{"id":195801,"date":"2008-06-12T23:09:00","date_gmt":"2008-06-13T04:09:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/06\/12\/mbia-execs-looting-company\/"},"modified":"2008-06-12T23:09:00","modified_gmt":"2008-06-13T04:09:00","slug":"mbia-execs-looting-company","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2008\/06\/12\/mbia-execs-looting-company\/","title":{"rendered":"MBIA Execs Looting  Company"},"content":{"rendered":"<p>Or at least that&#8217;s what appears to be going on.<\/p>\n<p>MBIA has raised a lot of capital lately, and it&#8217;s considering <a href=\"http:\/\/www.bloomberg.com\/apps\/news?pid=20601087&amp;sid=aMAVpGBx9KKo&amp;refer=home\">not putting the capital it just raised into its monoline insurance division<\/a>, but it raised the capital <span style=\"font-weight: bold;\">for<\/span> its insurance division.<\/p>\n<p>As Yves Smith <a href=\"http:\/\/www.nakedcapitalism.com\/2008\/06\/monoline-death-watch-mbia-continues-to.html\">puts it<\/a>:<\/p>\n<blockquote style=\"color: rgb(0, 0, 153);\"><p>So why is MBIA hoarding cash at the parent level? Well, executives (along with other corporate charges) are paid out of the parent company&#8217;s books. The subsidiaries can dividend cash up only if the are profitable OR get permission from their regulator.<\/p><\/blockquote>\n<p>Earth to SEC, we have a problem.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Or at least that&#8217;s what appears to be going on. MBIA has raised a lot of capital lately, and it&#8217;s considering not putting the capital it just raised into its monoline insurance division, but it raised the capital for its insurance division. As Yves Smith puts it: So why is MBIA hoarding cash at the &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[970,1004,1045],"tags":[],"class_list":["post-195801","post","type-post","status-publish","format-standard","hentry","category-corruption","category-finance","category-insurance"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195801"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=195801"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/195801\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=195801"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=195801"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=195801"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}