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Former NY Regulators Slam Approval Of MBIA Split

Law360 (March 14, 2011, 5:52 PM EDT) -- Four former New York state insurance superintendents testified Sunday that they would not have approved the restructuring of MBIA Inc. that split the bond insurer into two companies, saying the transaction unfairly enriched company executives and shareholders at policyholders' expense.

The former heads of the New York State Insurance Department also questioned the agency's approval procedure, calling its review of the restructuring rushed and perfunctory, in sworn affidavits filed in the Supreme Court of the State of New York, County of New York.

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