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ABN AMRO v.
DINALLO, MBIA
ABN AMRO v.
DINALLO, MBIA
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BANK OF SCOTLAND PLC; SMBC CAPITAL
MARKETS LIMITED; SOCIETE GENERALE;
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USB AG, LONDON BRANCH; and WACHOVIA
BANK, N.A.,
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Petitioners,
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- against 14
ERIC DINALLO, in his capacity as
Superintendent of the New York State
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Insurance Department; the NEW YORK
STATE INSURANCE DEPARTMENT; MBIA INC.; 16
MBIA INSURANCE CORPORATION; and
NATIONAL PUBLIC FINANCE GUARANTEE
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CORPORATION (f/k/a MBIA INSURANCE
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CORP. OF ILLINOIS),
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Respondents.
---------------------X
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Index No.09/601846
Article 78
60 Centre Street
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New York, New York
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May 31, 2012
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BEFORE:
HONORABLE BARBARA R. KAPNICK, 24
Justice.
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Petitioners-Giuffra
T1
THE COURT: Good morning, everybody.
(All say "good morning, your Honor")
THE COURT: I hope you had a nice day,
weather-wise, I mean.
Just one thing I need to put on the record
this morning. My summer interns have started working
today, they're sitting in the courtroom, and I am aware
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Min-U-Script
NINA KOSS,
BARBARA STROH, CSR, CRR, CMR
OFFICIAL COURT REPORTERS
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MR. HOLGADO: No problem by respondents, your
Honor.
THE COURT: I assume you don't have a problem,
Mr. Kasowitz?
MR. KASOWITZ: It's the first I've heard of
it, but it's fine with us.
THE COURT: Okay, so Mr. Giuffra, I think
we're going to go to your rebuttal or whatever you want
ABN AMRO v.
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they didn't talk about.
As we will show the court systematically,
respondents selectively went through the facts and the
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Petitioners-Giuffra
of statutory interpretation that the court must give
effect to each and every provision of those statutes.
Each one -- and we'll talk about them --has a
different purpose.
Listening to respondents, your Honor, you
would think that petitioners had advanced notice of
and, in fact, liked MBIA's transformation. That was
the word that was used. I wanted to jump up, and I was
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of the department is to protect policyholders and to
4
make certain that insurers' maintain their solvency." 5
It's also, your Honor, clear from the very
6
terms of the Insurance Law provisions that are at issue 7
in this case.
8
It's very telling, your Honor, that
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respondents glossed over the law as if it was an
10
impediment to your Honor what they would like rubber 11
stamping Mr. Dinallo's decision.
12
They didn't focus on section 1505, 4105, 1411 13
and 1309.
14
In fact, your Honor, all the slides that were 15
put up, the state respondents put up one slide showing 16
the Insurance Law and MBIA put up none.
17
As we'll discuss, your Honor, respondents' 18
claim -- and this is a serious legal error that they're 19
inviting -- they claim, your Honor, that all of these 20
statutes mean the same thing.
21
Statutes passed at different times by the
22
legislature for different reasons. They all mean the 23
same thing, and they don't even mean the words of what 24
the statutes say.
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But, your Honor, it's a fundamental principle 26
Min-U-Script
Petitioners-Giuffra
team of 20 people working for six weeks to do it in an
effective way, and that's something Mr. Greenspan
talked about.
But you would think -- respondents' counsel
said very, very extensive year-long efforts.
It wasn't a year-long effort. The evidence
doesn't support a year-long effort.
Those factual assertions of counsel are
directly contradicted by the contemporaneous documents
document.
There's a January 9 scope of review e-mail
where Mr. Buchmiller is talking about what needs to be
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He's done by February 11. There is no more 3
communications with anyone higher up in the department.
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That's the time frame. It's not a year.
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There is no question, your Honor, that Mr.
6
Buchmiller relied upon stale data. We've heard so much
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about hindsight and using different models and black
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boxes and green boxes and red boxes.
9
It's not about that, your Honor. It's about
10
whether they should have used current information on 11
MBIA's models.
12
The law is clear, you must use the current 13
information, and there are Article 78 cases we'll talk 14
about that will say that an agency does not have a 15
rational basis when it looks the other way and doesn't 16
use the most currently available information.
17
We're not saying the models themselves and the 18
calculating machine didn't work. What we're saying is 19
they didn't put the right data into the machine.
20
That's something that Mr. Greenspan testifies 21
about, and Mr. Greenspan's analysis is those losses 22
would have been $2 billion higher if they had just run 23
the current information that was available to them 24
through.
25
Now, respondent would have the court focus on 26
done.
Petitioners-Giuffra
Clearly, your Honor, if they rely upon
materially erroneous information or incomplete
information, you don't get the benefit of the standard.
And they haven't cited a case during all their
law.
There is no question that banks are not
popular. But this case is about far more than Bank of
Insurance.
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Mr. Buchmiller's memory to file, which is a document
not in the administrative record, a document that I had
Min-U-Script
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Petitioners-Giuffra
This is not just about the banks. This time
it's the banks. Next time it could be people who live
on Long Island after a hurricane. Next time it could
be people who are injured by some drug or medical
device, and they want to split the insurance company in
half.
Your Honor, the case that will be cited will
be ABN AMRO. That will be the case.
Now, your Honor, when all is said and done,
this case is about whether the protection of
policyholders that is repeatedly imbedded in the
Insurance Law, where that stands vis--vis the
stockholders of an insurance holding company. That is
ABN AMRO v.
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uncertain future risk.
3
This risk goes out throughout the life of the 4
policy. Here these policies run for 40 years,
5
literally. You saw numbers. Mr. Kasowitz put them up.
6
Out to 2054. I'll be almost a hundred when these 7
policies run down.
8
We all agree, your Honor, that this approval
9
occurred in the middle of the worst financial crisis 10
since the Great Depression.
11
There is also no question about the fact that 12
there was significant uncertainty. Mr. Dinallo used 13
that expression. Mr. Buchmiller talked about known 14
unknowns.
15
We have Mr. Buchmiller's now unredacted memo. 16
We thank the court for ordering the production of that 17
document.
18
He said that his fears were that MBIA's losses 19
would be greater than even the stress scenario. That 20
was a risk that was going to be borne by the
21
policyholders.
22
So the fundamental disagreement that we have 23
with the other side, your Honor, is who should have 24
borne the risk; the policyholders or the holding
25
company that opened the insurance company?
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Page 1281
Petitioners-Giuffra
statute, for an insurance holding company to take 5
billion, needed to pay claims, to start a new municipal
finance company when the department admittedly knew
there were significant known unknowns, a significant
degree of uncertainty?
Your Honor I'm going to put up four documents
that were not discussed by the other side that we think
make it clear this approval cannot stand under New York
Insurance Law.
The first is a February 22, 2008 letter from
Brown, the CEO of MBIA, writing to Mr. Dinallo.
He's writing to express his opposition to Bill
Ackman's proposal for a stacked structure. That's
where the new insurance company is stacked below the
transaction.
But they certainly never disclosed, your
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side doesn't talk about the law.
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Now, we're not saying, your Honor, that Mr. 5
Dinallo could not act. What we are saying is that if 6
he was going to act, and act in a way consistent with
7
the Insurance Law, he couldn't put all of the risk, all 8
of the uncertainty on the policyholders and then allow
9
the holding company to use the assets that were needed 10
to pay their claims, start an insurance company, and 11
get all of the upside of that new insurance company, 12
all of the upside.
13
The numbers you never saw, your Honor, when 14
the other side spoke: The loss on the municipal side 15
in 2008? 2 million. What were the losses on the 16
municipal side, the entire history of MBIA Insurance? 17
$667 million.
18
They took $5 billion, your Honor. They took a 19
lot more money than they needed to pay municipal 20
claims.
21
If they were so concerned about municipal 22
claims, how come they didn't look at them before 23
approving this transaction?
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So, again, the fundamental question is , your 25
Honor, was it fair and equitable, the words of the 26
Min-U-Script
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Honor, that they planned to do this transformation
transaction by ripping off the policyholders of MBIA
insurance. In fact, they said exactly the opposite,
and we will show you, your Honor, chapter and verse how
that's true.
But the point is, Mr. Brown, he didn't want
that stacked structure because the money would have to
first pass through the insurance company before it went
ABN AMRO v.
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be far more than were thought at the time, there is 3
nothing.
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And, again, this is at a time of substantial
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economic uncertainty.
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Here's another document. This is a letter
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that was sent to the department by MBIA. They made it
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quite clear to Mr. Fischer -- the person to whom Mr.
9
Buchmiller testified at his deposition he was reporting 10
to.
11
They made it quite clear that they had no
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obligation, your Honor, "to subsidize or otherwise 13
support MBIA's operations following transformation." 14
The issue was, your Honor, there was a
15
conference call, and the department was asking, well, 16
what's your obligation to put money into MBIA Insurance 17
after this transaction is done?
18
What happens if those reserves are not
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sufficient during this period of substantial
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uncertainty when there are so many known unknowns? 21
What did MBIA tell the department? They 22
said -- let's go back. They say: "The value of the 23
group franchise will be increased."
24
Okay, that's some ephemeral thing.
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"The holding company will become rich, and the 26
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makes it a little more interesting. We'll get it, your
Honor; I apologize.
Okay, what do we have? We have Kevin Brown,
who is an MBIA -- I believe he's an MBIA PR person. I
MBIA, okay?
And there's the article. It says: "It's too
late to stop bond insurer" -- we should probably read
the headline, says Mr. Steinberg: "MBIA could appease
fairly.'"
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what do they say? This was in their original
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application: "There is no obligation to subsidize or
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support MBIA's operations."
5
Now, your Honor, let's show another document 6
which I think says it all about this case. You haven't
7
seen this one before.
8
This is -- there was a newspaper article, and 9
look at that time/date, March 29, 2009, and there was 10
an article in the Dow Jones, and this is about a month 11
after the approval is announced, and the deputy
12
superintendent of insurance -- this is Mr. Finer, and 13
his name has been bandied about in the courtroom -- 14
said, quote -15
MR. HOLGADO: To who?
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MR. GIUFFRA: He said, quote: "MBIA" -- 17
MR. HOLGADO: No, who did he say it to? 18
MR. GIUFFRA: To the Wall Street Journal, 19
looks like.
20
MR. HOLGADO: No, this is an internal e-mail. 21
MR. GIUFFRA: No, it's not, actually.
22
Let's put the whole document up. We'll put 23
the whole document up. No problem. Put it up. Put up 24
the whole document. Let's go back all the way up. 25
Let's go back to the document. It gets better. It 26
Min-U-Script
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The words of 1505.
(Continued on next page)
(End of take 1)
ABN AMRO v.
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MR. GIUFFRA: Hampton Finer, Deputy Superintendent of
1
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Insurance and chief economist in the New York Insurance
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Department, then it talks about a group representing about
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50 angry banks met with Dinallo earlier this month to
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complain about the split, which has MBIA moving around 5
6
billion in capital from its original bond business to launch
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not new capital, using the existing capital, to launch a
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municipal only bond insurer. That leaves less capital 9
available to pay the claims on securities, such as
10
collateralized debt obligations insured with MBIA by the 11
banks.
12
Then, Mr. Finer says, from a legal and regulatory 13
perspective, the deal is done. They always have recourse in 14
the Courts. But then, Mr. Finer goes on to say, the better 15
solution could be to allow the banks to share in the equity 16
of the new business now that the company's value has 17
increased due to the split, he suggested.
18
Now, your Honor, that's Mr. Ackman's original plan. 19
MR. HOLGADO: Read the next paragraph. 20
MR. GIUFFRA: Happy to keep reading.
21
He is not alone in seeing greater value in a newly 22
divided business. Private equity firm Warburg Pincus, LLC, 23
and certainly Warburg Pincus is not out for the public 24
interest, out for their own interest, said in recent weeks, 25
it boosted its stake in MBIA to about 30 percent from 26
T2
PROCEEDINGS - GIUFFRA
holding company. He is their representative at Warburg
making it fair.
And, what, in fact, is the CEO, the top guy at MBIA
saying and what is the director saying? The words could
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25 percent.
By moving capital to a new municipal only bond
insurer that is insulated from mortgage related losses, MBIA
hopes to begin writing public debt coverage, again, which
said.
Now, your Honor, that e-mail didn't get forwarded
Min-U-Script
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someone who owns a position in MBIA. If you Google Mr.
Mehta, Mr. Mehta is quoted in multiple news stories about
the case, about the Bank of America litigation. He follows
day.
Now, look at what is being put into National.
2.09 billion is being taken out of the insurance company as
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What does National -- he talks about the $2.89 4
billion that was paid by Insurance Co. to get National to 5
reinsure National muni, but not the structured finance. 6
Again, your Honor, they paid $2.89 billion for 7
something that had $2 million in losses, that had $667 8
million in losses in the prior 35 years. They had way more
9
money than they needed, way more.
10
There is a litigation, your Honor, that's before 11
you that the reinsurance -- about a quasi reorganization. 12
That's all about, your Honor, basically resetting the 13
surplus of National so that they can get money to the 14
holding co. That's what that is all about. It's the 15
final step in the plan.
16
Now, what does he say? He says, this is another 17
12 to $13 a share that has been placed out of the reach of 18
structured finance policyholders. So, he has $9 a share on 19
the $2, the $2 billion, and then another 12 to $13 a share 20
on the $2.89 billion.
21
So basically, according to Mr. Mehta, you have more 22
than $20 in value per share going to the stockholders of 23
MBIA Inc.
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That's the public interest? Screwing your
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policyholders, so you can send $22 a share to a holding 26
PROCEEDINGS - GIUFFRA
structure when the upside would go first to the insurance
company and pay policyholders' claims. That's a fair and
zero to old co., but can't be worse less than zero, so your
Honor, who loses in the zero sum game? The policyholders.
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is permitted under the Insurance Law.
4
This e-mail, and we will talk about the nine-word
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response, but it underscores why policyholder interests were
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subordinated to the interest of the holding company.
7
Again, your Honor, this case is about who wins when
8
there is a distress situation involving an insurance
9
company. Do the policyholders win or, does the holding 10
company that own that insurance company win?
11
Yes, this time it's the big, bad, evil banks.
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Maybe next time, it could be homeowners on Long Island, next 13
time it could be sick people who are hurt by some drug or 14
some medical device, and the case they want to have the 15
people cite to is this one.
16
Now, your Honor, talk about how they own two subs; 17
one where the structured finance exposure is contained, and 18
then another one, where the municipal exposure is held. 19
Then it says, "SF" -- that's the structured finance -- has 20
no way to get at the municipal sub.
21
Whatever the municipal sub's value is, belongs 22
entirely to hold co., which means it belongs entirely to the 23
shareholders.
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Mr. Brown told Mr. Dinallo in February 2008 he was 25
a fiduciary and was against Mr. Ackman's plan for stacked 26
Min-U-Script
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the other side talks about the legislative history -- no
one. I will go through it chapter and verse.
So, then he goes on to say, that's 21.50 per share
in value, all of which belongs to the shareholders and is
untouchable by SF counter parties.
Going back to that December 23rd letter to the
Insurance Department, the failure to have any kind of back
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That's fact. That's not a slogan. That's fact. Hard 5
fact.
6
Then, they talk about, they talk about, muni
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pricing could be quite high for awhile. Hold Co. expenses
8
are small relative to the overall value, and then they say 9
Warburg, that's Mr. Kewsong Lee's I am not sharing, that's 10
his company that owns 30 percent, is not going to allow much 11
erosion to take place.
12
Okay. Now, this e-mail ultimately gets sent. 13
Goes all the way to the top, all the way to Jay 14
Brown himself, the guy at the top of the MBIA pyramid, the 15
very top of the pyramid. He reads it, he gets it. Thought 16
you might find this interesting. This is from Mr. Coulter, 17
who works at Warburg Pincus.
18
"Jay; FYI, Chris is a young friend of mine in the 19
debt investing business and a special situations company 20
founder of the funds called Coliseum Capital."
21
If you Google Mr. Mehta and MBIA, there are dozens 22
literally of situations where he is commenting on this 23
litigation, the Bank of America litigation, and he is a 24
close follower of this stock.
25
So, what does Mr. Jay Brown, the top guy at MBIA 26
PROCEEDINGS - GIUFFRA
didn't do one. They didn't go out and hire some experts to
do a solvency review.
Now, let's put up the next slide. MBIA wrote a
brief to the Court. November 16, 2011. The entire
underpinning, indeed, the sine qua non of the approval
letter was the finding that MBIA would be solvent post
transformation.
Those words are actually not in the approval
letter. Section 1309 is not in the approval letter. We
will talk about how these folks didn't put the approval
letter up before your Honor. They tried to gloss it over.
Razzle dazzle. I want to focus on facts and law, facts and
law.
Now, Mr. Dinallo, at his deposition said, that the
Department's experts, that's his words, were very impressed
by Bridge and the scope of the work. That's what he said.
Honor.
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someone on the outside could figure it out."
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"Glad someone on the outside could figure it out." 7
He didn't write back an e-mail saying oh, no, 8
that's all wrong, completely wrong. He didn't say oh, you
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know, tell Mehta he has it totally wrong. It's not what 10
this is about. It's about helping municipal issuers. He 11
didn't write that. What he wrote was, "glad someone on the 12
outside could figure it out."
13
Those nine words, your Honor, "glad someone on the 14
outside could figure it out," sum up why the Court must 15
annul this decision. Must.
16
Now, let's talk a little about solvency. Mr. 17
Steinberg will talk about solvency. That's a separate and 18
independent ground why this Court should annul this 19
decision.
20
And, I will put up before you, testimony,
21
testimony, from Mr. Moriarity, testimony from Buchmiller, 22
not affidavits, testimony, they didn't do so, solvency 23
review -- they said that by their own words.
24
They said it by their own words. They didn't do a 25
solvency review. That would have taken months. They 26
Min-U-Script
PROCEEDINGS - GIUFFRA
Now, let's put up the Department's answer. Your
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$1.1 billion in earned surplus at the time of the
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transformation or before. That, it was somehow in some last
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statutory filing.
4
They asked the Court to ignore two separate
5
opinions of the Insurance Department's general counsel. 6
Just ignore them. That defined the measurement date for
7
when earned surpluses exist. Instead, what they did, your
8
Honor was, they put up a letter -- Mr. Steinberg will go
9
into this in great detail -- a letter that's unsigned, and 10
we will go through the whole history of that letter. 11
We will go through what the important parts of that 12
letter say. I think, by the time, when you hear what the 13
real facts are, your Honor, you will be very, very 14
concerned.
15
Your Honor, what they essentially want to do is 16
take three illegal transactions that they couldn't do 17
together, they couldn't do the dividend, because there 18
wasn't enough earned surplus, they couldn't do the stock 19
repurchase, because there wasn't enough money, and this 20
reinsurance transaction, your Honor, Mr. Moriarity said, 21
they couldn't have done that, there wasn't enough money to 22
have them reinsure this business, but instead what they did, 23
your Honor was, they took MBIA Insurance's money, and they 24
used that money to sell MBIA Insurance reinsurance. 25
Now, in the history of New York State they can't 26
Petitioners-Giuffra
T3
When it was the third party money that was
brought in to do a reinsurance transaction.
That's not what happened here.
Let's talk a little bit about the errors, just
for a second. It's undisputed that the errors existed.
The other side says that these related to
hypothetical scenarios. But, your Honor -- let's put
up Exhibit 12. There was a $1.2 billion error, your
Honor, right on the face of the application.
That's not a hypothetical place. It was on
the face of the application. It was off by $1.2
billion.
The sentence says -- it, obviously, must be
important. You have seen stress testing mentioned in
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cite a single case like this, not one, not one. This is not
third-party reinsurance like what happened with MBIA, and
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following transformation."
That was not just some idle issue, this is not
an idle error. It's right on the face of the
application, right on the face of the application
itself.
But, you know, your Honor, now that you've
ordered -- and, again, we thank you -- the unredacted
Mr. Buchmiller memos. We'll go through in detail all
the different places where Mr. Buchmiller in real time
out."
This man who was supposedly the fiduciary of
it become a depression?"
That's the kind of circumstances, your Honor,
where insurance regulator should put all the risk on
the policyholders so that the holding company can get
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$21.50?
The basic principle of corporate law, which is
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something, by the way, that Mr. Jay Goldin, who -- I 4
give these guys an award, an Academy award for 5
snippeting somebody's deposition.
6
He was talking about the whole idea that
7
creditors come before the owners of a company. It's
8
the most basic principle.
9
That's not what happened here. The
10
policyholders were creditors.
11
Now, what does Mr. Buchmiller say? How -- 12
MR. HOLGADO: You skipped a sentence. 13
MR. GIUFFRA: Okay: "The entire universe of 14
economists and pundits can't answer that one with any 15
certainty."
