. for the brazilian tribe see mbi . mbia inc. mbia type public traded as nyse mbi industry finance headquarters armonk new york revenue us 1 270 million fy 2014 1 operating income us 185 million fy 2014 1 net income us 569 million fy 2014 1 total assets us 16.28 billion fy 2014 1 total equity us 3.95 billion fy 2014 1 number of employees 180 1 website http www.mbia.com mbia inc. is a financial services company . it was founded in 1973 as the municipal bond insurance association . it is headquartered in purchase new york and as of january 1 2015 had approximately 180 employees . 1 mbia is the largest bond insurer . 2 3 contents 1 functions of the company 2 history 3 credit rating history 4 references 5 further reading 6 external links functions of the company edit mbia is a monoline insurer primarily of municipal bonds and on asset backed securities and mortgage backed securities . financial insurance or financial guarantees are a form of credit enhancement . it also provides a fixed income asset management service with about forty billion dollars under management . history edit a consortium of insurance companies aetna fireman s fund travelers cigna and continental formed the municipal bond insurance association in 1973 to diversify their holdings in municipal bonds . the company went public in 1987 . in 2002 bill ackman a hedge fund manager began research which concentrated on challenging mbia s aaa rating despite an ongoing probe of his trading by new york state and federal authorities . he was charged copying fees for copying 725 000 pages of statements regarding the financial services company in his law firm s compliance with a subpoena . 4 ackman has called for a division between mbia s bond insurers structured finance business and their municipal bond insurance side despite statements from the insurance companies that this would not be a viable option . 5 he argued that the billions of dollars of credit default swap cds protection mbia had sold against various mortgage backed cdos was going to be a problem . he also argued that it was not proper for mbia which was legally restricted from trading in cds to instead do it through a second corporation lacrosse financial products which mbia described as an orphaned subsidiary . ackman bought cds against mbia corporate debt as a way to bet that it would crash . when mbia did in fact crash as the financial crisis of 2008 came to a head he sold the swaps for a large profit . ackman reportedly attempted to warn regulators rating agencies and investors about the bond insurers high risk business models . the story of ackman s battle with mbia was turned into a book called confidence game wiley 2010 by bloomberg news reporter christine richard . 6 he reported covering his short position on mbia on january 16 2009 according to the 13d filed with the sec . 7 in 2009 mbia corp. nyse mbi was replaced by mead johnson nutrition co. nyse mjn in the s & p 500 . 8 credit rating history edit april 4 2008 . fitch ratings cut mbia s insurance corp rating to aa from aaa with a negative outlook . 9 fitch issued the new lower rating even though mbia had asked the ratings company the month before to stop assessing its credit worthiness . june 4 2008 . moody s investors service announced that it would review mbia s rating for possible downgrade for the second time in the year . 10 four months before this announcement on february 2008 moody s had affirmed the aaa rating after mbia raised 2.6 bn in capital and announced that would stop insuring structured finance securities for six months . june 6 2008 . despite having affirmed mbia s aaa rating on february 2008 standard and poor s decided to downgrade mbia s insurance financial strength ifs rating from aaa to aa . 11 june 19 2008 . moody s downgraded mbia s credit rating 5 notches to a2 . 12 november 7 2008 . moody s further downgraded the ifs rating to baa1 from a2 . 13 june 25 2009 . moody s downgraded mbia from ba3 to ba1 which is a speculative grade . 14 march 5 2010 . moody s referred to mbia s ifs rating as b3 . 15 16 references edit a b c d e f g mbia 2014 annual report . kathleen pender 2007 12 20 . municipal bonds hit by mortgage fallout . the san francisco chronicle . history mbia website accessed 2010 4 15 richard christine ; katherine burton january 31 2008 . ackman devoured 140 000 pages challenging mbia rating . bloomberg . retrieved february 22 2008 . mbia call to divide not viable . cnn . february 20 2008 . archived from the original on february 27 2008 . retrieved february 26 2008 . confidence game by christine s richard bloomberg news 2010 http www.marketfolly.com 2009 01 bill ackmans pershing square files 13d.html bill ackman s pershing square files 13d on borders covers mbia short harrow elizabeth mbia booted from s & p 500 index aol money & finance december 14th 2009 . richard christine s. april 4 2008 . mbia loses aaa insurer rating from fitch over capital . bloomberg.com . moody s says will likely cut mbia ambac ratings . reuters . june 4 2008 . s & p cuts top ratings for mbia ambac bond insurers . reuters . june 5 2008 . marketwatch june 19 2008 . moody s downgrades aaa rating of ambac mbia . dow jones . brettell karen november 7 2008 . grebler dan ed . moody s cuts mbia insurance to baa1 . reuters . retrieved november 2 2010 . rating action mbia insurance moody s investor service 25 june 2009 . moody s comments on mbia s fourth quarter earnings and ongoing litigations moody s investor service march 5 2010 cf. also later cited in smith dick p. december 29 2010 pp. 13 14 inter alia . smith dick p. mbia inc. and mbia insurance corp. standard & poor s global credit portal ratings direct december 29 2010 further reading edit barr alistair assured guaranty mbia drop on rating concern standard & poor s proposes new ratings criteria for bond insurers marketwatch january 25 2011 richard christine s. confidence game how a hedge fund manager called wall street s bluff hoboken n.j. wiley john wiley & sons inc. 2010 . isbn 978 0 470 64827 8 external links edit company website retrieved from https en.wikipedia.org w index.php title mbia & oldid 738227938 categories companies listed on the new york stock exchangeinsurance companies of the united statescompanies based in new york citycompanies established in 19731973 establishments in new york navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages deutsch edit links this page was last modified on 7 september 2016 at 18 01 . text is available under the creative commons attribution sharealike license ; 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