The eye of the storm

Regulator Q&A


Life & Pensions: What happened at the start of the crisis?

Eric Dinallo: In the summer of 2007, deputy superintendent Michael Moriarty came to me and said 'the MBIA wants a dollars 1 billion extraordinary dividend from the insurance company to the holding company'. In other words, there's excess capital there based on our solvency analysis and they want to surplus that out to shareholders. We do allow that at times. My predecessor had sort of signed off on it, by the way. I'm not trying to

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