16
Okay. So at a time when no one knows what's 17
going to happen, no one knows all the risk that's put 18
on the policyholders, that's not what the New York 19
Insurance Law permits.
20
And, yes, this time it's the banks. Next time 21
it will be the homeowners, next time it will be the 22
injured people.
23
Then they had redacted: "How will that
24
translate into further losses?"
25
"Some of that answer is in MBIA's extreme 26
Petitioners-Giuffra
closer to the February 17 consensus than mine."
We'll show, your Honor, and our experts will
show you that that's not true.
"Again, what we know, not what we fear."
People don't buy insurance about what they
know. People buy insurance to deal with the
unexpected. That's why we buy insurance.
Then he says: "When a choice was available, I
opted for the most pessimistic scenario, for example,
Lehman stress case preceding CMBS and MBIA's stress and
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scenarios."
This is just some irrelevant thing? Why did
they redact it, your Honor? Because it didn't help
their case. That's the rule of redaction that was
applied.
Let's go to the next document. This is Mr.
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2
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7
Buchmiller at the end of his memo, all redacted. Your 8
Honor was the one who said no, policyholders should see 9
this.
10
By the way, we heard a lot about all the
11
process we got. Every single bit of discovery that we 12
got in this case was court ordered by either your Honor 13
or by Justice Yates, every single bit of it.
14
No one handed us the documents. We had to 15
fight and get every document that we got in this case, 16
fight and get it. People didn't hand it to us.
17
Then it goes: "...although personally more 18
pessimistic about the Federal regulatory and
19
legislative responses to the current financial panic 20
and economic downturn."
21
Okay, they're approving a transaction so
22
$21.50 goes to the holding company at a time when the 23
guy who did the review is talking about current
24
financial panic, current financial panic?
25
"I have for my purpose here" -- whatever that 26
Min-U-Script
Page 1306
Petitioners-Giuffra
the end of his memo. If he wants to read the next two
paragraphs, if your Honor wants to take note of that.
MR. GIUFFRA: I stand corrected. I made a
mistake.
THE COURT: I have it in front of me, so I
know.
MR. GIUFFRA: I don't have the whole memo.
It's near the end. I thank you.
THE COURT: Near the end.
MR. GIUFFRA: It was an important paragraph.
It was redacted.
There was a big discussion about materiality,
and Mr. Kasowitz put up a thing where I said, you know,
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should be upheld, just one.
4
All the cases are to the contrary. If there's
5
a material error, the court has no choice but to annul. 6
That's the law. That's the law.
7
Now, let's look at what MBIA's own expert, Mr. 8
Buttner, said. He's their expert. He is here
9
accounting expert.
10
You haven't heard much about Mr. Buttner. 11
He's asked in this section about the errors and the 12
deferred tax error.
13
You know what? Why don't we put the whole 14
slide on, 361 and 362. Just put the whole thing on 15
there, just so there's no question.
16
There's a discussion. This is the section
17
where they're talking about the calculation of the 18
under the extreme stress test, and deferred tax asset. 19
The issue we've been talking about.
20
Let's go all the way down to the bottom. What 21
was the impact of it? That's what I don't recall.
22
Then next go to the next page. Then he says: "It 23
certainly took the number from a positive to a
24
negative."
25
Your Honor, we have shown you that last week, 26
Page 1309
Petitioners-Giuffra
former government official, doesn't work for the
Insurance Department years after the fact can come in
and say, oh, no, it would not have changed my decision.
its importance."
Continental Casualty. This is a fraud case.
New York Court of Appeals.
"This was not a temporary condition or a
matter so trivial, that it might not have affected the
disposition of the application."
Then this Rachmani case, Court of Appeals.
We'll give you all the cases and give you all the book
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number went from positive policyholder surplus to 3
negative policyholder surplus. That's what Buttner
4
says at page 362, MBIA's expert.
5
He says: "It certainly took the number from a 6
positive to a negative for $500 million. So, yes, I 7
consider that a material impact."
8
MR. KASOWITZ: Your Honor, I just want to note 9
there was an objection before that answer, if he'd read 10
it for the record.
11
MR. GIUFFRA: I'm happy to read. Go back. 12
That's fine.
13
"Object to form."
14
Okay.
15
MR. KASOWITZ: Could you read the question and 16
then the objection, please.
17
MR. GIUFFRA: "Do you recall it being a 18
material impact?
19
"Object to form."
20
Then his answer is up there: "It certainly 21
took the number from a positive to a negative for 500 22
million. So yes, I consider that an entirely impact." 23
Now, your Honor, the standard for materiality 24
is not -- let's put up the next slide -- is not whether 25
some former government official, Mr. Buchmiller, a 26
Min-U-Script
Petitioners-Giuffra
on it. I think I have one I could hand up, your Honor
an affidavit.
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hadn't even spoken to MBIA about the error.
3
In fact, I'm told that Byrne, your Honor,
4
which is on this -- Byrne. Your Honor, I would commend
5
this case to you. I think it's a great case for us.
6
I've read it, and it's a First Department case from
7
2004.
8
The court in that case annulled an agency
9
approval that was based on false certification. It was 10
an Article 78 case, even though the agency had argued 11
that the false certification was insignificant because 12
the work had been completed.
13
And the court said that the agency had no 14
discretion to decline to revoke the approval, quote, 15
"where the owner has falsely certified that the code 16
compliance work has been completed."
17
This is a case, your Honor, that is very close 18
to this case, Article 78, and it deals with the whole 19
issue of providing erroneous information to a
20
government agency, and in that case the agency was 21
taking the position it wasn't significant.
22
That's not what the First Department said. 23
Your Honor, in this case -- it's at page 267 they
24
say -- I will actually read it for the court. Page
25
267. It's tab 5, your Honor, from the book that we're 26
Petitioners-Giuffra
its attendant benefits, even if it has never performed
Page 1312
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giving you.
MR. HOLGADO: Tab 6.
MR. GIUFFRA: Excuse me. Page 5, tab 6. It
says: "Assuming these criteria are met, we do not
Petitioners-Giuffra
that why don't you speak about it further when you
reply. Thank you.
MR. GIUFFRA: Our point is a much more simple
one. There is a material error. What they say is,
well, we can rely on Mr. Buchmiller's assertion in the
affidavit that it wouldn't have changed his decision,
and there is no law that supports that proposition.
It's wrong as a matter of materiality law, and there is
no Article 78 case that supports that.
1
2
3
4
5
dispute that the BSA" that's a government agency -- "in
6
the exercise of its discretion, might properly decline 7
to seek revocation of an improperly issued certificate
8
of occupancy" -- it's dealing with an architect
9
situation -- "in circumstances where the violations 10
were relatively minor and the owner is shown a
11
willingness to correct the problems.
12
"However, since circumstances are not present 13
in this case where the owner has falsely certified that 14
the code-compliant work has been completed, has failed 15
to do the required work for a substantial period of 16
time, despite notices from the DOB, and has continued, 17
even at the BSA stage, to deny and must comply with the 18
narrative statement process outlined in the Loft Law." 19
"As the motion court recognized, to sanction 20
such a policy would provide incentive for unscrupulous 21
owners to file whatever papers are necessary to obtain 22
a certificate of occupancy, regardless of their
23
accuracy, secure in the knowledge that so long as the 24
renovations required are possible to do, the owner will 25
be able to retain the certificate of occupancy and all 26
Min-U-Script
ABN AMRO v.
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it's a preliminary conclusion. That preliminary
conclusion did not support a finding of solvency.
That preliminary conclusion did not support a
1
2
3
4
finding that the transaction was fair and equitable as 5
required by the Insurance Law.
6
Mr. Buchmiller himself in contemporaneous 7
e-mails admits that looking at three transactions in
8
detail was not a sufficiently large sample size.
9
These folks said, oh, no, he looked at a lot 10
more transactions, and he saw that they are all the 11
same.
12
Your Honor, I guess they haven't read Mr. 13
Greenspan's expert report because he explains those 14
other transactions were not all the same, and the 15
record is very, very unclear as to what Mr. Buchmiller 16
did, other than, you know, counting a few numbers and 17
seeing that they added up.
18
There is no evidence in this record that he 19
did some sort of keep analysis of the other
20
transactions.
21
The other ones in his file memo, he said
22
looked it, and said he reviewed was a company that had 23
13 money structured products, 1300. Billions and 24
billions of dollars.
25
And, you know, at a minimum, there's a factual 26
Petitioners-Giuffra
in the second RMBS.
Now, this is not about us second-guessing the
model. This is about -- it's not about black boxes and
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Petitioners-Giuffra
issue as to what he did or didn't do and the
significance of that, but, your Honor, it's also, your
Honor, the whole question of Lehman Brothers, not the
Lehman report on the CDOs, but the Lehman Lehman CMBS
lien RMBS?
You saw the document where Mr. Buchmiller said
I'm looking at the 8 and not the 12. I'll look at the
August numbers, not the December numbers in 2008 that
were available, notwithstanding the fact that the world
Min-U-Script
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the only CDO he did a deep drive into?
They knew, Mr. McKiernan and the other senior
in their depositions.
But they never told him that they had a report
showing that Lehman Brothers had much higher losses.
team.
There's no evidence before your Honor, none
other than lawyer argument, that Lehman Brothers did
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he likes, but to say there is nothing in the record
about it just isn't correct.
MR. GIUFFRA: What's in the record, your
Honor-MR. KASOWITZ: I'm just noting my objection.
I'd love to hear his argument, but just to say there is
nothing in the record is just a misinstruction of what
There is no indication in the record -MR. KASOWITZ: Your Honor, I don't mind the
argument. That's fine. But there is an engagement
record -- there is an engagement letter that's in the
record that talks specifically about what the purpose
of this is.
Now, if he wants to make argument, that's
great. I'd just as soon sit down and save it for a
couple of minutes of rebuttal, but just not to
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Lehman helped in that process and confirmed
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misconstrue the record. That's all I'm asking.
We have an engagement letter that very
explicitly he sets forth what the purpose of the
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4
engagement was. So I want the record straight on that.
5
MR. GIUFFRA: Your Honor -6
THE COURT: Thank you.
7
MR. KASOWITZ: Thank you, your Honor. 8
MR. GIUFFRA: We'll put the engagement letter 9
in, your Honor. What the engagement letter says is 10
they were getting paid $3.75 million to do this
11
valuation. We'll put the valuation in front of your 12
Honor.
13
My point, which Mr. Kasowitz doesn't seem to 14
want to hear, is there's nothing in the record
15
indicating that Lehman somehow highballed the losses, 16
that they did anything other than their best job, okay? 17
They were asked to value these securities, 18
tell us what the losses were going to be. There is no 19
indication that they somehow highballed.
20
Let's think about the logic of this. They say 21
they were using this information for commutations. The 22
evidence, your Honor, from Mr. McKiernan was they 23
wanted to identify which were their worst CDOs so that 24
they could prioritize them and decide which ones they 25
should try to sell.
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Petitioners-Giuffra
are we going to pay money to commute these policies,
pay hundreds of millions of dollars, make a business
were lower.
If you look at everything in this case, your
Honor, MBIA, the information that wasn't shown to Mr.
Buchmiller or when he wasn't told it was updated, or he
relevant.
If Mr. Buchmiller was some super-expert in CDO
modeling, they would have made the argument to Mr.
Buchmiller, hey, we got this report. We paid $3.75
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this is not something you should rely upon.
4
They didn't give him that choice. They made 5
the choices for him.
6
Your Honor, I'd like to just talk for a second
7
about what's sort of a side show in this case. That's 8
the so-called put-back litigation against Bank of
9
America.
10
Mr. Kasowitz at the hearing we had with Judge 11
Sullivan said that was not relevant to this case. But 12
the put-back case is a case that Judge Bransten is 13
handling. It has nothing to do with this case and is 14
nothing more than an attempt to just throw things 15
around the courtroom.
16
What are the facts? The facts are that the 17
Bank of America bought Countrywide in early 2008. It 18
bought Merrill Lynch, I think, in September 2008 as the 19
financial crisis is going on.
20
So the policyholder here, your Honor, is
21
Merrill Lynch. They have no pending put-back claims 22
against Merrill Lynch.
23
Let's talk about Societe Generale. Societe 24
General is a French bank, it has been doing business in 25
the United States since the 1930s, literally.
26
T4
PROCEEDINGS - GIUFFRA
MR. GIUFFRA: Even if the Court disagreed with us on
every single one of those things and said okay, you know,
they didn't have to do a solvency exam, the earned surplus
test, they should somehow pass. No indication they did.
he didn't see.
Our point, your Honor, is that you can rule for us
on the law, and on what, I think, are disputed facts largely
on their side, and this is not an approval that we think can
be upheld.
This might be a good time for me to take a little
bit of a break.
Is that okay?
THE COURT: Sure. Why don't we take about ten
minutes?
MR. GIUFFRA: Thank you.
(Recess taken.)
THE COURT: Okay.
MR. GIUFFRA: Thank you, your Honor.
I am going to now talk about the Insurance Law and
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thought that it had protection under the New York 3
Insurance Law, and they have no put-back claim against
4
Societe Generale.
5
Societe Generale has 1600 employees in New 6
York, more than four times as many as MBIA. They have
7
a right to have the law enforced fairly and equitably 8
as to them. So, this is side show, and we shouldn't
9
talk about it anymore.
10
Your Honor, we think the court can rule for us 11
on the undisputed facts: Failure to do a solvency 12
exam, the failure of the unearned surplus test, the 13
fact that the structure is completely unfair and
14
inequitable, the failure to have any protections for 15
left-behind policyholders.
16
What this was all motivated by was to get 17
$21.50 to the holding company, which was contrary to 18
the Insurance Law, the material errors that they've 19
admitted to. We think each one of these is a separate 20
and independent ground for annulment.
21
(End of take 3)
22
(Continued on next page)
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PROCEEDINGS - GIUFFRA
One of the arguments that was made by MBIA's
counsel was that the Superintendent had an interest in
promoting the insurance industry generally, and insurance
Texas.
There is nothing in the Insurance Law that says
that the Superintendent can favor holders of municipal bonds
policyholders.
Again, your Honor, the case is really, ultimately
is one about policyholders versus the owners of insurance
companies. That's an issue that I will talk about in some
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not going to do that again -- but briefly put up slide 3 --
FGIs.
Superintendent Dinallo was telling Congress the
644.
Put up slide 5.
This, your Honor, is another statement by Mr.
Dinallo. This is PX 924, February 3rd, 2010.
He is talking about what his job was as
Superintendent of Insurance. He says that his job was to
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of websites -- the NYID, the NAIC. It did so in a cropped
fashion -- ellipses.
Put up, let's put up number 7.
Here is the NAIC website. This is, you can go into
this website from the New York Insurance Department website
and the NAIC says -MR. HOLGADO: Could you note the date of this
please?
MR. GIUFFRA: 5/7/12.
It says, our primary goal is to protect insurance
consumers, which we must do proactively and aggressively.
markets.
But, down further in the same document that Mr.
Kasowitz showed you, it says, it's hard to imagine anyone
can disagree with this, it's just such an elemental part of
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protect policyholders. This is in connection with the AIG
situation, which was a large focus of Mr. Dinallo's activity
holding companies.
Now, your Honor, MBIA's counsel showed you portions
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responsibility is to protect the interest of insurance
consumers.
Let's, your Honor, talk a little bit about the law.
MBIA did not put up a single slide with the law in it. The
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regulation.
7
Let's put up slide 11.
8
This is the -- I will spend a lot of time, your
9
Honor, going through why this provision was put in place and 10
its legislative history. Something no one has talked about 11
in the courtroom.
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That's the provision that was enacted in the 13
Holding Company Act in 1969 after a commission, called the 14
Reibenhausen Commission, which was put in place by Mr. 15
Stewart, who was the then Superintendent under Governor 16
Rockefeller, he is one of our experts, it was put in place 17
to protect policyholders from the activities of holding 18
companies.
19
That statute says, in plain and simple terms, 20
transactions within a holding company system to which a 21
controlled insurer is a party, shall be subject to the 22
following, and the terms shall be fair and equitable. 23
Down at the bottom it says, the Superintendent, in 24
reviewing transactions pursuant to subsections D and E 25
hereof, shall consider whether they comply with the standard 26
PROCEEDINGS - GIUFFRA
was put in place to deal with Financial Guarantee insurers.
So, these are all separate statutory provisions adopted by
the legislature.
There is no provision that says that one is more
important than the other. There is certainly no provision
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may adversely effect the interests of policyholders. 4
Now, I would like to put up another provision, 5
1309. This is the solvency provision that Mr. Steinberg
6
will talk about later this afternoon.
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This is a very important provision. It's been in 8
the statute for more than 100 years.
9
Now, this statute lays out a test for solvency. 10
There are two parts to the test. It says that whenever the 11
Superintendent finds that, from a financial statement or 12
report on examination, that an authorized insurer is unable 13
to pay its outstanding lawful obligations as they mature in 14
the regular course of business, as shown by an excess of 15
required reserves and other liabilities over admitted 16
assets, and then the key language, the key word which people 17
were glossing over, or -- that's what the legislature put in 18
place -- or, by its not having sufficient assets to reinsure 19
all outstanding risks with other solvent authorized assuming 20
insurers, after paying all the accrued claims owed such 21
insurer, shall be deemed insolvent.
22
That's what the statute says.
23
Now, let's put up slide 13 -- let's go back to the 24
previous slide.
25
This is the separate provision, 6902(b)(1). This 26
Min-U-Script
PROCEEDINGS - GIUFFRA
statute.
So, what the Department would like to have your
Honor do is adverturize, not look at all the provisions of
ABN AMRO v.
DINALLO, MBIA
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We, looking at the statute and those words all
7
policyholders, would be a notion such that their claims 8
would be paid as they came due. That's not this statute, 9
those exact words. That's not the solvency test of 1309. 10
I mean, essentially your Honor, they are playing a 11
little bit of a shell game. They are ignoring the statute, 12
and asking your Honor to basically view five separate 13
provisions of the Insurance Law, enacted at different times, 14
to all mean the same thing.
15
Now, let's look at 15.
16
Then, they have another one in their brief at page 17
44. Superintendent Dinallo determined that the
18
transformation would be fair and equitable to MBIA Corp's 19
policyholders, within the meaning of 1505, as long as after 20
the transformation all policyholders were in a position such 21
that their claims would be paid as they came due. 22
Mr. Dinallo's affidavit was written after he was 23
outside of the Insurance Department. It's not in the 24
approval letter even. Those words don't appear in the 25
approval letter. They appeared in an affidavit that was 26
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So, let's put up slide 13.
Your Honor, equating fair and equitable with
minimally solvent, and your Honor, that's without doing a
solvency exam by their own admission, and without being able
word thereof.
Might be a typo -- not sure.
So the point, your Honor, is that a basic principle
of statutory construction is that if you have five statutes
that are applicable here, and we showed them to your Honor,
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write the affidavit.
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That's the interpreter saying that's the
8
interpretation of the Insurance Law that your Honor should
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follow.
10
Slide 16 talks about, I don't need to retain an 11
outside advisor to do a review, to deal with this question 12
of ability to pay claims as they come due. That's not the 13
standard for solvency under 1309, as Mr. Steinberg will make 14
quite clear.
15
Your Honor, the problem with the Respondent's 16
position is, they want you to adopt a rule that essentially 17
says that fair, reasonable, equitable, essentially mean 18
well, as long as we think they would have money to pay 19
claims as they come due, they all mean the same thing. 20
And, it's the most basic position of statutory 21
construction, which is that the Court cannot interpret 22
Insurance Law in a way where one provision is deemed 23
superfluous of another provision. Your Honor has to 24
interpret each provision of the law and give effect to each 25
provision of the law.
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clear, citing New York Statute 98, that it's a fundamental
principle of statutory construction that effect and meaning,
if possible, must be given to the entire statute and every
recently.
1505, your Honor, was adopted in 1969, and I will
of policyholders.
ABN AMRO v.
DINALLO, MBIA
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Does not say the transactions may not do so.
MR. GIUFFRA: Your Honor, I can't imagine that the
PROCEEDINGS - GIUFFRA
reasonable and equitable.
Separate tests, separate statutes, separate
requirements -- can't mean the same thing.
Then, they talk about the statute and cite 1505
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Department is taking a position now that the transaction 4
would be, that's approved by the Superintendent, can be fair
5
and -- unfair and inequitable to policyholders.
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THE COURT: I think all that he was saying, that 7
wasn't an exactly correct statement of what 1505 is. Sort
8
of paraphrasing, which I can see, and I assure you when I
9
look at that statute, I will not look at this slide, but I 10
will look at the Insurance Law.
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MR.HOLGADO: Thank you, your Honor.
