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Eliot Spitzer was known as a corruption-buster, going after several high-profile prosecutions of Wall Street figures, extracting billions of dollars in fines from investment banks, mutual funds and brokerage houses. He also went after the insurance industry, and engineered the departures of the chiefs of two insurance giants. In one of those cases, against American… Continue reading Mr. Clean Gets Dirty: Spitzer Faces Calls for Resignation Over Sex Scandal

Today CIFG Holding Ltd. announced the naming of Richard Price as the bond insurer’s non-executive chairman of the board of directors.    Price, 61, most recently served as chief executive of Zurich Capital Markets and Centre Re, both units of Zurich Financial Services. He also spent time as an executive at Financial Guaranty Insurance Co.,… Continue reading Bond Insurer CIFG Names Richard Price as Board Chairman

According to seasonally adjusted data released by the U.S. Bureau of Labor Statistics, U.S. insurance industry payrolls fell in February for the second straight month, losing 2,300 positions since January.    For the month, the sector’s payrolls fell to 2.311 million from 2.314 million, which was itself adjusted downward from the Labor Department’s prior January… Continue reading Insurance Payrolls Fell in February

The Federal Reserve will hold auctions to lend as much as $200 billion in Treasury securities and increase swap lines with two foreign central banks to try to ease renewed turmoil in credit markets.     The Fed said in a statement it is establishing a new Term Securities Lending Facility to, through weekly auctions,… Continue reading Fed Expands Securities-Lending Program, Futures Rise

First there was former Connecticut Governor John Rowland who resigned in July 2004 from office during a corruption investigation, and later spent 10 months in a federal prison camp after pleading guilty to accepting gifts and vacations from people doing business with the state. Then there was former New Jersey Jim McGreevey who left office… Continue reading Another Northeast Governor In Hot Water as Spitzer Apologizes to Family, State of NY

The Justice Department and the Federal Bureau of Investigation have opened a criminal inquiry into Countrywide Financial for suspected securities fraud as part of the continuing fallout over the mortgage crisis, according to government officials as first reported on Saturday in the “Wall Street Journal.” The federal authorities are looking at whether officials at Countrywide,… Continue reading Fed Opens Probe into Countrywide for Securities Fraud

In an interview on CNBC’s “Squawk Box” billionaire Wilbur Ross says the current market downturn differs from previous slumps in that no American banks have yet failed this time, but he suggests that’s about to change. “I think that’s going to be the next wave, and coupled with problems in the commercial real estate market;… Continue reading CNBC: Billionaire Ross Sees Bank Failures as Next Wave

On Monday Carlyle Capital Corp (CCC), an affiliate of private equity firm Carlyle Group, stated that it has asked lenders for a standstill agreement as it faces more than $400 million in margin calls. CCC, which is 15 percent owned by the private equity group’s managers, said it was still in talks with its lenders… Continue reading Carlyle Capital Wants More Time to Deal with Margin Calls

Friday, the world’s largest bond insurer, MBIA Inc stated that it had asked Fitch Ratings to withdraw its insurer financial strength ratings for six units, including MBIA Insurance Corp., its main bond insurance arm. Fitch is the only one of the three major U.S. credit rating agencies that was still reviewing MBIA’s critical “AAA” ratings… Continue reading Bond Insurer MBIA Wants Fitch to Withdraw Ratings

Today Nationwide Financial Services Inc announced that affiliates of parent Nationwide Mutual Insurance Co have offered to buy all of its outstanding Class A common stock for about $2.2 billion. Nationwide Mutual is offering holders of Nationwide Financial’s Class A common stock $47.20 a share in cash — a 24 percent premium over Friday’s closing… Continue reading Nationwide Mutual to Buy its $2.2 Billion Shares in its Financial Company