A little Valentine’s Day warm-up I guess…
The man described as Client 9 in court papers arranged to meet with a prostitute who was part of the ring, Emperors Club VIP, on the night of Feb. 13. Mr. Spitzer traveled to Washington that evening, according to a person told of his travel arrangements.
But I joke. He was in D.C. on business:
Feb. 14 (Bloomberg) — Bond insurers may be split into two businesses in what would be the biggest overhaul of the industry since it was created almost four decades ago.
New York Insurance Department Superintendent Eric Dinallo said such a separation is one of the proposals regulators have been discussing with bond insurers, including MBIA Inc. and Ambac Financial Group Inc.
“One would have the municipal bond policies and any other healthy parts of the business,’’ Dinallo said in prepared testimony for a hearing today of the House Financial Services subcommittee on capital markets in Washington. “The other would have the structured finance and problem parts of the business.’’
New York Governor Eliot Spitzer told the committee that the step, while “not optimal,’’ may be necessary if the companies can’t raise the capital needed to stave off credit-rating downgrades. The world’s largest bond insurers may lose the AAA ratings they use to guarantee $2.4 trillion of municipal and mortgage-backed debt, casting doubt on the rankings of thousands of schools, hospitals and local governments around the country.