12
THE COURT: I think that was your only point. 13
MR.HOLGADO: I think you put it very charitably, 14
your Honor, but that was my point.
15
THE COURT: That's my job. So, I just wondered, 16
sorry to interrupt you, you still think I can write this in 17
five pages? I will have to write real small -- smaller than 18
Mr. Holgado.
19
MR. GIUFFRA: Depends on which way you go, your 20
Honor.
21
I think the point that we are making, each one of 22
these provisions have to be given effect, and our point, 23
your Honor, I think it shows the fallacy of the other side's 24
legal position -- they can't all mean the same thing. They 25
just can't.
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They would be a nullity. It would violate the basic 3
principle of statutory construction. Each statutory 4
provision must be given effect.
5
Now, in fact, your Honor, MBIA itself and the 6
Department have indicated these statutes are different. 7
They are not all the same.
8
Let's put up their application. In the application
9
they said you have to decide whether the reinsurance 10
transaction is fair and equitable, and there is a discussion 11
of solvency, then the best interests of the policyholders 12
and then whether the dividend leaves sufficient surplus to 13
support its obligations in writing and whether the share 14
redemption is reasonable and equitable.
15
So, they are not saying you just have to find well, 16
will they be able to pay claims when they are due based on 17
some one person exam done by Mr. Buchmiller. They are 18
separate provisions and they are recognizing that. 19
MR.HOLGADO: Can you make clear who the "they" is? 20
That's from MBIA's application, correct.
21
MR. GIUFFRA: A-hum, absolutely correct. 22
Then, Exhibit B talks about standards of approval 23
to include that MBIA quote, will retain sufficient surplus 24
to support its obligations in writing following payment of 25
the requested dividend, and that the stock redemption is 26
Min-U-Script
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You probably remember seeing this Kurscic's case,
Court of Appeals decision from 1980. You would think, your
completely.
MR.HOLGADO: Yes, your Honor.
THE COURT: I will allay your fears a little bit.
MR. GIUFFRA: The point, your Honor is, the New
York Court of Appeals has said where the question is one of
pure statutory reading and analysis, depending only on the
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DINALLO, MBIA
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Honor, the Court of Appeals has made it quite clear that
to mean, is just not true. Just like it's not true that
four or five provisions of the Insurance Law can mean the
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T5
Let's talk a little bit about the legislative
history of section 1505. I think it's important to
sort of understand why was this provision put in place.
$21.50.
Let's put up slide 16. Now, I think this is a
very important document. It was written by Ms.
Ruebenhausen Commission which proposed the adoption of
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Superintendent, that's not accorded any weight. It's, it's
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Petitioners-Giuffra
statute that, your Honor, it's critical to apply in
this case, it says: "The central objective of
insurance regulation is to ensure the solidity of every
affidavit.
He was appointed to essentially look into a
situation that I'll talk about, and that commission
made a proposal -- and, you know, I would be more than
ABN AMRO v.
DINALLO, MBIA
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dangerous development to be detected and the surplus
someone else.
Let's put up slide 17. This is the
legislative -- joint legislative report for 1505, 1969.
The concern was "the opportunity for noninsurance
enterprises to acquire some of the assets and cash flow
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MR. KASOWITZ: Whoa.
THE COURT: Wait. That's not the issue.
MR. GIUFFRA: I agree, your Honor.
THE COURT: That's not what we're talking
about. He's just making a point about this particular
reference which, if it's the legislative history, then
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out."
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This is completely what this statute was put 6
in place to deal with. Let's put up, your Honor -- 7
MR. HOLGADO: Your Honor, I just want to make 8
clear, this legislative history appears to me to be the 9
legislative history for the entirety of Article 15, not 10
for a particular provision in it, as he suggested.
11
If he wants to know something referring to 12
1505 and the purposes behind it, he's more than, you 13
know, capable of doing that, but I think it's
14
characterizing this as all relating to a specific
15
provision within an entire article of the Insurance 16
Law.
17
MR. GIUFFRA: Your Honor, we put before the 18
court the affidavit of Mr. Stewart. Mr. Stewart was 19
the superintendent of insurance under Governor 20
Rockefeller was a Rhodes Scholar. We've heard a lot 21
about buying experts.
22
Mr. Stewart is 77 years old. He was very ill. 23
We had to do the deposition in San Francisco. He was 24
very upset about this transaction. He thinks it's
25
contrary to insurance regulation.
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Page 1350
Petitioners-Giuffra
the New York Insurance Department.
It talks about the adoption of the Holding
Company Act. It says: "The principal reason for the
amendment was to preclude the milking of insurers'
holding companies."
Then it talks about, among other things, what
it did was "change the maximum limits of a dividend and
ABN AMRO v.
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soundness.
Let's put up slide 20. This is a prominent
treatise on Insurance Law. It's talking about
affiliated transactions. That's what we're dealing
with here.
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The superintendent should consider whether the 7
terms were fair and equitable, whether the transaction 8
was on a reasonable arm's length basis, whether the 9
services were provided at reasonable cost and whether 10
the expenses and receipts were equitably allocated." 11
There was a concern, as reflected in this
12
leading treatise about holding companies engaging in 13
activities to indirectly violate the Insurance Law. 14
In this case, your Honor, we know that the way 15
the transaction worked was $5 million goes all the way 16
over to National. That money comes from MBIA 17
Insurance.
18
Part of that $5 billion was the fact that MBIA 19
Insurance paid 2.8 of its own money to National to 20
reinsure the munibond.
21
So its own money was used, no. 1, to
22
capitalize National, and then paid money to National 23
for reinsurance. They had the money in the first 24
instance.
25
You know, the other side has talked about a 26
Page 1353
Petitioners-Giuffra
company called Great American Holding. It was a fire
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transaction that was engaged in in 2008 involving MBIA
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and FGIC.
4
The difference, your Honor, is that that was a 5
transaction between two separate companies. It was not
6
a situation, your Honor, where one insurer had its 7
money used to capitalize another insurer and then it 8
bought reinsurance from the entity that it already 9
capitalized.
10
In this case, your Honor, it paid $2.8 billion 11
for reinsurance for municipal bonds that had $2 million 12
in losses in 2008 and 667 million in the entire history 13
of MBIA.
14
That's because the excess money, as the CEO 15
indicated, as members of the board indicated, that 20 16
and a half dollars was supposed to go to the holding 17
company. "I'm not sharing. I'm glad someone on the 18
outside could figure it out."
19
Now, let's talk about what was part of the 20
motivation for Article 15 -- that's slide 21 -- for the 21
passing of it.
22
That's because there was a holding company 23
that bought an insurance company back in the '60s, and 24
the company called National General Corporation, which 25
was a conglomerate, bought control of an insurance 26
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Objection. There is a discussion about public
interest. We never talked about trumping the Insurance
ABN AMRO v.
DINALLO, MBIA
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public interest cannot trump the Insurance Law. It
cannot trump the core mission of the department, it
cannot trump all the statutory provisions.
The powers of the superintendent are,
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2
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4
5
obviously, circumscribed by the Insurance Law. And if 6
the insurance superintendent acts outside of the
7
Insurance Law, the court slaps the insurance
8
superintendent down.
9
Let's put up slide 24: "The Court of Appeals 10
has made quite clear that the public health counsel 11
could not issue regulations banning smoking in public 12
places without legislative guidance."
13
Maybe a good idea, but in that case the agency 14
went beyond its authority.
15
The next case, a case that's an important one 16
to talk about a down at the bottom -- and your Honor 17
has these. We'll make that available -- is the Health 18
Insurance Association of America case versus Corcoran. 19
Mr. Corcoran is one of the superintendents 20
that we have put in an affidavit for, and he basically 21
made what was a very sound policy judgment. He said 22
that health insurers shouldn't be able to inquire into 23
whether people had HIV tests.
24
The Court of Appeals said that the
25
superintendent, quote, "exceeds his authority when he 26
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Petitioners-Giuffra
discriminating against any other faction, particularly
policyholder interests."
Let's put up slide 35 -- 36, Mr. Stewart:
"In your view, did the superintendent have the
power to promote municipal insurance market at the
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subjects not contemplated or acted upon by the
3
legislation and, in so doing, substantially eliminates 4
sound underlying practices previously sanctions
5
encouraged under basic principles of Insurance Law and
6
regulation."
7
The point being deference doesn't go beyond
8
the statute. It doesn't go beyond the legislative
9
history.
10
I'm going to very, very briefly -- your Honor, 11
they put up a lot of slides of the various
12
superintendents, submitted affidavits on behalf of 13
petitioners.
14
Those superintendents served under Governors 15
Cuomo, Rockefeller and Pitaki. I think collectively 16
they have 20 years of experience, and essentially you 17
were presented with an ellipses version of their
18
testimony because -- just to give one example, let's 19
put up Mr. Muhl, 34.
20
The whole point was, you know, is the
21
insurance superintendent trying to promote business in 22
New York?
23
That's an appropriate action to approve. And 24
what did Mr. Muhl say?
25
"Yes, to the extent that you are not
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Petitioners-Giuffra
to the legislature to get the power to do it.
MR. KASOWITZ: Objection.
MR. GIUFFRA: Let's put up 44.
THE COURT: What's your objection?
MR. KASOWITZ: Well, he's just quoted
something which says was to protect the interests of
ABN AMRO v.
DINALLO, MBIA
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Let's turn to the next slide, 44:
1
2
"Question: To Mr. Corcoran, you would agree
3
with me, would you not, that in New York the Insurance
4
Law vests the superintendent with broad powers to 5
interpret, clarify and implement legislative policy as
6
set forth in the Insurance Law, correct?
7
"Objection.
8
"Answer: Are you reading from a statute?
9
"Whatever I'm reading from, I'm just asking 10
you, do you agree with that statement?
11
"Answer: No, I don't. The superintendent's 12
powers are restricted by the legislature, the law and 13
the Insurance Law.
14
"I don't know how broad they are, but he has 15
to implement the law under the code, under the
16
insurance code."
17
Let's put up 43. I think we missed that one. 18
It makes the point Mr. Kasowitz was raising:
19
"And so I can understand it a little bit
20
better, are you saying that even if something is not 21
prohibited by statute, a superintendent may not take 22
that action unless it's expressly permitted by a
23
statute, regulation or rule?
24
"Answer: If there is something that the
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Insurance Department determines that is a situation -- 26
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important things. The TARP law was created pursuant to
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even if it's a difficult situation, that people just
1
2
don't like to see happen, you can't do anything about
3
it unless you have the authority.
4
"And if the authority doesn't exist by law,
5
rule or regulation, then you don't tackle that problem.
6
But if you think it's grievous enough, that you want to
7
have some say in it, some regulation over it, and if
8
you don't have the authority, then you gotta go get it, 9
and the only way you get it is you gotta go to the 10
legislative because that's where the laws come from." 11
Now, MBIA's counsel, your Honor, when he 12
started his presentation, made a big deal about
13
something called a TARP.
14
In fact, he said the Bank of America, he said 15
used the word chutzpa was seeking to enforce its rights 16
under the Insurance Law. He said -- I'll read it
17
exactly. We actually have it up there:
18
"Your Honor, we now have a new definition of 19
chutzpa. We have Bank of America, which in 2008 was 20
bailed out to the tune of tens of billions of dollars 21
in taxpayer money, based on a single weekend of 22
meetings among Federal regulators, asking this court to 23
overturn Superintendent Dinallo's approval of MBIA's 24
transformation."
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But MBIA's counsel, is sort of missing certain 26
Min-U-Script
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Petitioners-Giuffra
as the Emergency Economic Stabilization Act. That was
with interest.
Now, during their presentation, your Honor,
respondents glossed over the importance of the National
ABN AMRO v.
DINALLO, MBIA
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Association of Insurance Commissioners.
If we can put up slide 49, this is Mr.
Buchmiller himself, who now works at the NAIC.
Mr. Buchmiller himself describes the NAIC as
"a group that establishes standards and best practices
for regulatory oversight activity among its member
insurance departments."
As I discussed on the first day of this
hearing, your Honor, in 1997 the NAIC put out a white
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Mr. Dinallo, as your Honor will recall, said
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were going to use third-party capital or holding
3
company capital to start a new insurance company,
4
something they could have done, not that they were 5
going to take money from the policyholders so that they
6
could start a new insurance company and ultimately 7
dividend 20 and a half dollars up to the holding
8
company.
9
Now, MBIA's own expert Professor Miller in 51 10
said that he viewed this statement, this LBR statement 11
by the NAIC, he said: "I don't see this as a statement 12
of best practices."
13
He saw it, rather, as a statement of what, "in 14
general, insurance departments do when they review 15
applications for liability-based restructurings."
16
Here, your Honor, the department did not do a 17
solvency analysis. They certainly didn't engage in 18
third-party, they did not engage Perello Weinberg, 19
which was available to assist them. They did not 20
provide meaningful notice or an opportunity for 21
comments, in our view.
22
It's quite clear, your Honor, there was
23
certainly no enforceable backstop protection if it 24
turns out, in the massive uncertainty of the financial 25
crisis, that there would be enough money left.
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T6
MR. GIUFFRA: Now, your Honor, there was a
discussion about the Lloyd's transaction.
And briefly, your Honor, that was a transaction
that Mr. Muhl, one of the Superintendents, was involved in,
funds to a trust.
There is no question, your Honor, that the original
Lloyd's syndicates retained liability for those pre 1993
asbestos claims. It wasn't done in secret. The English
regulator hired Coopers & Lybrand to analyze Lloyd's assets.
a three-year review.
The Department had relied upon a recently conducted
exam. Here, they approved it before the exam was over.
The exam wasn't over until 2010. And, the Department, in
its approval said the transaction was in the best interest
of all U.S. policyholders and the Department and regulators
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talk about this, said they changed their view on whether 3
they would support something in late October 2008. 4
Mr. Buchmiller was, on January 9th, was making 5
requests for information from MBIA and he was, you know, as
6
far as we can tell, he was done by February 11th.
7
The Insurance Department required a provision in 8
Lloyd's of a billion two, in support by Lloyd's to the U.S.
9
trust funds as a condition of its approval. So, the two 10
bear no similarity at all.
11
I think I can briefly do this quickly. Can we put 12
up PX 6?
13
This is something, your Honor, you haven't seen in 14
a long time in this case -- the approval letter -- PX 6. 15
This is a document that's, we think, as a legal 16
matter, the most important document in the case. 17
Now, let's put up slide 2.
18
Our reading of the Insurance Law, your Honor, is 19
that the Department was required to do this in writing. You 20
couldn't have approved one of the biggest transactions in 21
New York State Insurance Department history with a phone 22
call.
23
Our reading of the statute is that it says
24
whenever, by provision of this chapter, this is 302, the 25
Superintendent is authorized to grant any approval, 26
PROCEEDINGS - GIUFFRA
before the agency.
And, that case, the Third Department said, even
where, quote, no administrative hearing was conducted, our
case, it is an imperative the agency's determination contain
sufficient information to permit this Court to discern both
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authorization or permission, or to make any other order, any
this -- regulation 1.
Quote, an Order is an official act of the
Superintendent of a particular application, including
approval and like official acts having legal consequences.
at the time if you cited it, but you can't do it after the
fact. It's not a moving target.
You have to lay forth in the second case, both of
these cases. The case of Office Building, which is a Third
Department case, that's a mandamus to review case, like this
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MR. GIUFFRA: It's okay if the affidavits are
merely describing what you did, okay, not what the law was,
be done in an affidavit.
But, the idea, and there is an argument there, your
Honor, I will not concede the position I read the C.P.L.R.
provisions to indicate that affidavits can only be used to
the legal basis for the decision, that the Court should
refer to, it makes absolutely no sense.
Let's look at what they said in their answer, which
they can't run away from. This is the Department's answer
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The answer in paragraph 14 -- they deny the
allegations. But then, they refer the Court, your Honor,
transformation.
Paragraph 59. Again -MR.HOLGADO: I want to point out the affidavits
from Mr. Buchmiller and Mr. Moriarity were submitted the
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other boxes? I get your point, that they gave them the
answer at that time, but I don't think it would really be -I don't think you are really suggesting that everything else
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Then 112. This was obviously thought through
close quote.
They are bound by this admission. They can't have
your Honor look to things other than what they said the best
in their answer.
Now, the question -THE COURT: Really, I don't think you are telling
me that I am limited only to an answer. I know what an
answer is. I know about the facts in it, but you are not
telling me that after the answer I should throw way the
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well, I thought we talked about the issue, about the grounds
and whatever. I don't think they can come up with a whole
new concept for all new grounds, but they can put in other
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1
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were not before the Court.
3
But, your Honor, what they can't do, they are stuck
4
with their approval letter, they are stuck with their 5
answer, they are stuck with their original administrative 6
record.
7
The point is, they were able to certify an
8
administrative record -- oops, we made a mistake. It 9
doesn't support our decision. Oops, we signed an approval 10
letter that doesn't state all the legal reasons for the 11
decision. That approval letter, by the way, as your Honor 12
knows, was reviewed by MBIA.
13
So, your Honor, if we put up the approval letter, 14
on the dividend, your Honor, they only talk in that approval 15
letter about the, they only talk about the speed limit test, 16
the fact that you can't take out more than ten percent out 17
of earned surplus. The limitation is there.
18
The stop sign test about how you must pay a 19
dividend out of earned surplus, that first part of the 20
statute, it's not in an approval letter.
21
Similarly, your Honor, this approval letter
22
purports to find that MBIA will retain quote, sufficient 23
surplus to support its obligations and writings, close 24
quote, following the dividend.
25
But there is no mention in this approval letter of 26
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affidavits.
MR. GIUFFRA: Your Honor, our position is, there is
a difference between an affidavit that Mr. Buchmiller says I
did this, this and this and an approval order that doesn't
after the fact and say oh, no, we really did this analysis.
The point, is, they should have done it at the time, and
of 4105.
Now, on the -- this was obviously an important
situation and they hired outside counsel, and our view would
be the reason why it's not in the approval letter, they knew
they couldn't pass it. Mr. Steinberg will talk about that.
On the stock redemption, your Honor, all it says is
that the stock redemption was reasonable and equitable.
But, it doesn't provide any basis whatsoever for what they
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magnifying glass and look at the thing -3
THE COURT: What's in the approval letter is in the 4
approval letter. I have that in front of me.
5
Your position is, because they didn't mention it in
6
that letter, that's the end of the case?
7
MR. GIUFFRA: Yes.
8
THE COURT: Then, you should sit down and finish. 9
It had to be in the approval.
10
What case says that every single, every single 11
thing they considered and everything they do has to be 12
written in the approval letter? What case?
13
MR. GIUFFRA: The Third Department case I just 14
cited basically says, they must provide the basis for the 15
decision in their approval letter.
16
THE COURT: But every single thing?
17
MR. GIUFFRA: I would think, your Honor. 18
THE COURT: I would like to see the case. Tell me 19
which case.
20
MR. GIUFFRA: We recited a series of cases in our 21
petition. The case I put up before, which is another case, 22
Berry versus O'Connell, we will get you the cite for and we 23
will, your Honor, we will bring it in.
24
MR.HOLGADO: The Third Department case references 25
Office Building Associates, the case which also permits the 26
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PROCEEDINGS - GIUFFRA
were doing. Nothing. There is no explanation, there is
no funding, other than it was reasonable and equitable.
MR.HOLGADO: And, if you could read the next
sentence, says what that finding is based on. Says 1, 2, 3.
I hate to keep standing up, your Honor, but he said
there is no basis. He used the word base. Based upon 1,
2 and 3.
MR. GIUFFRA: Your Honor, but it doesn't say, it
not does not delineate as to why this transaction was
reasonable and equitable to the policyholders of MBIA
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AFTERNOON SESSION
3
THE COURT: Okay, why don't you continue. 4
MR. GIUFFRA: Your Honor, before the break I 5
cited several cases on this question of the importance
6
of the approval letter.
7
THE COURT: You already got a notebook 8
together for us? That's pretty good.
9
MR. GIUFFRA: I'd like to hand this up
10
(handing).
11
THE COURT: Mr. Holgado, make sure gets a 12
copy.
13
MR. GIUFFRA: He's got it.
14
THE COURT: He gets upset.
15
And Mr. Kasowitz, and I'll take my copy, sure 16
(handed).
17
MR. GIUFFRA: Your Honor, the cases we think 18
are particularly applicable are Barry versus O'Connell, 19
303 N.Y. 461951, the Office Building Associate case, 20
we've talked about before, another case is LaRocca, 21
Third Department 1986120 A.D. 2d 149, and then another 22
case is called Ryan 79 A.D. 3d 881, Second Department 23
2010.
24
MR. HOLGADO: Your Honor, I would just also 25
remind the court that we have briefed a lot of these 26
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approval letter talks about the master services
agreement that was entered into in connection with the
reinsurance transaction and talks about how the terms
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brief.
