Bond insurer woes could become market "tsunami": Spitzer
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The bond insurer problem must be  fixed, or else it could become a "financial tsunami" that  wreaks havoc on the broader economy, New York Governor Eliot  Spitzer is due to tell the Congress Thursday.
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Banks may need $143bn to weather the credit crisis if bond insurers lose their top credit ratings, new research shows.
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New York Attorney General Eliot Spitzer tells US lawmakers that many insurance brokers systematically fix the market.
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NEW YORK -- A downgrade of bond insurer Ambac Financial Group Inc. is likely to have far-reaching effects, making it more difficult for cities to issue new bonds and forcing further write-downs at financial services companies, analysts said Friday.
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Merrill Lynch & Co  warned on Friday that shaky credit markets forced the world's largest brokerage to reduce the value of securities linked to risky subprime mortgages and other products, a move that could hurt third-quarter profit.
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NEW YORK New York Attorney General Eliot Spitzer says the price for settling state charges of collusion and bid rigging by the nation&#39;s largest insurance broker could be &quot;far higher&quot; than 500 (m) million dollars.
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United States regulators are considering forcing investment banks to make public markets in some of the more exotic financial instruments that have plunged in value in the last six months.
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Bill Ackman, founder of hedge fund  group Pershing Square Capital Management, told regulators on  Wednesday the two biggest U.S. bond insurers face combined  losses of over $22 billion from from bonds they've insured, and  should be forced to stop paying dividends.
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The recapitalization of U.S. bond insurers hit by the subprime mortgage crisis could occur within "a couple of days," New York Gov. Eliot Spitzer said on Thursday.
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Insurance broker Marsh &amp; McLennan Cos. said yesterday it is renegotiating terms of $2.8 billion of backup bank financing after New York Attorney General Eliot Spitzer sued the company last week. The move is likely to raise the company's borrowing costs.
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The proposal to break-up the businesses of bond insurers into two separate segments, with one covering "good" municipal debt and the other covering "bad" structured finance debt, may lead to years of litigation, said Bank of America analysts, in a note to clients, late last week.
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The price for settling state charges of collusion and bid-rigging by the nation's largest insurance broker could be ''far higher&quot; than $500 million, New York Attorney General Eliot Spitzer said yesterday.
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The Legislature&#39;s bet on a billion bucks from a contested insurance case could plunge New York State deeper in debt, state Comptroller Alan Hevesi warned.
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Shares of insurers and insurance  brokers fell sharply on Friday for a second straight day after  New York Attorney General Eliot Spitzer leveled fraud charges  against major industry players.
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An Australian hedge fund felled by its  exposure to risky credit derivatives filed for bankruptcy  protection in the United States, and liquidators on Thursday  were assessing how much money, if any, would be returned to  investors.
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The notion that the failure of even one big bond insurer might touch off a chain reaction of losses across the financial world has unnerved Wall Street.
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Sector-based ETFs may be losing steam.