Blast from the Past: Brown Returns to Lead MBIA
Oh boy, you know the poop has hit the fan when the ole gipper steps in to save a company. Love it. Joseph Brown storms in to monoline insurer MBIA (NYSE: MBI) stating confidently that he sees no long term risk to the use of bond insurance, though the industry faces troubled waters ahead. He also denied reports that he would be splitting the company into two parts by siphoning off the municipal bonds end to maintain its AAA-rating.
Brown was asked by the board to step in for Gary Dunton who resigned recently.