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THE COURT: It's a footnote.
5
MR. HOLGADO: It's a footnote; of course, your 6
Honor, in our May 11 brief and how the particular 7
statute at issue there actually required specifically 8
certain reasons and findings be set forth.
9
We also deal with the Office Building case in 10
that brief as well, your Honor in footnote 7 and
11
elsewhere.
12
Thanks.
13
THE COURT: Okay.
14
MR. GIUFFRA: Your Honor, back to where we 15
were: Looking at the approval letter, section 1505, 16
which is a provision that we discussed during the 17
course of the morning, requires that a transaction be 18
fair and equitable if it's done between a holding
19
company and its insurance subsidiaries.
20
This approval letter only discusses the
21
reinsurance transaction. It does not discuss the
22
transformation as a whole, and it doesn't detail why 23
this transaction in any way benefitted the left-behind 24
policyholders at MBIA Insurance.
25
I would also note, your Honor, that the
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Your Honor, I want to rush through this
because I'm running a little behind. Slide 9 discusses
arguments that your Honor has heard during the course
of this proceeding that are not in the approval letter.
and equitable.
There is no finding under the stop sign part
of 4105A. There is no discussion of Federal funding or
up slide 10.
This was in a brief that was submitted to
Justice Yates when they were opposing expansion of
discovery, and the department talked about the fact
that they had assembled an administrative record, that
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think this is a very important document. This is
1
2
something that was prepared by Mr. E. Benger, who was
3
in the Insurance Department. He compiled the
4
administrative record in this case.
5
He said that he did so "on the basis of a
6
diligent, thorough and careful search," and he said to 7
the court that the administrative record that he
8
certified "provided an adequate basis upon which to 9
review the superintendent's determination."
10
He said under oath that, quote, "To the best 11
of my knowledge and belief, the record is an objective 12
compilation of the documents that are the basis for the 13
determination that is the subject of this proceeding." 14
That, your Honor, was a 980-page
15
administrative record, as compared the all the
16
documents we have seen here.
17
During the course of the proceeding, turning 18
to slide 12, your Honor has heard reliance by
19
respondents on a press release. These are talking 20
points, literally, talking points that were exchanged 21
with MBIA.
22
It wasn't in the certified administrative
23
record. The press release itself, your Honor, was not 24
in the certified administrative record.
25
This Governor Patterson letter to Secretary 26
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the very affidavits that he's complaining about.
MR. GIUFFRA: Our position is a different one.
They certified the administrative record. The purpose
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never happened.
3
That was in not in the administrative record.
4
Then this Dinallo April 28, 2009 Thompson 5
Reuter global financial regulation summit. This is 6
again, you know, months after the transaction is
7
approved.
8
That wasn't in the certified administrative
9
record.
10
So, essentially, what the other side is doing 11
is they were supposed to and said to the court that 12
they could support the decision of the administrative 13
record.
14
They certified that to the court under penalty 15
of perjury, and they indicated to your Honor that 16
answer, the approval letter was the basis.
17
Now they're running away from it and citing 18
other documents.
19
MR. HOLGADO: Your Honor, if he's going to 20
talk about penalty of perjury and certifications, he 21
should talk about all certifications that ended up 22
being required as a result of his own very arguments to 23
Justice Yates that the record be expanded to include 24
all the communications between MBIA and the department 25
in connection with the transformation and to include 26
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required us to get it right by doing a further
certification that he has not shown you in February
2011 for Mr. Benger. He should show it.
MR. GIUFFRA: Your Honor, the point was there
we had been pressing the department because we did not
believe that the department had provided information to
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we need to go through past history.
MR. GIUFFRA: Slide 13. Your Honor, just to
give an example in terms of the slides that the
department put up, you know, 63 of the slides, your
Honor, were of lawyer-written affidavits from Mr.
Dinallo and Mr. Buchmiller.
Petitioners-Giuffra
MR. GIUFFRA: She used to work -- she was the
lawyer before Mr. Holgado.
Okay, so the point is, your Honor, he didn't
ask for it before.
MR. KASOWITZ: But I asked for it in September
2010, your Honor.
MR. GIUFFRA: Mark, over a year before Mr.
Dinallo put in his affidavit. You said I only wanted
it after he put in his affidavit.
That's just not true.
THE COURT: Does that really matter now?
MR. GIUFFRA: The point I'm making, your
Honor, is now they're relying upon Mr. Dinallo's
surreply affidavit to justify the approval. They
fought to give us Mr. Dinallo's deposition.
Our basic point, your Honor, again, is this
approval was not one where the approval letter
supported the decision, and the certified
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They cited some deposition testimony. To the
8
extent that they relied upon the administrative record, 9
it was three times and the approval letter on slides, 10
two times.
11
Your Honor, the positions that are being put 12
forward here are litigating positions that are entitled 13
to no deference.
14
Your Honor -- we can put up slide 146. This 15
reflects, your Honor, the fact that the department is 16
basically changing theories of the case, and they've 17
taken the position in their answer.
18
This is their answer, that things that
19
happened after the determination and could not have 20
been considered, shouldn't be considered.
21
And now, your Honor, the approval clearly 22
happened on February 17.
23
Now they're citing all sorts of things that
24
happened after the approval as a basis to sustain the 25
decision. The press release, the governor's letters. 26
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I think we have a bit more of that.
So, just to sort of put a fine point on it,
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your Honor, we pressed to get Mr. Dinallo's deposition.
4
MR. KASOWITZ: Objection, your Honor for the 5
first two years of this litigation, two and a half
6
years, they wouldn't ask for his deposition.
7
The only reason that they refuse to ask for
8
his deposition -- they asked for everybody else's
9
department except for Mr. Dinallo.
10
Mr. Dinallo's deposition was only taken after 11
he submitted a surreply affidavit. That's the only 12
time it was taken. I'll save the argument for either 13
tomorrow or Monday, your Honor.
14
MR. GIUFFRA: In fact, your Honor, I will 15
support the statement I made that we press forward his 16
deposition, and we'll bring the transcript before your 17
Honor, and we can put up next slide, your Honor. 18
In fact, it was at our request, which was made 19
at a September 22, 2010 conference, well, well in 20
advance of his affidavit, was described by Ms.
21
Foreman -- and I think we should defer -- I have no 22
idea why Mr. Giuffra -- I guess that's me -- wants to 23
take.
24
THE COURT: Well, I guess that's you, too, but 25
who is Ms. Foreman?
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literally written years after the fact.
That's our point. We've put the law before
the court, and, obviously, the other side can argue,
you know, whatever position they'd like to take.
MR. HOLGADO: Your Honor-THE COURT: Why don't you save that for your
rebuttal. We've been through this argument before.
MR. HOLGADO: Yes, your Honor.
THE COURT: I know you don't agree.
MR. GIUFFRA: I'll turn to another subject,
and then we'll hear the melodious voice of Mr.
Steinberg.
As I mentioned at the outset, when MBIA's
counsel first talked, they said essentially that
petitioners knew about the transformation, and they
liked it and commented on it, and that was a big part
what happened.
The point is that if you did a stacked
structure, National, the muni bond insurer, the profits
would go through to MBIA Insurance and then up to the
holding company.
Here money from MBIA Insurance was used to
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start National, but the profits only go to MBIA Inc.
The original Ackman proposal was for a stacked
structure. In February 2008 there is no question that
MBIA put out a press release, no. 1, saying that the
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2
3
4
5
stacked structure would be good for policyholders, and
6
that's the document where Mr. Brown said he had a 7
fiduciary obligation to policyholders, and he wasn't
8
going to support the stacked structure because it
9
wasn't fair to policyholders.
10
Then there is no question that they put out a 11
press release in February. Let's put up slide 9. You 12
know they put out a letter talking about the need to 13
change the financial guarantee industry.
14
This is MRX 614. This is Mr. Brown, publicly 15
available to the world, talking about: "We're only 16
going to restructure on a timeframe -- and they talk 17
about five years -- or in a manner that allows us to 18
carefully consider the needs of all of our
19
stakeholders.
20
"First among all considerations is that we 21
will protect the interests of all our policyholders." 22
So if you're a policyholder of MBIA Insurance 23
in February 2008 , you know, 1, he's opposed to a 24
stacked structure because it's unfair to policyholders, 25
and he says that: "If I'm going to do any kind of a 26
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taking the capital of MBIA Insurance and using it to
start a new insurance company, and we'll go through and
back to, you know, "that's the reason why I'm not
giving it back," from the director.
We saw that letter, and we also saw what Mr.
Finer was talking about literally within a month of the
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restructuring, it's going to be protect the interests
1
2
of all our policyholders, and the goal would be to have 3
a highest ratings that we can for both our structured 4
and public finance businesses."
5
There is no discussion of using the capital of 6
MBIA Insurance to start a new insurance company, and
7
the world understood that they would not pursue a 8
restructuring that was any more adverse than what Mr. 9
Ackman was talking about.
10
MR. KASOWITZ: Objection, your Honor. I'm not 11
sure what the basis of what the world understood is in 12
that comment.
13
MR. GIUFFRA: Your Honor, it's based on the 14
public disclosures of MBIA. Mr. Kasowitz made the 15
point last week -- and I sat here, and I listened. He 16
said that we knew about this, we commented on it, and 17
we liked it. That's what he said.
18
Those are his words. And that's just not
19
true.
20
MR. KASOWITZ: I'm fine, your Honor. He 21
accurately just said what I said, that's right.
22
MR. GIUFFRA: The plan that they talked about 23
was, yes, some restructuring on a five-year time 24
horizon. That's what this public disclosures says. 25
The plan that ultimately was approved involved 26
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"While the potential for legal action remains a
significant threat, the ability to maintain a triple A
or double A structured credit guarantee rating should
2008.
This document was shown by counsel for MBIA.
court.
MR. KASOWITZ: Objection, your Honor.
MR. GIUFFRA: Only under the condition -MR. KASOWITZ: Objection, your Honor. We
showed that. We showed that exhibit to the court.
MR. GIUFFRA: You did. But you didn't
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highlight-MR. KASOWITZ: We showed it, and I read the
whole exhibit, your Honor.
THE COURT: I have to go back to the
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2
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5
transcript to remember everything that's read. If you
6
want to read something, go ahead, that you don't think 7
he read.
8
MR. KASOWITZ: I'll make the last comment and 9
sit down, your Honor. Not only did we show, not only 10
did read it. That's exactly what happened. The
11
transformation took care of the interests of all of the 12
policyholders. They may not like it, but it did.
13
MR. GIUFFRA: I think, your Honor, it took 14
care of the interests of the stockholders as reflected, 15
your Honor, in what Mr. Brown said: I'm glad somebody 16
on the outside could figure out the fact that we're 17
taking 21 and a half dollars of value.
18
MR. KASOWITZ: Objection. That's not what he 19
said. Objection. That's not what he said. That's not 20
what that e-mail says.
21
THE COURT: Wait, guys.
22
MR. GIUFFRA: I didn't jump up once last week. 23
MR. KASOWITZ: Because every time you did, you 24
got a burn.
25
THE COURT: Listen. Try to be accurate in 26
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T8
MR. GIUFFRA: Your Honor, if I put up slide 42,
that's the proposal that they were making to the Department
in February, Dewey LaBoeuf, and that is a transaction that
talks about a capitalization by a dividend, a reinsurance
transaction, and it's not what, what they were publicly
talking about.
Now, your Honor -MR.HOLGADO: Just to be clear, the e-mail you just
read from was not to the Department. It was an internal
e-mail.
MR. GIUFFRA: Correct, an internal e-mail to MBIA.
Mr. Dinallo, in slide 43, basically said that he was against
the proposal that they made in early 2008 because, quote, we
did not believe they would advance the interests of any MBIA
Corp policyholders.
Then, your Honor, if I could call out slide 44,
when Mr. Dinallo, you know, we talked about this last week,
when they talk about the billion dollar dividend they wanted
Mr. Coulter and Mr. Lee. Those are the big stockholders
from Warburg Pincus, and they are sending it to Mr. Fallon,
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your reflecting what they say.
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I hear your objection.
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MR. KASOWITZ: Thank you, your Honor. 4
THE COURT: You can comment on it later. 5
MR. GIUFFRA: Your Honor, our position is that 6
in February of 2008 while they're publicly talking 7
about a plan that would be fair to all policyholders,
8
they're privately discussing a different policy. Let's 9
put up slide 12.
10
Now, this is Chuck Chaplin. He is the CFO of 11
14
15
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Let me restate it. "The Ackman plan, which was 17
the stacked structure, was a heck of a lot better than 18
the sister structure, which they did: Quote, "If the 19
structure actually worked the way Ackman suggests, it 20
creates two classes of policyholders for which there is 21
no provision in the Insurance Law."
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(End of take 7)
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who is the President of MBIA, and he is talking about the
fact that he has, we work through the restructured plan.
One key component is the negotiations with the bank
counter parties, with large CDS exposures. Their deals will
end up in the runoff company. We plan to start contacting
the banks tomorrow to advise them, given the news regarding
FGIC and statements regarding Dinallo and Spitzer, we may be
outside capital.
So, your Honor, if we put up slide 14, this was one
that MBIA's counsel showed the Court, this is a February,
excuse me, a March 28, 2008 e-mail from Bank of America
folks internally, and they are talking about MBIA, quote,
eventually intends to split the company with municipal and
structured businesses being written from separate operating
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object to it. It's just not there. He read the sentence
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and then he added something to it, as if it were there. 7
It's not there.
8
That's exactly accurate, there were cushions in 9
both companies, but it's, I will just object to him reading 10
something into an e-mail or a document that's just not 11
there.
12
Thank you, your Honor.
13
MR. GIUFFRA: Your Honor, let's put up slide 15. 14
Now, this is a presentation made in May 2008. This 15
is a presentation to the Insurance Department and it talks 16
about how MBIA, it says, will write new U.S. public finance 17
policies based on a capital injection of approximately 500 18
million dollars.
19
So, they are talking about using their own money 20
with a capital injection from the holding company or a 21
third-party, to create a new public finance insurer -- not 22
using money from MBIA Insurance.
23
Now, there comes a downgrade of MBIA to AA in June, 24
and there is a further downgrade by Moody's first, was an S 25
& P downgrade, the second was a Moody's downgrade. 26
PROCEEDINGS - GIUFFRA
Insurance Department, MBIA Inc. has decided to contribute
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MBIA showed you, let's put up slide 17. They
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showed you the Bank of America equity research report. The
3
research reports are being written for stockholders who are
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interested in buying MBIA, and banks have research people
5
cover those stocks.
6
And, that document talks about the fact quote, MBIA
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and AMBAC can possibly put capital to work in another clean
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subsidiary, which would have AAA ratings, and provide
9
municipal bond insurance -- not using the capital from MBIA 10
Insurance, but using the capital from a third-party. 11
MR. KASOWITZ: Your Honor, I know what counsel 12
would like these documents to say. They just don't say it. 13
They don't say where that capital is coming from. 14
So, I just have a continuing objection to the 15
extent he is reading language as if it were in the document 16
and it's not. I will deal with it on my argument. We 17
will make our argument really, really short, but he is 18
making it up.
19
MR. GIUFFRA: Your Honor, I don't think I am making 20
it up at all. I am putting documents before the Court and 21
again, the facts speak for themselves, and it's not
22
attacking counsel, it's about what the facts are.
23
If you look at slide 16, PX 770, this is a press 24
release sent out to the world by MBIA, and they are talking 25
about how, after consultation with the New York State 26
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having adequate capital is not an obstacle, close quote.
The point, your Honor, they are publicly telling
the world in June 2008, that they are thinking about having
a new public finance business. This is PX 32, I believe, is
the number.
They are telling the world that they want to start
this new AAA subsidiary, and they are saying they will fund
available.
Now -MR. KASOWITZ: In fact, your Honor, we did.
And,
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right, your Honor.
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MR. GIUFFRA: Your Honor, I stand by every word I 6
have said, and we support it by the documents.
7
What your Honor heard last week, we liked it, we
8
knew all about it. Well, what was talked about is
9
obviously different than the transformation that ultimately 10
happened. That's what the records support.
11
MR. KASOWITZ: I am objecting to that, your Honor. 12
MR. GIUFFRA: All right. That's fine. The 13
objection is noted.
14
THE COURT: I think that's my line.
15
MR. GIUFFRA: Let's put up PX 31.
16
This is an internal e-mail, your Honor, MBIA -- 17
certainly not put up before the Court -- Chuck Chaplin, the 18
CFO to Mr. Brown and other extremely senior members of MBIA, 19
and they are talking about, this is June 12th, 2008, PX 31. 20
Then he says, quote, a start-up -- the subject 21
matter is reply from today's letter to owners.
22
They say, quote, a start-up with some third-party 23
capital would be superior to 100 percent MBIA owned new Co., 24
from a rating agency perspective. It will also have a 25
superior marketing position. I think, the question is how 26
Just coming out and making statements that are just not
borne out by the record is just not right or, including
language within a document that's not there, is just not
PROCEEDINGS - GIUFFRA
is an e-mail from Mr. Ram Wertheim, the general counsel of
MBIA, and it's attaching a copy of this release that's dated
changed.
So originally, they were going to take the
$900 million and downstream it into the insurance Co., the
municipal bond.
What they did, your Honor, was they used the money
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much money is really needed and what proportion of the
an option.
There is no question that during 2008, MBIA Inc.
had sufficient money, and they have quantified how much they
think they need to start a new municipal bond insurance Co.,
Min-U-Script
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into the subsidiary like they publicly said they would,
instead of putting it into the subsidiary, instead of using
$200 million which is what the CFO stated was needed to
start the new municipal bond, they decided it made more
sense to buy back the stock. They bought back 45 million
in shares in September, 52 million in November, and 78
million in December.
MR. KASOWITZ: Your Honor, I just got to object.
The graph doesn't account for sums that were put into the
insurance Co. at or about that time. It makes it sound as
if there weren't -- there were amounts. We will do it on
our time. There were amounts that were put indirectly and
I sat here
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MR.HOLGADO: Your Honor, before he moves on, he is
saying "instead of", you know, 900 million, and he showed
real e-mail.
The point, your Honor, is that they ultimately used
more than $200 million to buy back their stock. So, what I
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question in between there. Just to make it, clear he
answers yes to that question, and the question following is
ellipses.
Our point, your Honor, is that Mr. Brown -- why
don't we put up the whole page? Facts are the facts.
Okay. Do you recall any discussions with Mr. Brown
about his decision not to downstream $900 million to MBIA
Corp.?
"Answer: Yes.
"Question: Tell us about those discussions.
"Answer: I don't know how I will, I don't know how
in a serious of conversations -- " let's keep going -"having it out -- " no, no, you are doing a great job,
Roger. It's hard.
"And having it out with him about it." That's what
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1
2
funded with third-party capital. It was not something that
3
was going to be done that was a transaction that was worse,
4
worse, than the Bill Ackman stacked structure.
5
Our point, your Honor, is they had a public
6
transformation plan that was known to the world and people
7
commented on, and then, they had a private plan. The
8
private plan was one that was unfair to the structured 9
policyholders at MBIA Insurance because they used money that 10
should have been used to pay their claims to protect them in 11
the middle of the financial crisis, to start a new municipal 12
insurance Co. to benefit the holding company.
13
Now, your Honor, here is Mr. Dinallo's testimony. 14
It is at his deposition he was asked about this $900 million 15
and why it wasn't down streamed.
16
He said I remember being disappointed with it -- 17
346 and 47. He says, I remember being disappointed with it 18
and having, so to speak, in a series of conversations -- let 19
me restate.
20
Quote: Do you recall any discussions with Mr. Brown 21
about his decision not to downstream the $900 million to 22
MBIA Corp?
23
"Answer: I don't know who I was -- I don't know 24
how I was informed of the decision not to downstream." 25
MR.HOLGADO: There is an another answer and another 26
Min-U-Script
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MR. GIUFFRA: Did Mr. Brown ever indicate to you
why he was not down streaming the 900 million to MBIA Corp?
"Answer: Yes.
"What did he say?
"Because of his belief, which I came to agree with
based on, I don't remember the record, could have been based
on conversation with him, presentations, I don't remember,
had a disagreement."
The point is, they said they were putting the money
in, when the rating went down it wasn't in their economic
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a fiduciary duty to treat fairly in the final plan.
4
Let's call out number 24. This is an internal Soc
5
Gen e-mail.
6
And, quote, with the MBIA downgrade, Moody's also
7
penalized MBIA for electing to keep 1.1 capital billion
8
capital proceedings at the holding company and threatening
9
to use the cash to start a new financial guarantor, instead 10
of down streaming to the existing insurer.
11
The point being, Soc Gen is writing e-mails 12
internally in the middle of June of how they may use the 13
money to start a new insurance Co., not they are taking the 14
money from MBIA Co. Insurance.
