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Thursday, 15 March 2012

Lawyer for Banks Accuses MBIA Chief of Insider Trading - NYTimes.com

Lawyer for Banks Accuses MBIA Chief of Insider Trading - NYTimes.com:

Oh well.. gosh. almost missed it! ;-)

must read to keep up..

"The nasty litigation between a group of banks and the bond insurer MBIA just got nastier.

A lawyer for the banks has accused Joseph W. Brown Jr., MBIA’s chief executive, of illegally trading in MBIA stock while in possession of confidential information. The insider trading claim was made during a hearing late Friday at Federal District Court in Manhattan.

Robert J. Giuffra Jr., the banks’ lawyer, said that Mr. Brown was “pregnant with inside information” about MBIA’s pending February 2009 restructuring when he bought his company’s stock in the months before the announcement."

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