MBIA Says NY's Review Of Its $5B Breakup Was Rational

Law360, New York (May 29, 2012, 6:31 PM ET) -- MBIA Inc. continued to bash Bank of America Corp. and Societe Generale SA's challenge to New York regulators' approval of the monoline insurer's $5 billion restructuring during a bench trial Tuesday, saying that the state's review was thorough and reasonable.

Marc E. Kasowitz of Kasowitz Benson Torres & Friedman LLP, who represents MBIA, defended former New York State Insurance Department risk management specialist Jack R. Buchmiller's review of the transaction, telling Judge Barbara R. Kapnick that it used all the information he had at the time....
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