15
Slide 25. This is the Standard & Poors document. 16
Mr. Kasowitz showed you this document. And, it talks about 17
the fact that the money, this is what Standard & Poors is 18
writing about, the fact they have had some success in 19
accessing 2.6 billion of additional claims paying resources 20
and this is the part that was read before, and then goes on 21
to say, quote, this money may be used to fund it new, 22
proposed new subsidiary or support other initiatives, close 23
quote.
24
Then, down at the bottom, S & P, quote, understands 25
that management has initiated a plan in restructuring its 26
PROCEEDINGS - GIUFFRA
What does the Merrill Lynch person say? We have
spent -- and there is no discussion in this, e-mail about
taking 5 billion in claims, paying asset from MBIA Insurance
this is possible."
Not that they supported it, not they thought this
was going to work -- that was the publically disclosed plan.
commutation discussions.
Now, this was described to the Court as being about
transformation. In fact, your Honor, this e-mail was about
commutations -- settlement.
There is evidence that Mr. Dinallo, among others,
was involved in trying to promote the Merrill Lynch
settlement during the course of this entire period, but your
Honor, it says, quote, this is October 24th from Merrill
Lynch to Barclays, good, I think MBIA talked to Dinallo
yesterday, and he now has one side of the equation. Will be
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subsidiary and stabilized MBIA's AA rating.
4
The point again being, your Honor, there is
5
discussion about using existing money that they have to fund
6
this new insurer.
7
Now -8
MR. KASOWITZ: I will object. I am objecting just 9
for the record, your Honor.
10
MR. GIUFFRA: MBIA's counsel did not show the Court 11
e-mails in which Petitioner's questioned whether even the 12
publically disclosed transformation plans were legal. 13
Internally, in e-mails they are questioning what 14
they are talking about publicly, what S & P is talking 15
about, whether it would be legal.
16
So, let's put up 26.
17
This is an e-mail involving Merrill Lynch and Mr. 18
Aldama at Barclays, and the Merrill Lynch employee is 19
telling Mr. Aldama -- let me restate.
20
Mr. Aldama, in October, because this is getting 21
pretty late in the story, my understanding -- quote, my 22
understanding is that this discussion is around supporting 23
muni book. Also on the table is the good Co. and spin Co., 24
whereby treasury adds support to good Co. and distressed 25
stuff are placed in spin Co.
26
Min-U-Script
PROCEEDINGS - GIUFFRA
trying to force policyholders to take less money than they
"Objection:
"Answer: -- " there is a meeting in October which
has been talked about during the course of this proceeding,
October 30th.
Mr. Brown's testimony was, quote, prior to this
meeting, the Department was focused on a collective approach
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paragraph 43 of his supplemental affidavit.
1
2
"MBIA Corp formulated a restructuring proposal in
3
the fall of 2008 that was, in general terms, similar to the
4
proposal he made in February 2008.
5
"The Department's initial reaction to the proposal 6
at this time was different however, because one, the rating
7
downgrades effectively precluded MBIA Corp from writing new
8
business, removing my principal concern about the effect of
9
the February 2008 book splitting proposal on MBIA Corp's AAA 10
rating, and two, I had been told and believed that splitting 11
MBIA Corp. for any FIGs book was a prerequisite for 12
receiving TARP or any other Federal assistance." 13
The point is, your Honor, he was against this 14
proposal until October, and his testimony, which I think I 15
put before the Court previously, and where Mr. Brown says 16
there was a change, part of the reason for the change was 17
because the Federal money wasn't going to be coming 18
available.
19
29. This is Mr. Brown writing an e-mail on 20
October 30th. That's the day of the big meeting where 21
there is a big switch at the Department in terms of their 22
view on whether to support this private transformation, 23
secret transformation plan.
24
Again, I am not making up the documents. That's 25
Jay Brown, PX 44.
26
PROCEEDINGS - GIUFFRA
banks to inject into this document something that's not
there, namely, what the transformation proposal was, I mean,
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Quote, thanks for taking this on. Eventful day.
We, the guys, pitched transformation to the NYID."
it.
"Also submitted non binding offer structure for
price to -- that has nothing to do with the point.
The point, your Honor is, on October 30th, Mr.
Brown is noting that for the first time, the Department is
focused on how we plan on getting it done versus being
against it.
Obviously, the Department wouldn't have an
objection to MBIA using its own capital or third-party
capital to start a new muni bond insurer. That's what they
publicly disclosed. This is a different plan, not one that
was disclosed to policyholders or the rest of the market.
that.
That supports our position entirely, but for the
Min-U-Script
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T9
MR. KASOWITZ: Your Honor -MR. GIUFFRA: This was a different plan of
different magnitude, and that, your Honor, was the big
Inc. money.
MR. KASOWITZ: I'll make this point, your
Honor, and deal with it on argument, which is fine. We
just heard for the first time that there are two plans:
Secret 1 and not secret 1.
We also heard the banks' point that at the
beginning -- and you just saw it -- that Mr. Dinallo
was opposed to the plan. He was opposed to the plan to
use insurance company money to fund the new National.
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Petitioners-Giuffra
there. Thank you.
MR. GIUFFRA: Your Honor, I stand by every
word I have said. The frustrating thing about this is
that they're the ones making the big statements that
our clients knew about and supported this transaction.
I have put before the court what was publicly disclosed
by MBIA.
I've even put before the court private
documents where they're talking about using third-party
of you.
I certainly am aware that this is an issue
that I am going to have to look into, so we'll let him
finish, you have your objections, and it would probably
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Petitioners-Giuffra
business with MBIA in the future.
He wants more business. They're customers.
It sort of gets lost in all this case that Societe
Generale is a customer.
Societe Generale bought insurance just like
you and I buy housing -- property and casualty
insurance or health insurance.
They bought this insurance. They're trying to
-- basically their salesman is going out and meeting
with Societe Generale in November. He's looking for
feedback, and they talk about how they're in the
process of creating a new municipal bond insurer.
Now, down at the bottom are highlights of the
meeting. First bullet: "Mr. Barbour stressed that
MBIA is very much aware that any new company must not
there's no question.
Up at the top this is reporting on this
meeting with Mr. Barbour: Quote, SG is flexible
regarding supervision outside the U.S. This is a
question of who is going to regulate MBIA non-U.S.
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Petitioners-Giuffra
what they've been talking about.
THE COURT: Thank you for your input.
MR. GIUFFRA: Your Honor, respectfully, the
1
2
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4
document that I'm putting before the court talks about
5
a meeting with the New York Insurance Department. 6
The central issue in our case is the use of
7
claims-paying assets to start a new insurance company 8
for the benefit of the holding company. It's clearly 9
relevant.
10
Now let's put up slide 30, another document 11
that we hadn't seen before. Now, this is a report to 12
Societe Generale. Let's actually put the whole thing 13
up, so there is no question about what we're doing 14
here; can we do that? These guys are so talented. 15
This is a meeting that was requested by MBIA. 16
It was requested by a Ian Barbour, who was a managing 17
director at MBIA UK.
18
The date of it is November 7, 2008, and
19
they're talking about, if you look down at the bottom: 20
"There's been a downgrade. Below is a summary of a 21
meeting we held at MBIA's request."
22
So an MBIA person is going to meet with 23
Societe Generale on November 7.
24
Mr. Barbour was interested in getting some 25
feedback from the European banks regarding doing 26
Min-U-Script
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Petitioners-Giuffra
insurance subsidiary."
It says: "SG is flexible regarding
supervision outside the U.S., so long as there is
transparency and rigorous supervision.
The SG folks thought that, you know, New York
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He's telling them we're mindful of the fact
3
that you want to be treated equally.
4
The application itself was submitted on
5
December 5. Let's put up that slide. In the actual 6
application itself MBIA requested confidential
7
treatment. There is no question about that.
8
Last week when I was listening, I was thinking
9
you know, maybe there's going to be a motion for 10
reconsideration to the Court of Appeals that somehow we 11
knew about all this.
12
There is not a shred of evidence that the
13
public knew about this application, and it was treated 14
confidentially, and that's been the position of
15
everyone in this case from day 1.
16
Now, on February 18 the transaction gets 17
publicly announced. The e-mail, your Honor, tells the 18
story, not the affidavits that are written by lawyers 19
after the fact.
20
It's the contemporaneous documents the other 21
side would like to have your Honor just sort of ignore, 22
but that's where the key evidence is in this case. 23
Here's a February -- let's put up slide 61.
24
Societe Generale -- this is e-mail. Let's put up the 25
whole thing, so there is no question.
26
Petitioners-Giuffra
MR. GIUFFRA: I think that's pretty much it.
THE COURT: Well, it's probably not all it,
but...
MR. GIUFFRA: Put it up. Your Honor, I'm
happy to have our translator do it. That's my
understanding. Pull it up.
Didn't you take French? You can read it for
us.
MR. KASOWITZ: Is something redacted?
MR. GIUFFRA: Your Honor, we'll circulate the
whole e-mail to everyone and deal with whatever issues
there.
MR. GIUFFRA: Different document.
MR. KASOWITZ: Another document that's
redacted.
MR. GIUFFRA: Mark, as you know, to the extent
that -MR. KASOWITZ: I'm directing my comment to the
court.
THE COURT: He said he does not have the
complete e-mail, and when he does, he will give it to
you, the original one with the certified translation,
Page 1424
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Petitioners-Giuffra
Actually, it's more complicated. This is an
e-mail on February 18, 2009. It's at 2:13 in the
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2
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afternoon. The e-mail was in French. I was a very bad
4
French student, so I'm not going to attempt to read it.
5
But we went and got the e-mail in French, and
6
this is senior people at Societe Generale communicating
7
with one another, the people who supposedly liked this
8
plan and knew about it in advance and endorsed it.
9
The translation of the e-mail -- we have a 10
certified translation that we got -- said, quote:
11
"This is a pretty appalling deal. The policy of the 12
new company is second-pay, so MBIA Insurance Company is 13
still on the hook for the entire risk on the munis and 14
must pay 2.9 billion in premiums. How can that be 15
legal?"
16
That's what Societe Generale was saying when 17
this was publicly announced. They certainly never 18
endorsed it.
19
What they're focused on, your Honor, is the 20
fact that MBIA Insurance paid $2.9 billion to National 21
for this reinsurance, but the way the reinsurance 22
worked, MBIA Insurance was still ultimately on the hook 23
for those policies.
24
MR. KASOWITZ: Your Honor, can we have the 25
whole e-mail.
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Min-U-Script
Page 1426
Petitioners-Giuffra
okay?
So if you can get that to us tomorrow, that
would be good.
MR. KASOWITZ: Thank you, your Honor.
MR. GIUFFRA: We'll do that.
MR. KASOWITZ: Also with the information, A,
whether it was produced and, B, when it was translated
and the like, so we can at least have that information.
MR. GIUFFRA: Absolutely. We'll give it to
you, no problem.
MR. KASOWITZ: Thanks.
MR. GIUFFRA: The point, your Honor, is that
senior folks at SG are writing in French, how can this
it.
Then another e-mail. Let's put up 36. This
is e-mail Bank of America Securities, and the date of
ABN AMRO v.
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thought the conclusion was it was not feasible."
So to the extent that there was any market
scuttlebutt about this transaction, people thought it
wasn't feasible, it wasn't legal, it couldn't go
through.
So the notion that the petitioner supported
this transaction is preposterous.
MR. KASOWITZ: Not to be a stickler, your
Petitioners-Steinberg
MR. STEINBERG: Absolutely, your Honor.
THE COURT: Let's come back after a short
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Honor, but could we read the e-mail that was responding 10
to it? "Shouldn't come as a total surprise over there, 11
right? Some people were told last November/December 12
this was coming."
13
MR. GIUFFRA: Yes, and the answer is: "We 14
have heard it was being discussed, but we understood 15
that it was not feasible," it was not lawful. There is 16
no question, your Honor -17
THE COURT: It doesn't say lawful.
18
MR. GIUFFRA: "Not feasible."
19
THE COURT: Definitely "not feasible," it 20
says.
21
MR. GIUFFRA: But, your Honor, we actually 22
have other e-mails. The point, your Honor, is that the 23
notion that everyone supported this, knew about it, is 24
completely belied by the record.
25
MR. KASOWITZ: We'll introduce -- reintroduce 26
break.
(Short recess taken)
THE COURT: Am I going to hear your melodious
voice now?
MR. STEINBERG: I had a great PR agent
apparently. He's really built me up so well, I think
I'm like the Rolling Stones coming on as the second
act.
Unfortunately, I have a little bit less
exciting things to talk about than the Stones might be
reserve analysis.
THE COURT: That sounds great.
MR. STEINBERG: It's the afternoon. I see the
Diet Coke. I share your pain.
THE COURT: I've got caffeine.
MR. STEINBERG: We'll just start with what is
the standard of conduct that's going to be measured
here? Because in this case the New York Insurance
Page 1428
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the e-mails where they talked about it being feasible,
so that's fine. I just wanted the whole e-mail read,
Department.
The New York Insurance Department certainly
never put out a press release, we're considering this
application. And the terms of the application were
clearly secret, there is no question about that, and
the structure of the transaction was secret.
What happened the day that this transaction
was announced? The stock price went up 30 percent.
Your Honor, I'm going to stop right now and
turn the baton over to Mr. Steinberg. Thank you.
THE COURT: Do you want to take just a few
minutes, Mr. Steinberg, before you start.
Min-U-Script
Page 1430
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Petitioners-Steinberg
relevant test with regards to solvency, and that is
1309.
I am not going to spend a lot of time, we've
already discussed this before, but let's put up slide
2.2. In their verified answer, the state affirmatively
averred that the definition of insolvency stated by
petitioners in our paragraph, they said was irrelevant.
Instead, the department determination of MBIA
Corp.'s post transformation solvency was based on the
definition of insolvency provided for in Insurance Law
section 1309, and here's the important part: "... which
the department was required to utilize in making its
determination."
Now, your Honor, obviously, knows that the
highest form of evidence is an admission in a verified
answer. That is what they admit to be the standard of
conduct, the standard of insolvency to be measured at
in this case.
Now, let's go to 1309 itself, and we have
talked about, your Honor, before the provisions of
1309, and let's just sort of reorient ourselves around
ABN AMRO v.
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Petitioners-Steinberg
1
2
do after they find insolvency? The first part of it, 3
the part that I'm going to be focusing on right now, 4
is, what is the definition of insolvency?
5
So the statute says that when the
6
superintendent finds, from a financial statement or 7
report on examination, that an authorized insurer -8
someone like MBIA -- is unable to pay its outstanding 9
lawful obligations as they mature in the regular course 10
of business.
11
That's what they're setting up as the
12
standard. Then the legislature has given two different 13
ways, both of which must be met, to insure that that 14
initial standard is correct.
15
It refers to "as shown by," and then there is 16
what we have added is the bracket. The two different 17
elements, right "as spoken by the required reserves and 18
other liabilities over admitted assets."
19
That, we talked about before as the more
20
subjective element. It involves having loss reserve 21
understandings and judgments.
22
And the second is "by its not having
23
sufficient assets to reinsure all outstanding risks 24
with other solvent authorized assuming insurers after 25
paying all the accrued claims owed."
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Petitioners-Steinberg
capital line. I'm not going to spend a lot of time on
it. It's actually the admitted assets because when we
talk about solvency, you've got to measure it against
the standard.
Again, I'm sorry. I didn't write the statute,
but the statute has a definition of admitted assets.
Admitted assets are assets available to an
insurer to fulfill policyholder obligations.
These are -- there are accounting standards
and statutory accounting principles, your Honor, and
statutory accounting principle no. 87 describes
nonadmitted assets, and those nonadmitted assets are
"assets having economic value other than which can be
Page 1432
Page 1434
Petitioners-Steinberg
So right now I'm just going to focus on those
two prongs. There has been no dispute among the
parties that you have to satisfy both prongs.
The state says -- and I will get to that.
Excuse me, Mr. Holgado.
The state says that it was impossible during
this period to meet that standard and that that
standard, that second standard, is not enforced.
Have I satisfied you, Mr. Holgado?
MR. HOLGADO: You said that there is no
dispute between the parties as to they have to satisfy
both prongs. That's not what Mr. Moriarty testified;
that's not what the state respondents are saying.
The department never relied on this
Petitioners-Steinberg
It takes the admitted assets, it subtracts out
the liabilities, but then it adds in the contingency
reserves.
That's not the test we're talking about. In
this statute you're not looking at the contingency
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reinsurance prong, and that's what Mr. Moriarty says in 16
his 31 years at the department. It's not been
17
utilized.
18
MR. STEINBERG: Okay, I want to focus on that 19
because I'm going to come back to that, your Honor. 20
That's the state's position.
21
THE COURT: Okay.
22
MR. STEINBERG: Never been focused upon, never 23
been used. Mr. Moriarty's testimony. We're at issue 24
on that, and I'm going to come back to that.
25
Now, I want to talk about the statutory
26
Min-U-Script
available.
Now, where in the record is the determination
that 1309 has been complied with in any respect? It
1309.
Let's put it in this light. The New York
Insurance Department indicated that they didn't do one,
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Petitioners-Steinberg
and that was reestablished through the Buchmiller
testimony -- I'm not going to read it again for you. I
read it for you before -- and the Moriarty testimony.
Both of them focused on it would take time to
do it. It would take a lot of time because it's a real
endeavor.
Now, this was no great surprise to anybody.
In fact, in the conversation that we had, the
discussion of the tapes that were made between Mr.
Chaplin and Mr. Buchmiller, and in the tape that we
played for your Honor, which was evidence of a
conversation from January 9 of 2009, there was a
discussion again of the amount of time it would take.
Let's pull up PX 50. This is from that
transcription, and Mr. Chaplin is talking to Jack
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Buchmiller on January 9, so just a little bit more than 17
a month before the transformation transaction is 18
approved.
19
Mr. Chaplin says: "And they need -- they 20
need -- well, obviously, the" -- sort of, you know, 21
conversational -- "if we're going to go bankrupt, you 22
need to know that.
23
"But that's not -- that's not what we're
24
thinking, but, you know, we want to go over with you 25
the exact thought process and what we're talking about 26
Page 1437
Petitioners-Steinberg
what they really said is -- they characterized our
argument.
They said that: "We're saying the
superintendent" -- I'm quoting from the May 24 at page
1009 -- "should have waited for months and months and
months and months of a triannual exam, more than an
additional year of a triannual exam to be done in order
to make any kind of decision or it should have gone out
and hired BlackRock, but he should have done nothing."
years.
So we should just -- we're actually asking
them to do it super-slow, to follow the rules, and it
would just take too long, and they didn't have that
time.
Well, there's a problem with that, your Honor.
It's that they're not limited to doing a triannual exam
once every five years. They can do one whenever they
want.
So let's put up Insurance Law 309A. 309A
says: "The superintendent may make an examination into
Page 1436
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Petitioners-Steinberg
reserving for Q4.
"Mr. Buchmiller: Uh-huh.
"Mr. Chaplin: So you can think about, okay,
is there any future volatility associated with that,
and is it reasonable to expect that the leave-behind
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company really that MBIA is still going to be a solvent
7
and have financial integrity on a go-forward basis?" 8
Mr. Buchmiller says: "Yeah, personally I
9
looked at the question, and that's what we're here for; 10
that's what the examination is about.
11
"Mr. Chaplin: Yeah.
12
"Mr. Buchmiller: That's not a short time 13
line. It's going to take -- that's going to take us
14
some months to grind through."
15
Of course, they didn't do that analysis. Mr. 16
Buchmiller and Mr. Moriarty both agreed that the New 17
York Insurance Department didn't do that, and that 18
that, in fact, that exam, that solvency examination, 19
wasn't done until May 2010.
20
So, how do the respondents then come back with 21
their come-back?
22
They say -- they insist that waiting for a
23
solvency exam would mean the transaction would be 24
completed every five years, and you heard about the 25
triannual examinations, right, and they characterized-- 26
Min-U-Script
Page 1438
Petitioners-Steinberg
insurer doing or authorized to do any insurance
business in this state or any pension funds, retirement
system or organization which is required by law to make
ABN AMRO v.
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Petitioners-Steinberg
that that's actually not what the record says, so, you
know, we'll have argument on that.
There is no agreement to that. Both the
approval letter and the press release and numerous
1
2
3
4
5
documents, including Mr. Buchmiller's report the other
6
day all talk about the fact that they found that there
7
was solvency here.
8
So I am just noting this objection for the
9
record before this goes on without that gap.
10
MR. STEINBERG: There is not a finding in Mr. 11
Buchmiller's memo that the requisite items, the 309, 12
are met, there is no discussion that he admitted
13
assets, there is no discussion of the solvency
14
analysis.
