MBIA’s accounts probe
The cost of default protection for bond insurer MBIA has risen dramatically in recent weeks amid concerns that the company could be at risk of losing its triple-A rating. The cost of five-year protection against the default of MBIA is now almost 40% higher than it was at the beginning of March, according to Markit.
Concerns over the stability of MBIA’s rating stem from the firm’s announcement that it is revising all financial statements from 1998. Increasing regulatory scrutiny from New York
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