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The agency downgraded a smaller bond guarantor, the Financial Guaranty Insurance Company, to double-A, from triple-A.
A day after Mr. Spitzer spoke, a smaller bond guarantor, Financial Guaranty Insurance Company, told New York regulators it would split its business in two.
In addition, two of the Triaxx deals were partly insured by A.I.G., and one was insured by the Financial Guaranty Insurance Company, a bond guarantor.
That may explain why Mr. Buffett has decided to start a new bond guarantor rather than take control of one of the many firms already in the business, among them MBIA, Ambac and FGIC.
One of the critical assumptions of a bond guarantor (and Pyxis 2007-1 was insured) is that the manager who is selecting the bonds, in this case Putnam, in an independent party.
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Splitting up the bond guarantors will be tricky, insurance experts say.
Some of the day's deepest losses came from two prominent bond guarantors.
The bailout fell apart, quickly replaced by another aimed at major bond guarantors.
For an obscure corner of the financial market, the bond guarantors have caused quite a stir this week.
Investors bid up Treasury debt, a refuge in troubled markets, and sold shares in bond guarantors and some investment banks.
The American International Group, Fannie Mae, Freddie Mac, General Electric and the municipal bond guarantors Ambac Financial and MBIA all had triple-A ratings.
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