15
It wasn't done until May, and if they want to 16
argue about this, at best they're now pushing
17
themselves into a disputed issue of fact that would 18
require full examination of that point.
19
But, your Honor, it gets worse than that. It 20
gets worse because if they really wanted to do it 21
quickly, they could do it. They could ask for more 22
personnel, they could have increased the staffing. 23
They could have, in fact, started the solvency 24
exam back in between 2008. If they wanted to get it 25
done, they could have.
26
Page 1441
Petitioners-Steinberg
work, and there is no finding in the press release -- I
Page 1440
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Petitioners-Steinberg
What's more, the superintendent could have
1
2
required MBIA to pay the expenses associated with an 3
independent adviser in connection with the examination.
4
That's specified in 313A of the Insurance Law.
5
Let's put that up.
6
This is, I don't think, controversial: "The
7
expenses of every examination of the affairs of any
8
insurer shall be borne and paid by the insurer."
9
If they wanted to get it done, they could get 10
it done.
11
Now, actually, in this case MBIA -- you've 12
heard reference to Fried Frank. MBIA paid Fried 13
Frank's fees. Fine.
14
They could have also -- and they did pay for 15
Bridge. We're going to talk about Bridge. I know they 16
don't want to talk about it so much, but I want to talk 17
about it because they could get it done.
18
They could have worked and gotten a final 19
solvency opinion, gotten the findings, done the
20
analysis. But they didn't do it.
21
Now, respondents are basically claiming that 22
it's inconvenient for them to do the work. 309 says, 23
you know, you can do the work. You can do it whenever 24
you want to do. You can have MBIA pay for it. 25
But the important thing is they have to do the 26
Min-U-Script
Page 1442
PROCEEDINGS - STEINBERG
T10
MR. STEINBERG: Now, we talked about before that
when you go back, and let's put up 309 again -- sorry, 1309.
Bridge do it.
Now, if it is their position, by the way, that they
had done the analysis, then why were, why were you getting
weeks?
In two and a half weeks, your Honor, they were
going to do that solvency analysis. Why do that if, in
ABN AMRO v.
DINALLO, MBIA
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PROCEEDINGS - STEINBERG
1
2
test, as Mr. Holgado jumped up and reminded the Court, has
3
never been done in 31 years, according to Mr. Moriarity and
4
they couldn't pass, and that was a market based and an 5
objective test -- market based and objective. Right. 6
So, let's just, to be clear, MBIA couldn't pass the
7
reinsurance test and that evidence came through PX 126,
8
which is the July 2008 e-mail from Mr. Chaplin to Mr. Brown.
9
Chaplin is their CFO, Brown is the CEO.
10
This, we have showed you this before, but I want to 11
make clear we are all on the same page. Mr. Chaplin is 12
writing to Jay Brown on July 27, 2008 about an audit 13
committee presentation on solvency, and they say, "in 14
today's reinsurance market, we don't believe there is 15
capacity to reinsure our entire book at virtually any 16
price."
17
So, any analysis of a required price is highly 18
speculative. They can't meet it.
19
Then, what he tells the audit committee -20
MR. KASOWITZ: Just, I am just going to object to 21
"they couldn't meet it".
22
MR. STEINBERG: So, what does he say?
23
Thank you, Mr. Kasowitz.
24
He says, "I wouldn't plan on telling the audit 25
committee that we meet the second test in Section 1309 in 26
PROCEEDINGS - STEINBERG
Guarantee insurers together in some way, and I think since
things.
"One, it would have been impossible to attempt to
reinsure the book, given the disruption of the market" -this is their expert -- meaning that Financial Guarantee
insurers were experiencing, you know, issues themselves with
it.
And two, "then too, I further understand that this
was a test that hadn't been used, except maybe once in the
Page 1444
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PROCEEDINGS - STEINBERG
any direct way."
1
2
So, I think, we can't tell them in any direct way,
3
so instead, the header on the page may be misleading.
4
"I will prepare an alternative slide to hand out at
5
the meeting, unless you think it warrants an advanced
6
distribution."
7
So, he doesn't think they are going to make it. 8
Now, what does -- now, MBIA has experts in this case and
9
their experts have said that it was not possible, that the 10
reinsurance market was distorted at the time of
11
transformation. That's their view of reinsurance because 12
of the tremendous amount of financial, the blizzard of 13
financial issues that were coming -- by the summer of 2008 14
had distorted the reinsurance market.
15
Mr. Dudney says, this is from his deposition at 16
353, line 11 through 354, line 11.
17
He wrote in his expert report about the distortion 18
in this reinsurance market.
19
"Question: What did you mean when you wrote that 20
the market for reinsurance was distorted at the time of the 21
transformation review?
22
"Answer: My understanding was that obviously, 23
there was a fair amount of stress with respect to the 24
Financial Guarantee insurers at and around this time. 25
Recognizing you can't lump, as I understood, Financial 26
Min-U-Script
Page 1446
PROCEEDINGS - STEINBERG
business at fair value of these liabilities, and MBIA itself
had estimates of fair value of those liabilities, and in its
Form 10K was approximately twenty billion dollars -- well in
absurd result.
And, the application of 1309(a) reinsurance test
would, and this is from May 21, 2012 at page 760 from this
transcript, "would require the Department to deem every FGI
would be insolvent.
But, what were the facts at that time? What would
ABN AMRO v.
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faced serious challenges in 2008 -- " that's from Mr.
Moriarity's affidavit, paragraph 17.
"In late 2007" -- this is Mr. Moriarity's
1
2
3
4
affidavit -- "the Department developed a three part plan to
5
address the serious challenges faced by Financial Guarantee
6
insurance industry. There were obviously challenges at
7
that point.
8
In fact, Mr. Moriarity touted the Deputy's efforts
9
to stabilize a number of FGIs to prevent the collapse, the 10
collapse of the Financial Guarantee insurance industry. 11
So, that was the Department's efforts. They were concerned 12
that there was going to be a collapse of the Financial 13
Guarantee insurance industry.
14
Now, when we -- now, what were those, some of those 15
financial guarantors? In July 2008, this is what Mr. 16
Moriarity describes in his affidavit at paragraph 20, "they 17
approved a transaction to avoid the rehabilitation and/or 18
liquidation proceedings for Syncora -- " one of the FGIs. 19
Again, they were apparently either insolvent or on 20
the verge of insolvency, because that's what happens. You 21
need to be insolvent before you can go into rehabilitation 22
and/or liquidation proceedings.
23
Here is another one of these FGIs that were 24
supposedly, you know, that this market in reinsurance had 25
distorted.
26
Page 1449
PROCEEDINGS - STEINBERG
such insurer shall be deemed insolvent." That's the
legislative judgment right there.
But, you know, they gave them a safety valve and
"the Superintendent may proceed against it -- " against the
insolvent insurer -- "pursuant to the provision of Article
74 of this chapter.
Article 74 are the rehabilitation proceedings of
the chapter.
Now where, as here, the Department has stated that
the only thing that matters for purposes of assessing the
permissibility of an extraordinary unprecedented transaction
the legislature.
The State Departments argue that the 1309 objective
reinsurance test just does not matter because the Department
has ignored it for a long time. And they, that was, they
indicated that it doesn't matter at the May 21 transcript at
759.
But, your Honor, there is a law about that. Long
standing disregard of the plain meaning of a statute does
Page 1448
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"MBIA FGIC reinsurance transaction" -- Mr.
1
2
Moriarity's affidavit, paragraph 21 -- "enable FGIC to avoid
3
imminent rehabilitation and/or liquidation proceedings."
4
Doesn't sound so good for either Syncora or FGIC.
5
Then, there is CFIG. January 2009, there was a 6
restructuring, again described in Mr. Moriarity's affidavit,
7
enabled CFIG to avoid imminent rehabilitation or liquidation
8
proceedings.
9
So mind you, the test is apparently a dead letter, 10
but nevertheless, if they were using it, it will show all of 11
these as problems.
12
Now, if there is no absurdity in the outcome of 13
these FGIs were insolvent -- the legislature decided what 14
criteria would render an insurer insolvent.
15
But, what the legislature did do, they said, once 16
you find it insolvent, we will leave it up to you to 17
exercise your discretion about how best to resolve that 18
insolvency.
19
Let's go back to 1309. I will show you how that 20
works.
21
Now if, again, sort of go back through it, whenever 22
the Superintendent finds "that the authorized insurer is 23
unable to pay it outstanding lawful applications as they 24
mature in the regular course of it business, as shown by 25
either the loss reserve methodology or by the reinsurance, 26
Min-U-Script
Page 1450
PROCEEDINGS - STEINBERG
"Sometimes the interpretation of a doubtful and obscure
clause in an act of legislature or in the constitution -- "
in this case, it's about a constitution, but the next one is
not -- "may be aided by the practice which has grown up
under it.
"But, plain and clear provisions of a constitution
require no such aid. They are to be enforced and brought
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PROCEEDINGS - STEINBERG
the second part of this provision, the reinsurance
1
2
provision, to determine on insolvency. It was only recently
3
we were considering in another case to utilize it. But, we
4
have always used the standard of whether your liabilities
5
are more than your assets, the more subjective tests.
6
"Question: Why was it the Department recently was
7
considering using the second prong of 1309 in evaluating the
8
solvency of another insurer?
9
"Ms. Forman -- " Mr. Holgado's predecessor -- "to 10
the extent you are talking about purely internal insurance 11
decision, that didn't result in a decision or were not made 12
public, I would instruct you not to answer the question. 13
"If you can answer it, if you can answer it
14
otherwise, i.e., by referring to something that wasn't 15
private and within the Department, please do so." 16
Mr. Moriarity said, "nope, it was an internal 17
discussion -- " so couldn't, couldn't answer the question. 18
Now, that's, you know, we have seen the evidence of 19
sword and shield in this case. That's another one. 20
What I want to talk about it, seems that according 21
to the New York Insurance Department that -22
MR. HOLGADO: Your Honor, before he continues, 23
there is testimony that preceded this, where Mr. Moriarity 24
actually made clear that, and I can quote, but how it was 25
considering using it, but not actually using it.
26
PROCEEDINGS - STEINBERG
view is that this 1309 is a dead letter. Dead letter, your
Honor.
But, apparently, 1309 has arisen like a phoenix,
Page 1452
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PROCEEDINGS - STEINBERG
And, he did not show you that testimony. I am
trying to find it, but I can't pinpoint it.
MR. STEINBERG: Your Honor -THE COURT: When you get up, you can make a
reference to it.
MR. STEINBERG: Your Honor, I will now hand two
sets of documents to you, that I found just the other day,
Min-U-Script
Page 1454
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PROCEEDINGS - STEINBERG
risk with a solvent insurer."
That's what they told the Court in Nassau County in
March of 2012.
I guess, it's getting better. It's not quite dead
yet, your Honor.
The beginning affidavit, which I also handed out
and circulated, there is a reference to paragraph nine.
Mr. Bing is doing this under Article 74 of the New
York Insurance Law. That's the provision I talked about
where, your Honor, once you find an insolvency, that's the
footnote 1.
Now, we discussed the brief references, paragraph
9. Let's go there.
Paragraph 9 of Mr. Bing's affidavit says, actually
if you go to paragraph 8, he is describing how he gets to
the conclusion that they cannot reinsure these liabilities.
And, Mr. Bing says, "these audited statutory basis balance
sheet reflect that ELNY -- " Executive Life, Executive Life
New York -- "has a net capital deficiency that continues to
ABN AMRO v.
DINALLO, MBIA
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PROCEEDINGS - STEINBERG
period where they say that this provision is a dead letter
and shouldn't be used, in part, due in part to the national
economic downturn.
This is a life insurance company. I am not going
to say it's a financial guarantee, but you have heard the
testimony.
Mr. Holgado got up here, and he told your Honor,
that this has never been used. Mr. Moriarity said in his
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PROCEEDINGS - STEINBERG
make sure. One moment, your Honor.
GABC's inability to assume this was the insurer
that was going to take over these, to reinsure all of ELNY's
policy obligations under the reinsurance and assumption
Insurance Law.
That is a brief that comes from Mr. Holgado's
office, not the office here, but the Attorney General of the
State of New York. It is not a dead letter. It is alive,
well, and living in Nassau County, and it's on the books of
this State.
Now, your Honor, maybe this is a convenient time
morning at 10 o'clock.
MR. GIUFFRA: Thank you, your Honor.
MR.HOLGADO: Thank you, your Honor.
MR. KASOWITZ: Thank you, your Honor.
(Whereupon, the case stood in recess to Friday,
June 1, 2012 at 10:00 A.M.)
Min-U-Script
ABN AMRO v.
DINALLO, MBIA
$
$1.1 (1)
1299:2
$1.2 (2)
1301:10,13
$13 (2)
1291:18,20
$170 (1)
1353:14
$2 (7)
1275:23;1291:8,20,
20;1316:25;1317:3;
1352:12
$2.8 (1)
1352:11
$2.89 (3)
1291:4,7,21
$2.9 (1)
1424:21
$20 (1)
1291:23
$200 (3)
1406:4;1407:16,20
$21 (1)
1345:15
$21.50 (7)
1293:21;1302:16;
1303:2;1304:23;
1324:18;1345:20;
1348:2
$22 (1)
1291:26
$3.75 (3)
1317:25;1320:11;
1322:26
$5 (4)
1280:19;1293:16;
1351:16,19
$500 (1)
1308:7
$65 (1)
1333:13
$667 (2)
1280:18;1291:8
$9 (1)
1291:19
$900 (6)
1405:9,19;1406:19;
1408:15,22;1409:13
1
1 (14)
1286:4;1351:22;
1368:9;1378:5,7;
1390:19;1391:5,24;
1418:16,16;1423:16;
1453:16;1454:16;
1456:26
1.1 (1)
1411:8
Min-U-Script
1453:20,21
1300 (1)
1315:24
1309 (32)
1272:14;1297:10;
1298:9,12,14,15,22;
1332:6;1333:26;
1335:10;1336:14;
1337:6;1338:14;1346:7;
1376:2;1429:15;1430:3,
12,20,22;1434:13,24;
1442:4,23;1443:26;
1446:15;1448:20;
1449:16;1451:8;1453:2,
4;1456:9
1309a (2)
1442:21;1446:17
1318 (1)
1426:24
139 (1)
1414:9
14 (4)
1334:6;1341:25;
1371:2;1398:18
1411 (2)
1272:13;1334:23
146 (1)
1387:15
149 (1)
1379:22
15 (11)
1318:22;1335:16;
1343:20;1345:24;
1348:10;1349:22;
1350:15;1352:21;
1353:9,11;1399:14
150 (2)
1327:18;1422:7
1505 (22)
1272:13;1286:2;
1334:11;1335:20;
1338:19,23;1339:8;
1977 (1)
1449:26
1980 (1)
1342:3
1981 (1)
1450:11
1986120 (1)
1379:22
1993 (1)
1366:13
1997 (1)
1363:10
19th (1)
1362:3
1st (2)
1452:25;1453:11
2 (5)
1280:16;1367:18;
1378:5,8,24
2.09 (2)
1290:22;1293:15
2.2 (1)
1430:6
2.6 (1)
1411:20
1341:5;1345:4,10,24,26; 2.8 (1)
1346:11,13,23;1347:7,
1351:20
18;1348:13;1349:8,24; 2.89 (1)
1353:12;1380:16
1293:15
16 (5)
2.9 (1)
1297:5;1336:11;
1424:15
1345:21;1366:23;
2:13 (1)
1400:24
1424:3
1600 (1)
20 (8)
1324:6
1274:2;1351:3;
1609 (1)
1352:16;1356:17;
1338:20
1362:8;1364:8;1396:12;
17 (6)
1447:17
1305:3;1347:17;
2002 (1)
1361:22;1387:23;
1372:17
1400:2;1447:3
2003 (1)
179 (1)
1350:12
1446:10
2004 (1)
17th (1)
1311:8
1397:24
2007 (1)
18 (6)
1447:4
1349:25;1361:22;
2008 (49)
1401:9;1423:17;1424:3;
1272:2;1280:16;
1437:14
1281:11;1292:25;
183 (1)
1316:18,21;1317:24;
1446:11
1323:18,19;1327:4;
19 (2)
1328:4;1352:3,13;
1288:16;1350:13
1360:20;1361:17;
1930s (1)
1362:8;1366:26;1367:2,
1323:26
4;1391:4,24;1394:17;
1965 (2)
1396:7,12;1397:15,24;
1330:25,26
1398:20;1399:15;
1969 (4)
1401:11;1402:4;
1331:14;1338:19;
1403:20;1404:12,17,21;
1347:18;1350:14
1405:4,12;1406:22;
1414:10;1415:4,5,10;
1420:19;1439:25;
1443:9,13;1444:14;
1447:2,16;1454:26
2009 (10)
1284:10;1288:16;
1317:15,17;1327:14;
1384:5;1404:10;1424:3;
1435:13;1448:6
2010 (9)
1327:24;1366:20;
1372:10;1379:24;
1388:20;1389:7;
1436:20;1438:20,23
2011 (3)
1297:5;1386:4;
1446:11
2012 (8)
1267:21;1334:14;
1369:9;1446:18;
1452:25;1453:11;
1454:4;1456:26
2054 (2)
1279:7;1293:9
21 (6)
1352:21;1395:18;
1404:26;1446:18;
1448:3;1449:19
21.50 (3)
1293:17;1294:4,15
22 (3)
1281:11;1353:9;
1388:20
220 (1)
1407:4
23 (3)
1345:6;1365:15;
1406:26
23rd (1)
1294:7
24 (4)
1355:10;1411:5;
1426:22;1437:5
24th (1)
1413:22
25 (2)
1288:2;1411:16
26 (2)
1394:16;1412:17
266 (2)
1313:11,19
267 (2)
1311:24,26
27 (2)
1413:12;1443:13
28 (4)
1362:7;1384:5;
1398:20;1414:8
29 (2)
1284:10;1415:20
2d (1)
1379:22
(1) $1.1 - 2d
ABN AMRO v.
