Plan to Rescue Bond Insurers Is Outlined
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The New York State insurance superintendent, Eric R. Dinallo, has been working with banks on rescue plans for several bond insurers, which guarantee $2.4 trillion of debt.
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Britain's finance minister said on Wednesday he was working on a set of measures which will allow the government to launch emergency rescues if other banks run into trouble similar to that experienced by Northern Rock.
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Drugmaker Merck &amp; Co., under financial siege since pulling its top painkiller Vioxx off the market in September, said Monday it has adopted a plan that
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More participants will join a credit  rescue plan that three lead banks are setting up to help  stabilize the asset-backed commercial paper market, but it will  be temporary, a senior U.S. Treasury official said on Saturday.
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Eight banks have formed a consortium  to seek a rescue plan for MBIA Inc , Ambac Financial  Group Inc  and other troubled bond insurers, CNBC  reported on Friday, citing an unnamed source.
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Bond insurers may be split into two businesses -- one to guarantee municipal bonds and the other to back riskier securities linked to troubled mortgages -- in what would be the biggest overhaul of the industry since it was created almost four decades ago.
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New York Gov. Eliot Spitzer on Thursday said he and the state insurance superintendent were making "good progress" on a plan to stabilize bond insurers, adding he was being careful not to get ahead of the federal government.
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Billionaire investor Warren Buffett is set to launch a bond insurer targeting local governments, seeking to profit from troubled credit markets, the Wall Street Journal reported on Friday.
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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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The Bush administration and six large mortgage lenders unveiled a plan yesterday to offer some homeowners facing foreclosure 30-day reprieves to work out alternatives.
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Efforts to rescue a distraught U.S.  bond insurance industry could inject a positive note on Wall  Street but the economic data and earnings reports on tap for  this week are unlikely to change a downward trend for stocks.
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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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ALBANY, New York  - New York Gov. Eliot Spitzer said on Tuesday he was working "extraordinarily hard" to aid troubled bond insurers, adding that he would do what is appropriate for the bond market, and the municipal market in particular.
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Goldman Sachs said on Friday that Citigroup Inc's bonds were poised to outperform after its debt rating was cut and it unveiled a plan to rescue $49 billion of off-balance sheet investments.
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The reorganization plan filed by WR Grace &amp; Co. in its Chapter 11 bankruptcy case includes a proposal to establish a trust to handle a variety of asbestos claims against the chemical manufacturer.
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The board of Northern Rock  is considering mounting a rescue plan to save the ailing British bank from nationalisation or takeover, the Sunday Times reported.
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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.