial Times] that lays out that there's a law, that [hedge fund manager] Bill Ackman and I argued about.
About not disparaging or questioning the solvency of an insurance company.
You can short the stock all day, and you can go out there and trash MBIA stock all day.
⇒ But when you start to question its solvency, that's actually against the law.
2008 0731- FT (Financial Times) - Tackle False Rumours About Insurance Companies, by Eric Dinallo, New York Insurance Commissioner - 2p