DINALLO, MBIA
3
3 (6)
1324:22;1327:2;
1362:5;1368:13;1378:5,
8
3.2 (1)
1301:20
30 (7)
1287:26;1289:4;
1295:11;1401:8;
1414:10;1420:11;
1428:22
300 (1)
1353:6
302 (1)
1367:25
303 (2)
1368:7;1379:20
306 (1)
1397:22
309 (4)
1437:13;1439:12;
1440:23;1442:4
309A (2)
1437:24,24
30th (5)
1297:24;1414:15;
1415:21;1416:10;
1417:7
31 (9)
1267:21;1334:11;
1403:16,20;1432:17;
1443:4;1445:18;
1450:25;1455:10
313A (1)
1440:5
32 (1)
1402:5
34 (2)
1334:11;1356:20
345 (1)
1450:22
346 (2)
1408:18;1450:22
35 (2)
1291:9;1357:4
353 (1)
1444:17
354 (1)
1444:17
36 (2)
1357:4;1426:20
361 (1)
1307:15
362 (2)
1307:15;1308:5
39 (1)
1428:8
3d (1)
1379:23
3rd (1)
Min-U-Script
6 (4)
1312:3,4;1367:13,15
60 (1)
1267:20
60s (1)
1352:24
61 (1)
1423:24
614 (1)
1391:15
63 (1)
1387:5
644 (2)
1327:19,21
667 (1)
1352:13
671 (1)
1342:9
6902b1 (1)
1332:26
4
4 (1)
1327:13
4.3 (1)
1301:22
40 (1)
1279:5
4105 (7)
1272:13;1298:24;
1330:9;1333:14;
1334:26;1369:18;
1377:19
4105A (1)
1382:12
42 (1)
1397:3
43 (3)
1359:18;1397:14;
1415:2
44 (6)
1335:18;1358:4,13;
1359:2;1397:18;
1415:26
45 (2)
1405:23;1406:6
46 (1)
1414:26
461951 (1)
1379:20
47 (1)
1408:18
48 (1)
1361:15
49 (1)
1363:3
5
5 (9)
1281:2;1287:6;
1311:26;1312:4;
1327:22;1365:20;
1372:8;1413:4;1423:6
5/7/12 (1)
1329:10
50 (4)
1287:5;1317:13;
1341:24;1435:15
500 (3)
1308:22;1321:7;
1399:18
51 (1)
1364:10
52 (1)
1406:7
59 (1)
1371:7
7 (7)
1329:4;1330:7;
1380:11;1396:23;
1420:19,24;1422:19
74 (3)
1449:7,8;1454:9
759 (1)
1449:20
760 (1)
1446:18
77 (1)
1348:23
770 (1)
1400:24
78 (9)
1267:20;1271:15;
1275:14;1276:20;
1310:16;1311:11,19;
1314:10;1406:7
79 (1)
1379:23
8
8 (3)
1316:17;1381:18;
1454:20
87 (2)
1298:10;1433:12
881 (1)
1379:23
891 (2)
1327:20,20
9
9 (10)
1274:25;1382:3;
1391:12;1435:13,17;
1441:11;1446:11;
1454:18,19;1455:11
900 (5)
1401:3,7;1405:12;
1407:3;1410:3
924 (1)
1327:24
953 (1)
1404:26
97 (1)
1397:21
98 (2)
1337:14;1338:2
980-page (1)
1383:15
9th (2)
1367:5;1370:6
1314:18;1406:10
accounting (4)
1307:10;1433:10,11,
12
accrued (2)
1332:21;1431:26
accumulation (1)
1450:10
accuracy (1)
1312:24
accurate (6)
1314:13;1342:23;
1354:7;1395:26;1399:9;
1409:6
accurately (1)
1392:22
Ackman (6)
1390:20;1391:3;
A
1392:10;1396:17,20;
1408:5
AA (2)
Ackman's (3)
1399:24;1412:4
1281:14;1287:19;
AAA (10)
1292:26
1394:7;1398:25;
1400:9;1401:19;1402:8; acquire (1)
1347:20
1405:14;1408:2;
across (1)
1410:10,11;1415:10
1314:20
ability (6)
act (15)
1336:13;1346:10;
1280:6,7,7;1282:13,
1361:4;1369:19;1394:3;
19;1331:14;1350:4;
1404:6
1357:24;1362:2,4,5,16;
able (7)
1368:10;1429:11;
1312:26;1337:5;
1450:3
1340:17;1355:23;
1375:8;1405:20;1407:5 acted (2)
1356:3;1361:9
ABN (1)
action (7)
1278:9
1282:23;1326:11;
above (2)
1356:24;1359:23;
1301:23;1305:2
1369:7;1394:2;1419:25
absolutely (4)
activities (2)
1340:22;1370:19;
1331:18;1351:14
1426:10;1429:2
activity (3)
absurd (1)
1328:3;1358:25;
1446:16
1363:7
absurdity (1)
acts (4)
1448:13
1276:24,25;1355:7;
abyss (1)
1368:12
1328:14
actual (1)
Academy (1)
1423:6
1303:5
actually (23)
accepted (1)
1271:11;1284:22;
1305:2
1294:26;1297:9;
access (1)
1311:25;1345:19;
1357:12
1360:18;1380:8;
accessing (1)
1396:20;1405:6;
1411:20
1420:13;1424:2;
accorded (1)
1427:22;1433:3;
1344:2
1434:23;1437:16;
according (4)
1439:2;1440:12;
1291:22;1412:2;
1450:18;1451:25,26;
1443:4;1451:21
1454:19;1455:24
Accordingly (1)
AD (2)
1455:19
1379:22,23
account (2)
(2) 3 - AD
ABN AMRO v.
DINALLO, MBIA
adapted (1)
1449:14
added (4)
1315:18;1338:17;
1399:7;1431:17
addition (5)
1301:21;1322:20;
1342:26;1401:17;
1453:22
additional (4)
1301:19;1347:8;
1411:20;1437:8
address (2)
1358:12;1447:6
addressed (1)
1380:2
addresses (1)
1278:17
addressing (1)
1446:13
adds (3)
1412:25;1433:25;
1434:3
adequacy (1)
1363:18
adequate (5)
1274:14;1383:9;
1398:25;1402:2,15
administrative (37)
1276:3,19;1342:25;
1369:4,7;1373:8,10,11,
15,17;1374:18,19,23;
1375:2,6,9;1382:23;
1383:5,8,16,23,25;
1384:4,9,13;1385:4,15,
18,23;1386:9,23;1387:9;
1389:20,23,26;1417:9;
1434:20
admission (9)
1337:5,8;1341:10;
1370:23;1371:17;
1372:12,14,18;1430:16
admit (1)
1430:17
admits (1)
1315:8
admitted (21)
1324:20;1332:16;
1354:19;1372:12,19,19;
1431:19;1433:3,7,8,22,
24;1434:2,7;1439:13;
1441:4,6,7,8;1442:6,22
admittedly (1)
1281:4
adopt (1)
1336:17
adopted (2)
1333:3;1338:19
adoption (2)
1345:23;1350:3
advance (3)
1388:21;1397:16;
1424:9
Min-U-Script
1336:2,3,7;1343:26;
1345:6;1346:18;
1348:19;1349:17;
1355:21;1366:7;
1369:21;1370:8,16,26;
1371:14,22;1377:4;
1388:12,21;1389:9,10,
15;1415:2;1446:11;
1447:3,5,17;1448:3,7;
1452:14;1454:7,19
affidavits (17)
1274:20;1276:12;
1296:23;1356:13;
1369:26;1370:2,11,14;
1371:8,11;1373:13;
1377:2,13;1385:2;
1387:6;1389:26;
1423:19
affiliated (2)
1341:12;1351:5
affiliates (2)
1341:17,19
affirmatively (1)
1430:6
afternoon (7)
1298:21;1330:16;
1332:7;1337:12;1379:3;
1424:4;1429:19
AG (1)
1267:10
again (31)
1280:25;1283:5;
1288:5;1291:7;1292:8;
1302:8,14;1305:6;
1321:11;1326:19;
1327:2;1338:10;
1347:15;1350:13;
1357:16;1371:7,23;
1384:7;1389:17;
1400:22;1401:11;
1456:13
allay (1)
1342:19
1412:5;1415:25;1433:6; allegations (2)
1435:3,14;1442:4;
1371:3;1372:5
1447:20;1448:7,22;
allocated (1)
1454:13
1351:11
against (16)
allow (8)
1279:2;1292:26;
1276:14,20;1280:9;
1323:9,23;1324:4;
1287:16;1293:24;
1325:7;1357:2;1397:14;
1295:11;1331:2;
1414:11;1415:14;
1455:21
1416:6,13;1433:4,23; allows (1)
1449:5,5
1391:18
agencies (1)
almost (3)
1401:18
1277:16;1279:7;
agency (20)
1381:17
1275:15;1276:19,20,
alone (2)
22,24;1311:9,11,14,21,
1287:22;1374:20
21;1312:6;1313:4,5;
Along (3)
1342:25;1343:22;
1270:16;1310:12;
1355:14;1369:2,9,12;
1314:11
1403:25
alternative (2)
agency's (2)
1368:19;1444:5
1369:5,13
although (1)
agent (1)
1304:18
1429:8
always (2)
aggressively (1)
1287:14;1451:5
1329:12
AMBAC (1)
ago (3)
1400:8
1308:2;1327:18;
ambiguous (1)
1445:21
1450:13
agree (7)
amendment (1)
1279:9;1349:4;
1350:5
1359:3,11;1377:7;
America (17)
1390:10;1410:6
1277:21;1290:4;
agreed (2)
1295:24;1323:10,18;
1313:6;1436:17
1355:19;1360:15,20;
agreement (11)
1361:17;1362:7,12;
1294:10;1341:7;
1394:16,16;1398:20;
1347:6;1365:3,8,15;
1400:3;1426:21,24
1381:3,5;1439:4;
American (1)
1452:18;1456:6
1353:2
ahead (1)
among (10)
1395:7
1325:9;1332:2;
A-hum (1)
1341:19;1350:7;
1340:22
1360:23;1361:19;
aid (1)
1363:7;1391:21;
1450:8
1413:19;1432:3
aided (1)
amount (7)
1450:5
1333:10;1401:24;
AIG (2)
1402:12,21;1435:14;
1328:2,12
1444:13,24
AIG's (1)
amounts (2)
1328:16
1406:12,13
Alabama (1)
AMRO (1)
1326:13
1278:9
albeit (1)
analogy (2)
1343:17
1330:11;1362:15
Aldama (4)
analyses (3)
1412:19,20,21;
1316:6,6,10
1413:14
analysis (22)
alive (1)
1275:22;1276:17;
1297:23;1305:25,25;
1315:20;1317:16;
1321:8,22;1342:22;
1364:18;1377:14;
1429:17;1433:20;
1436:16;1439:15;
1440:21;1442:7,10,11,
14;1443:18
analyst (3)
1289:26;1290:19;
1348:2
analyze (2)
1363:17;1366:15
analyzing (1)
1363:13
and/or (3)
1447:18,23;1448:4
angry (3)
1285:13;1287:5;
1293:19
animated (1)
1353:8
announced (6)
1284:12;1423:18;
1424:18;1426:16,23;
1428:22
annual (2)
1272:2;1326:26
annul (6)
1270:19;1296:16,19;
1307:6;1330:19;
1377:11
annulled (2)
1311:9;1313:8
annulment (1)
1324:21
answered (1)
1278:16
anticipates (1)
1301:19
anymore (2)
1310:24;1324:10
apologize (6)
1285:3;1297:25;
1306:21;1334:12;
1358:12;1371:24
appalling (1)
1424:12
apparently (8)
1386:24;1429:9;
1445:14;1446:14;
1447:20;1448:10;
1452:26;1453:4
Appeals (13)
1276:24;1309:21,25;
1342:3,21;1343:2,10;
1355:10,25;1372:17;
1374:21;1423:11;
1450:12
appear (1)
1335:25
appeared (1)
1335:26
(3) adapted - appeared
ABN AMRO v.
DINALLO, MBIA
appears (1)
1348:9
appease (1)
1285:12
Appellate (1)
1369:8
apples (1)
1407:9
applicable (2)
1337:23;1379:19
application (21)
1284:4;1301:11,13;
1302:5,5;1309:24;
1314:13;1322:4;1340:9,
9,21;1367:2;1368:11;
1423:5,7,14;1428:12,14,
18,18;1446:17
applications (2)
1364:16;1448:24
applied (6)
1304:6;1316:22;
1334:5;1371:5,18;
1446:22
applies (1)
1309:12
apply (3)
1298:18;1310:21;
1346:2
applying (1)
1446:15
appointed (1)
1346:19
apprehension (1)
1342:23
approach (2)
1293:4;1414:17
appropriate (2)
1356:24;1445:26
approval (87)
1270:20;1279:9;
1281:9;1282:23;
1284:12;1297:6,9,10,11;
1298:13;1311:10,15;
1325:14;1333:15,16;
1334:14;1335:25,26;
1340:23;1343:23,24;
1350:9;1360:24;
1363:24;1366:21;
1367:10,15,26;1368:3,
12,17,19;1369:18,21;
1371:4,17,24,25,26;
1372:4,6,16;1374:9,10,
11,12,13,14;1375:5,10,
12,14,15,21,22,26;
1376:4,5,10,13,16;
1377:5,10,18,22;1379:7;
1380:16,21;1381:2,14,
17;1382:5,8,16;1384:17;
1385:21;1386:19;
1387:10,22,25;1389:15,
18,18;1434:14;1439:5;
1441:9,9
approvals (2)
Min-U-Script
1413:8
assembled (1)
1382:23
assertion (1)
1314:6
assertions (1)
1274:9
assess (1)
1401:17
assessing (2)
1363:14;1449:11
assessment (1)
1276:26
asset (3)
1307:19;1393:25;
1413:4
assets (40)
1280:10;1282:14;
1332:17,19;1346:9;
1347:20,23;1366:15;
1407:14;1420:8;
1431:19,24;1433:3,7,8,
8,13,13,14,16,22,25;
1434:2,7,10;1439:14;
1424:5;1445:9
attendant (1)
1313:2
Attorney (3)
1343:25;1453:9;
1456:12
Attorneys (2)
1268:5,12
audit (3)
1443:13,20,25
audited (1)
1454:22
August (2)
1316:18;1406:22
authority (8)
1355:15,26;1360:4,5,
9;1361:4;1363:14;
1368:6
authorization (2)
1368:2,3
authorized (8)
1332:13,20;1362:5;
1367:26;1431:8,25;
1438:2;1448:23
1441:5,6,7,8;1442:6,22; availability (2)
1451:6;1452:18;
1358:16,19
1453:26;1454:25,25;
available (19)
1455:12,16;1456:7
1275:17,24;1287:10;
assist (1)
1305:10;1316:7,14,19;
1364:20
1317:11;1345:18;
assistance (1)
1347:24;1355:18;
1415:13
1364:20;1391:16;
associate (2)
1401:25;1402:13,22;
1406:16,17;1418:14,25;
1269:11;1379:20
1415:19;1433:8;
1437:3;1439:3
associated (2)
1434:11
arguments (4)
1436:5;1440:3
averred (1)
1318:26;1326:2;
Associates (2)
1430:7
1382:4;1384:23
1369:25;1376:26
avert (1)
arisen (1)
Association (3)
1277:13
1453:4
1294:12;1355:19;
avoid (3)
arm's (2)
1363:2
1447:18;1448:3,8
1351:9;1381:10
assume (3)
award (2)
around (6)
1270:4;1293:6;1456:3
1303:5,5
1269:17;1287:6;
Assuming (5)
aware (4)
1323:16;1412:23;
1312:5;1332:20;
1269:9;1373:25;
1430:22;1444:25
1404:4;1431:25;
1419:18;1421:16
arrangement (1)
1455:26
away (7)
1290:17
assumption (1)
1285:21,23;1309:6;
Article (23)
1456:5
1345:11;1357:13;
1267:20;1271:15;
assumptions (1)
1370:21;1384:18
1275:14;1276:19;
1305:2
awhile (1)
1284:9,11;1285:10;
assurance (2)
1295:8
1310:16;1311:11,19;
1346:25;1347:11
1314:10;1345:24;
assure (1)
B
1348:10,16;1349:11,22;
1339:9
1350:15;1352:21;
attached (1)
BA (1)
1353:9,11;1449:6,8;
1349:18
1267:8
1454:9
attaching (1)
back (40)
asbestos (1)
1405:3
1283:23;1284:25,26;
1366:14
attacking (1)
1294:7,8;1296:8;
aside (1)
1400:23
1308:12;1314:20;
1328:17
attempt (4)
1332:24;1338:9,14,16;
aspects (1)
1323:15;1384:2;
1352:24;1362:12,23;
NYS Supreme Court Reporters
1373:18;1378:20;
1380:15;1393:14,15;
1395:5;1404:7,8;
1405:26;1406:6,6,23;
1407:20;1421:20;
1429:3,15;1432:20,25;
1436:21;1439:25;
1442:4;1448:20,22;
1453:5;1455:25
backs (2)
1404:14,15
backstop (3)
1282:25;1364:24;
1382:8
bad (5)
1269:18;1277:12;
1292:12;1302:22;
1424:4
bailed (2)
1360:21;1361:17
balance (3)
1301:22;1433:18;
1454:22
bandied (3)
1270:24;1284:14;
1285:15
BANK (29)
1267:5,5,6,9;1277:20;
1279:2;1290:4;1295:24;
1314:18,20;1318:17;
1323:9,18,25;1357:12;
1358:25;1360:15,20;
1361:13,16;1362:7,11;
1394:15,16;1398:4,20;
1400:3;1426:21,24
bankrupt (2)
1318:10;1435:22
bankruptcies (3)
1294:24,25;1295:3
banks (19)
1277:12,12,16,19;
1278:2,3;1285:13,15,22;
1287:5,12,16;1292:12;
1303:21;1347:14;
1398:7;1400:5;1417:2;
1420:26
banks' (1)
1418:17
banning (1)
1355:12
Barbour (6)
1420:17,25;1421:15,
19,24;1422:16
Barclays (4)
1318:15;1322:9;
1412:19;1413:23
Barclays' (1)
1323:2
Barns (1)
1327:17
Barry (1)
1379:19
base (1)
ABN AMRO v.
DINALLO, MBIA
1378:7
based (21)
1298:7,11,17;
1305:24;1311:10;
1316:6;1340:17;
1360:22;1361:18;
1368:19;1378:5,7;
1392:14;1399:18;
1410:7,7;1430:10;
1443:5,6;1445:6;
1450:26
bases (1)
1389:24
basic (11)
1303:3,9;1321:16;
1336:21;1337:21;
1340:3;1356:6;1377:10;
1386:18;1389:17;
1393:7
basically (14)
1291:13,22;1314:17;
1316:20;1335:13;
1353:18;1355:21;
1373:14;1376:15;
1387:17;1397:14;
1421:10;1422:20;
1440:22
basis (23)
1275:16;1342:24;
1351:9;1370:18;
1371:23,25;1374:11,13,
15;1376:15;1377:26;
1378:7;1383:6,9,13;
1384:17;1385:6,14;
1386:20;1387:25;
1392:12;1436:8;
1454:22
baton (1)
1428:24
bear (1)
1367:11
became (2)
1361:26;1373:25
become (3)
1283:26;1284:2;
1302:23
begin (1)
1288:5
beginning (4)
1313:11;1365:16;
1418:18;1454:7
behalf (1)
1356:13
behind (4)
1348:13;1357:14;
1382:3;1449:13
belabor (1)
1446:8
belied (2)
1305:17;1427:25
belief (2)
1383:12;1410:6
belies (1)
Min-U-Script
15,15,16;1299:2;
1301:10,14,20,22;
1321:8;1351:19;
1352:11;1367:9;
1397:20;1401:4;1411:8,
20;1413:4;1424:15,21;
1446:4
Billions (4)
1315:24,25;1360:21;
1361:18
binding (5)
1298:4;1370:22;
1371:17;1416:8;
1449:23
Bing (4)
1452:14;1454:9,13,22
Bing's (1)
1454:19
birthday (1)
1397:24
bit (17)
1301:6;1304:12,14;
1314:25;1325:17;
1326:23;1330:4;
1335:12;1342:19;
1310:6;1456:14
boosted (1)
1287:26
borne (4)
1279:21,25;1403:3;
1440:9
both (18)
1282:17;1310:5;
1368:23;1369:6;
1377:18;1392:4;1394:7;
1398:24,25;1399:3,10;
1408:2;1431:14;1432:4,
13;1435:5;1436:17;
1439:4
bottom (7)
1307:21;1331:24;
1343:20;1355:17;
1411:25;1420:20;
1421:14
1345:3;1354:7;1359:20; bought (12)
1363:24;1388:2;
1277:24;1323:18,19;
1419:26;1429:12;
1324:2;1347:13;1352:9,
1435:17
24,26;1406:6,22;1421:6,
black (3)
9
1275:8;1317:6;
bound (2)
1321:20
1298:9;1372:14
BlackRock (1)
boxes (8)
1437:10
1275:9,9,9;1317:6,7,7;
blizzard (1)
1321:20;1373:2
1444:13
bracket (1)
blown (1)
1431:17
1293:10
Brady (1)
blue (1)
1276:25
1317:7
BRANCH (1)
BNP (1)
1267:10
1267:4
Bransten (1)
board (1)
1323:13
1352:16
breached (1)
Board's (1)
1410:11
1369:15
break (10)
Bob (2)
1309:9;1325:17;
1334:20;1342:10
1378:19,19,23;1379:5;
Boisseau's (1)
1429:4;1442:5;1456:17,
1381:19
18
bolloxed (1)
BRIAN (1)
1271:20
1268:9
bond (28)
Bridge (9)
1273:15,20;1284:2;
1297:17,20,22;
1285:11,20,21;1287:7,9;
1440:16,16;1442:8,11,
1288:3;1289:7;1326:6,
17,18
7;1357:17;1382:14;
Bridge's (1)
1390:23;1393:11;
1442:22
1400:10;1401:14;
brief (17)
1404:16,18,23;1405:21,
1297:5;1335:17;
23,24;1406:5;1416:16;
1343:26;1380:4,7,11;
1417:14;1421:13
1382:20;1452:15,24;
bonds (3)
1453:6,7,12,21;1454:17;
1326:16,17;1352:12
1455:25,25;1456:11
book (8)
briefed (1)
1309:26;1311:26;
1379:26
1412:24;1415:10,12;
briefly (5)
1443:16;1445:10,26
1327:2;1356:11;
books (2)
1366:5;1367:12;
1419:23
bring (4)
1288:6;1375:2;
1376:24;1388:17
broad (2)
1359:5,15
broadly (2)
1354:25;1433:23
Broderick (3)
1317:26;1318:5;
1321:18
brother (1)
1269:10
Brothers (9)
1316:4;1318:8,11,12,
14,14,20;1319:16;
1321:4
brought (3)
1301:4;1450:8,24
Brown (36)
1281:12;1282:7,11;
1285:4,7;1288:15;
1290:8;1292:25;
1294:10,10;1295:15,26;
1296:5;1302:16;
1314:20;1365:9,14;
1367:2;1372:17;1391:7,
15;1395:16;1403:19;
1408:21;1409:10,12;
1410:2;1411:3;1414:9;
1415:16,20,26;1416:11;
1443:9,10,13
Brown's (3)
1288:20;1289:13;
1414:16
BSA (2)
1312:6,18
Buchmiller (50)
1273:25;1274:26;
1275:7;1279:14;
1283:10;1295:4;
1296:22;1297:22,25;
1302:9,10,12;1303:12;
1304:8;1305:16;
1308:26;1311:2;
1314:25;1315:7,16;
1316:6,14,16,26;
1317:18,21,25;1318:4;
1319:13;1321:16,23;
1322:16,20,24,26;
1340:18;1363:4,5;
1367:5;1370:5;1371:9;
1377:4;1387:7;1435:2,
11,17;1436:3,9,13,17
Buchmiller's (10)
1273:24;1274:13,18;
1276:2,8;1279:16;
1314:6;1325:9;1439:6,
12
build (1)
1399:2
Building (5)
1368:24;1369:25;
(5) based - Building
ABN AMRO v.
