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>A spike in internal fraud events made up the majority of exceptionally large losses in 2011, but December’s data included a disproportionately large ‘Clients, products and business practices’ loss. MBIA’s $1.1 billion settlement with Morgan Stanley was almost five times greater than the second highest loss this month.
The two highest loss events in December 2011 both involved investments that were backed by the volatile US housing market. It is likely similarly l