NY Defends 'Extraordinary' Review Of MBIA's $5B Breakup

Law360, New York (May 21, 2012, 7:36 PM EDT) -- New York's insurance regulator told a state judge Monday that its staff had performed an extraordinary review of bond insurer MBIA Inc.'s $5 billion restructuring before putting its stamp of approval on the deal in 2009.

David Holgado, an attorney with the state Attorney General's Office representing the New York Department of Financial Services and its predecessor the New York State Insurance Department, told Judge Barbara R. Kapnick that state law said the department had only a low bar to meet in order to show that...
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