MBIA Blasts Banks' 'Chutzpah' For Attacking $5B Breakup

Law360, New York (May 24, 2012, 6:55 PM EDT) -- MBIA Inc. came out swinging Thursday at the banks who want to undo New York insurance regulators' approval of the monoline insurer's $5 billion restructuring, berating them for challenging it after getting federal bailouts during the financial crisis.

"We have a new definition of chutzpah," Marc E. Kasowitz of Kasowitz Benson Torres & Friedman LLP, who represents MBIA, told Judge Barbara R. Kapnick during a bench trial in New York state court over state regulators' approval of the 2009 transaction.

Kasowitz railed on Bank of America...
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