Banks Study Bailing Out Struggling Bond Insurer
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Officials from Merrill Lynch, Bear Stearns and other major banks are in talks to bail out ACA Capital Holdings, according to two people briefed on the situation.
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Problems in the bond markets put pressure on financial firms' shares.
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Warren Buffett's Berkshire Hathaway Inc   is starting a bond insurer that would help state and local governments lower their borrowing costs, posing a direct challenge to established rivals struggling with deteriorating credit markets.
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Shares of bond insurers opened strongly Thursday on hopes of a bailout for the beleaguered sector, but ended up falling sharply after Fitch Ratings downgraded Security Capital Assurance.
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Regulators plan to probe how the major credit-rating agencies are paid and their independence from Wall Street firms that issue bonds, The Wall Street Journal reported in its online edition on Friday.
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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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Warren Buffett's Berkshire Hathaway  Inc is starting a bond insurer to help state and local  governments lower their borrowing costs, directly challenging  established rivals that are struggling with deteriorating  credit markets, the Wall Street Journal said on Friday.
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The bank was badly hurt by a huge spike in consumer credit costs and the poor performance of its investment banking unit, which has clamored for Wall Streetâs respect.
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Investors poured back into equities on Thursday, hoping a rescue plan for ailing bond issuers would stop a new round of credit losses, although claims of a massive trade fraud added to financial sector worries.
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Big banks have pulled the plug on a Treasury Department-backed plan to rescue troubled investment vehicles leveled by the subprime mortgage crisis.
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Barclays  and Royal Bank of Scotland  have lined up emergency funds of up to $30 billion from the U.S. Federal Reserve to bail out American clients caught up in the global credit crunch, a paper said.
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Bank of America Corp ,  Citigroup , and JPMorgan Chase & Co  have abandoned  plans for a fund to bail out structured investment vehicles,  due to a lack of demand, according to sources familiar with the  matter.
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Fed boss Ben Bernanke is monitoring problems at bond insurers that may see more sub-prime banking losses.
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Bear Stearns Cos. Inc.  may have to bail out a second troubled hedge fund that it manages, Merrill Lynch analyst Guy Moszkowski wrote on Monday.
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Barclays  and Royal Bank of  Scotland  have lined up emergency funds of up to $30  billion from the U.S. Federal Reserve to bail out American  clients caught up in the global credit crunch, a paper said.
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Embattled insurance broker&#39;s banks agree to waive clause that may have prevented access to credit. NEW YORK  - Marsh &amp; McLennan Cos.
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Troubled bank Northern Rock could be sold off following its emergency bail-out by the Bank of England, the Sunday Telegraph reported.