DINALLO, MBIA
1376:26;1379:20;
1380:10
built (1)
1429:9
bullet (1)
1421:15
burn (1)
1395:25
business (33)
1285:21,21;1287:7,17,
23;1289:7;1295:20;
1299:23;1322:3,7,11;
1323:25;1329:15;
1332:15;1333:9;
1356:22;1399:3;
1401:20;1402:5,17;
1411:2;1412:2,3;
1415:9;1421:2,3,18;
1431:11;1438:3;1446:2;
1448:25;1453:25;
1455:15
businesses (2)
1392:5;1398:23
bust (1)
1318:14
Buttner (3)
1307:9,11;1308:4
button (1)
1317:2
buttress (1)
1336:5
buy (11)
1305:7,8,9;1404:7,8,
14,15;1405:26;1406:6;
1407:20;1421:7
buying (3)
1347:13;1348:22;
1400:5
buys (2)
1278:26;1279:2
Byrne (2)
1311:4,5
C
C/O (1)
1313:7
caffeine (1)
1429:21
calculating (1)
1275:19
calculation (1)
1307:18
call (6)
1270:10;1283:16;
1367:23;1397:18;
1411:5;1414:6
called (7)
1295:21;1331:14;
1352:25;1353:2;
1360:14;1379:23;
1433:24
CALYON (1)
Min-U-Script
1345:11;1349:19;
1353:23;1359:20;
1363:3;1367:7,12,12;
1368:16,17;1370:7,11,
14;1372:19;1374:3,4,26;
1378:19;1385:14;
1387:15;1388:18;
1390:4,19;1392:4;
1396:5;1400:8;1410:23;
1420:15;1424:15,25;
1425:8;1426:3,9,14;
1433:14,22;1436:4;
1437:22;1438:9;
1294:17
capricious (2)
1276:13;1313:8
care (2)
1395:12,15
careful (2)
1276:25;1383:7
carefully (2)
1372:3;1391:19
cares (1)
1318:10
case (137)
1269:17,19;1270:14;
1271:5,10,11,13,15;
1272:8;1276:17;1277:5,
20;1278:8,9,11;1284:7;
1289:6;1290:4;1292:8,
15;1293:18;1296:2;
1297:21;1300:2;1304:5,
13,16;1305:12;1307:3;
1309:5,16,16,17,20,25;
1311:6,6,7,9,11,18,19,
21,24;1312:14;1313:5,
16,16,24;1314:10,21;
1322:14;1323:8,12,13,
13,14;1325:26;1326:19;
1327:15;1330:9;1336:6;
1338:13;1341:26;
1342:2,4,7,8,11,13,15,
16;1343:3,7,10;1345:19;
1346:3;1351:15;
1440:24,24,25;1442:24;
1447:22;1451:14,14,25;
1352:11;1355:14,16,16,
1452:5,19
CANADIAN (1)
1267:4
capable (1)
1348:14
capacity (3)
1443:16;1445:13;
1446:5
CAPITAL (46)
1267:9;1273:15;
1287:7,8,8,9;1288:3;
1290:24;1295:21;
1362:20;1364:3,4;
1392:6;1393:2,10;
1398:17,25;1399:2,18,
21;1400:8,10,11,14;
1401:22;1402:2,11,15,
17;1403:24;1404:18;
1407:13,13,22;1408:3;
1411:8,9;1416:15,16;
1417:12,15;1418:10;
1428:6;1433:2,24;
1454:24
capitalization (1)
1397:6
capitalize (2)
1351:23;1352:8
capitalized (2)
1301:26;1352:10
capitalizing (1)
1367:15,17;1368:23,24,
25,25;1369:3,5;1372:10;
19;1361:7;1366:24;
1373:6,9,9,21;1374:6,
19,26;1376:7,11,13,14,
19,20,22,22,25,26;
1379:20,21,23;1380:3,
10;1382:17;1383:5;
1387:17;1417:10;
1420:7;1421:4;1423:16,
23;1429:24;1430:19;
1434:20;1437:12;
1440:12;1444:9;1445:6;
1449:26;1450:4,12;
1451:4,20;1456:25
cases (18)
1271:7;1274:20;
1275:14;1277:7;1298:5;
1305:13;1307:5;
1309:26;1310:14,16;
1368:24;1370:13;
1374:10,25;1376:21;
1379:6,18;1449:24
cash (3)
1347:20;1353:4;
1411:10
casually (1)
1353:3
Casualty (3)
1309:20;1330:12;
1421:7
CDF (1)
1422:11
CDO (4)
1318:2;1321:23,24;
1322:24
CDOs (5)
1316:5;1317:25;
1318:22;1320:24;
1321:3
CDS (2)
1398:5;1445:21
central (2)
1346:3;1420:7
Centre (1)
1267:20
CEO (7)
1281:12;1289:20;
1347:26;1348:3;
1352:15;1414:23;
1443:10
certain (5)
1272:5;1333:10;
1360:26;1380:9;
1433:25
certainly (21)
1281:26;1287:24;
1307:24;1308:6,21;
1313:18;1333:6;1357:9;
1364:18,24;1377:7;
1403:18;1411:2;
1416:24;1419:18;
1422:24,25;1424:18;
1426:17;1428:16;
1441:8
certainty (1)
1303:16
certificate (3)
1312:8,23,26
certification (6)
1311:10,12;1313:22;
1385:5;1386:3,10
certifications (2)
1384:21,22
certified (20)
1311:16;1312:14;
1373:8,9,15;1374:18,19;
1383:9,23,25;1384:9,15;
1385:4,13;1386:19,24;
1389:19,23;1424:11;
1425:26
certify (1)
1375:8
CFIG (2)
1448:6,8
CFO (6)
1396:11;1403:19;
1405:15;1406:4;
1407:15;1443:10
challenges (3)
1447:2,6,7
chance (2)
1313:13;1370:25
change (5)
1350:8;1391:14;
1415:17,17;1418:6
changed (10)
1309:4,8,12,13;
1310:10;1314:7;1331:2;
1367:3;1405:17;
1410:21
changing (3)
1387:17;1409:5,8
Chaplin (14)
1285:8;1396:11,15;
1403:18;1405:15;
1407:16;1435:11,16,20;
1436:4,12;1443:9,10,12
chapter (5)
1282:5;1294:3;
1367:25;1449:7,9
characterization (1)
1365:11
characterized (1)
1437:2
characterized- (1)
1436:26
characterizing (2)
1338:23;1348:15
charged (1)
1450:16
charitably (1)
1339:14
CHASE (1)
1267:5
chief (1)
1287:3
choice (3)
1305:10;1307:6;
1323:5
choices (2)
1323:6;1356:2
choose (1)
1291:3
chooses (1)
1290:16
Chris (1)
1295:19
Chuck (3)
1396:11;1403:18;
1405:15
chutzpa (2)
1360:16,20
circulate (1)
1425:11
circulated (1)
1454:8
circumscribed (1)
1355:6
circumstances (4)
1302:24;1312:10,13;
1338:20
cite (20)
1292:16;1300:2;
1307:3;1309:5;1334:13,
14,14,15,15,16,19;
1341:5;1342:15,16;
(6) built - cite
ABN AMRO v.
DINALLO, MBIA
1343:9,23;1346:9,13;
1376:23;1381:14
cited (9)
1277:5;1278:8;
1343:7;1350:11;
1368:21;1374:10;
1376:15;1379:6;1387:8
citing (6)
1271:8,10;1338:2;
1369:19;1384:18;
1387:24
civil (1)
1273:25
claim (6)
1272:19,20;1285:14;
1288:13;1324:4;
1361:16
claiming (1)
1440:22
claims (28)
1273:19;1280:11,21,
23;1281:3,19;1283:2;
1287:10;1291:2;1293:3,
8,11;1323:22;1328:17;
1332:21;1335:4,8,22;
1336:13,20;1340:17;
1341:24;1366:14;
1369:20;1408:11;
1411:20;1413:4;
1431:26
claims-paying (1)
1420:8
clarify (1)
1359:6
classes (2)
1396:13,21
clause (1)
1450:3
claw (1)
1276:4
clean (1)
1400:8
clear (34)
1272:3,6;1274:12,22;
1275:13;1276:22;
1281:9;1283:9,12;
1306:22;1328:15;
1336:15;1337:13;
1338:2;1340:20;1343:2,
5;1348:9;1355:11;
1357:24;1364:23;
1365:17;1374:25;
1397:10;1409:2;
1419:15;1443:7,12;
1450:7,13;1451:25;
1453:14,16;1455:13
clearer (1)
1289:22
Clearly (5)
1277:2;1381:17;
1387:22;1420:9;
1428:19
clients (6)
Min-U-Script
13,22;1294:16;1295:8;
1399:4;1403:24;1404:9,
23;1405:19;1406:11,25;
1407:14,23;1408:13;
1411:14,15;1412:24,24,
25,26;1417:16
code (3)
1311:16;1359:16,17
code-compliant (1)
1312:15
Coke (1)
1429:20
Coliseum (1)
1295:21
collapse (3)
1447:10,11,13
collateralized (1)
1287:11
colleagues (1)
1450:26
collective (1)
1414:17
collectively (1)
1356:16
come-back (1)
1436:22
coming (6)
1400:14;1403:2;
1415:18;1427:13;
1429:10;1444:14
commend (1)
1311:5
comment (5)
1313:26;1392:13;
1395:9;1396:5;1425:22
commented (3)
1390:17;1392:17;
1408:8
commenting (1)
1295:23
comments (1)
1364:22
commission (6)
1331:14,15;1345:9,
23;1346:17,20
Commissioners (2)
1294:12;1363:2
committee (3)
1443:14,20,26
communicating (1)
1424:7
communications (2)
1275:4;1384:25
commutation (3)
1318:25;1319:14;
1413:15
commutations (3)
1320:22;1413:18,26
commute (1)
1322:2
companies (15)
1278:21,22;1282:16;
1326:21;1328:25;
1329:14;1331:19;
1349:23,23;1350:6;
1351:13;1352:6;
1381:11;1398:9;
1399:10
company (101)
1273:20,21;1278:6,
14;1279:26,26;1280:10,
11,12;1281:2,4,15,16,
18;1282:9,10,12,26;
1283:26;1284:2;1289:3,
9;1290:22;1292:2,7,10,
11,11;1293:3;1295:11,
20;1302:16,26;1303:8;
1304:23;1315:23;
1324:18;1328:16;
1330:13;1331:5,14,21;
1341:18,20;1345:11,13,
17,17,18;1346:5;
1347:23,24;1348:3;
1350:4,21,21,23,24,25;
1352:18,23,24,25;
1353:2,3,4,15;1364:4,4,
7,9;1366:8;1380:20;
1390:25;1392:7;1393:3,
10;1398:6,15,16,16,22;
1399:21;1401:23;
1402:12;1405:14;
1408:13;1411:9;
1417:13;1418:11,20;
1420:8,9;1421:16;
1424:13,13;1436:7;
1449:13;1452:13,17;
1455:5
company's (1)
1287:17
compared (1)
1383:16
competence (1)
1342:24
competitive (1)
1329:21
compilation (1)
1383:13
compiled (1)
1383:4
complain (1)
1287:6
complained (1)
1285:22
complaining (2)
1293:19;1385:2
complaint (1)
1371:15
complete (1)
1425:25
completed (6)
1311:13,17;1312:15;
1313:23;1401:5;
1436:25
completely (7)
1285:17,18;1296:9;
1324:14;1342:17;
1348:6;1427:25
compliance (2)
1311:17;1385:24
complicated (1)
1424:2
complied (2)
1330:17;1434:13
comply (3)
1312:18;1313:18;
1331:26
component (1)
1398:4
components (2)
1334:10;1372:7
computer (1)
1342:13
concede (1)
1370:10
concept (1)
1374:4
concern (6)
1345:16;1347:19;
1350:24;1351:12;
1353:8;1415:9
concerned (6)
1280:22;1294:18;
1297:19;1299:15;
1353:17;1447:12
conclude (1)
1410:9
concluded (3)
1334:8,22;1410:16
conclusion (7)
1315:2,3,4;1427:2;
1442:24,25;1454:21
conclusions (2)
1438:22,22
conclusive (2)
1372:18,19
condition (4)
1309:22;1367:10;
1394:23;1410:12
conditions (2)
1381:5;1410:12
conduct (5)
1333:9;1366:16;
1429:23;1430:18;
1434:18
conducted (2)
1366:18;1369:4
conference (3)
1283:16;1388:20;
1434:16
confidential (2)
1423:7;1428:10
confidentially (1)
1423:15
confirmed (1)
1321:2
conflict (1)
1331:4
conglomerate (1)
1352:26
Congress (5)
1327:5,10,20;1361:9;
1362:16
conjunction (1)
1401:15
connection (7)
1327:15;1328:2;
1341:12;1381:3;
1384:26;1422:13;
1440:4
consensus (1)
1305:3
consequences (1)
1368:12
conservative (1)
1293:6
consider (9)
1308:8,23;1331:26;
1338:24;1351:7;
1363:20;1373:23;
1391:19;1414:5
considerable (1)
1413:7
consideration (1)
1373:26
considerations (1)
1391:21
considered (3)
1376:12;1387:21,21
considering (4)
1428:17;1451:4,8,26
consistent (5)
1280:7;1328:19,20;
1343:22;1389:21
constitutes (1)
1372:11
constitution (3)
1450:3,4,7
constitutional (1)
1450:14
construction (5)
1336:22;1337:22;
1338:3;1340:4;1341:23
consultation (1)
(7) cited - consultation
ABN AMRO v.
DINALLO, MBIA
1400:26
consumer (1)
1327:16
consumers (3)
1329:12,13;1330:3
contacting (1)
1398:6
contain (1)
1369:5
contained (1)
1292:18
contemplated (1)
1356:3
contemporaneous (5)
1274:10;1301:17;
1315:7;1317:19;
1423:21
contemporaneously (1)
1314:26
Continental (1)
1309:20
contingency (3)
1433:26;1434:3,6
continue (4)
1301:26;1379:4;
1401:13;1456:20
Continued (9)
1286:3;1300:5;
1312:17;1324:23;
1344:4;1365:19;
1396:24;1417:17;
1441:10
continues (2)
1451:23;1454:24
continuing (2)
1400:15;1455:20
contracts (4)
1327:8;1407:6;
1414:3;1455:23
contradicted (2)
1271:26;1274:10
contradicts (2)
1285:14;1414:22
contrary (6)
1277:6;1307:5;
1324:18;1326:10;
1337:8;1348:26
contribute (2)
1401:2,7
control (1)
1352:26
controlled (1)
1331:22
controversial (1)
1440:7
convenient (1)
1456:16
conversation (4)
1410:8,17;1435:9,13
conversational (1)
1435:22
conversations (4)
1408:19;1409:20;
Min-U-Script
1333:20;1334:16;
1353:22;1355:11;
1360:12,26;1377:21;
1390:15;1394:18;
1398:19;1400:12,23;
1402:19;1405:2;
1412:11
Counsel's (1)
1349:26
counter (4)
1294:6,19;1343:5;
1398:5
counterparty (2)
1321:6,9
counting (1)
1315:17
Countrywide (1)
1323:18
County (2)
1454:3;1456:14
couple (2)
1319:26;1334:19
course (17)
1269:16;1310:5;
1328:13;1332:15;
1365:8;1370:15;1380:6,
18;1382:4;1383:18;
1413:21;1414:14;
1431:10;1436:16;
1448:25;1453:25;
1455:14
COURT (169)
1267:2;1268:25;
1269:3,5,20,26;1270:4,
8,13,19;1271:3,8,23;
1273:2;1274:11,12;
1275:26;1276:10,21,24;
1277:10;1278:15,17;
1279:17;1296:15,19;
1297:5;1298:10;1299:5;
1304:13;1306:6,10;
1307:6;1309:21,25;
1310:7;1311:9,14,25;
1312:20;1313:5,6,26;
1314:14;1320:7;
1324:11;1325:2,19,23;
1328:10;1336:22;
1337:14;1339:7,13,16;
1342:3,5,12,19,21;
1343:2,7,10;1346:16,23;
1348:19;1349:3,5,14,19,
20,21,21;1354:6,23;
1355:8,10,25;1358:5;
1360:23;1365:10;
1369:6,14;1370:18;
1371:3;1372:6,17,23;
1373:19;1374:21;
1375:2,3;1376:4,9,17,
19;1377:7;1378:13,15,
21,23;1379:4,8,12,15,
26;1380:5,14;1381:20,
22;1382:24;1383:8;
1384:12,15;1385:5,9,17;
1386:12,26;1388:25;
1389:12;1390:4,7,10;
1394:21,25;1395:5,22,
26;1396:5;1398:19;
1400:21;1401:6;
1402:19;1403:15,18;
1404:12;1412:11;
1413:13,16;1415:16;
1419:7,9,14;1420:3,5;
1423:11;1425:3,23,24;
1427:18,20;1428:25;
1429:3,6,18,21;1432:22;
1437:12;1438:10,16;
1443:3;1450:11;1452:5,
10,20;1453:18;1454:3;
1456:18
courtroom (6)
1269:9;1270:25;
1284:14;1323:16;
1331:12;1385:12
courts (2)
1276:14;1287:15
cover (4)
1270:17;1277:24;
1400:6;1453:7
coverage (1)
1288:5
covered (1)
1270:15
covers (6)
1289:26;1290:19;
1335:5,5,5,6
CPLR (1)
1370:10
crazy (1)
1373:19
create (3)
1362:6;1370:12;
1399:22
created (1)
1361:2
creates (2)
1396:21;1398:15
creating (3)
1282:14;1396:13;
1421:13
credit (1)
1394:4
creditors (2)
1303:8,11
crisis (6)
1279:10;1316:10;
1317:11;1323:20;
1364:26;1408:12
criteria (2)
1312:5;1448:15
critical (4)
1278:15;1330:8;
1346:2;1349:24
cropped (1)
1329:2
cross (1)
1410:23
cull (1)
1345:6
Cuomo (1)
1356:16
current (12)
1275:11,13,24;
1304:20,24,25;1314:12,
12;1316:23;1317:2,14;
1353:12
currently (1)
1275:17
cushion (1)
1399:2
cushions (1)
1399:9
custom (1)
1450:10
customer (1)
1421:5
customers (1)
1421:3
cut (2)
1274:14;1397:21
D
d2 (1)
1341:6
dangerous (2)
1347:2,11
DANIEL (1)
1268:14
data (3)
1275:7,20;1321:19
date (7)
1288:16;1299:7;
1329:8;1397:23;
1420:19;1426:21;
1452:24
dated (1)
1405:3
daughter (1)
1289:14
day (13)
1269:5;1290:20;
1363:9;1371:10,12;
1381:25;1415:21;
1416:2;1423:16;
1426:15;1428:21;
1439:7;1452:8
days (3)
1290:6;1401:8;
1406:17
dazzle (1)
1297:13
dazzling (1)
1289:11
dead (8)
1448:10;1453:2,2,22;
1454:5;1455:2,23;
1456:13
deal (18)
1285:23;1287:14;
1290:13;1305:8;1325:8;
1333:2,16;1336:12;
1348:7;1360:13;
1365:12;1380:10;
1400:17;1406:14;
1418:14;1424:12;
1425:12,13
dealing (7)
1312:9;1314:18;
1333:14;1342:8;1351:5;
1363:11;1377:13
deals (3)
1311:19;1368:8;
1398:5
dearly (1)
1381:22
debt (4)
1277:25;1287:11;
1288:5;1295:20
(8) consumer - debt
ABN AMRO v.
DINALLO, MBIA
debts (1)
1346:10
December (7)
1294:7;1316:18;
1321:26;1365:15;
1367:2;1406:8;1423:6
decide (4)
1320:25;1322:22;
1323:3;1340:10
decided (7)
1271:15;1353:7;
1361:7;1401:2;1405:20;
1406:5;1448:14
decision (51)
1272:12;1277:14;
1288:8;1296:16,20;
1307:3;1309:4,8,13,14;
1310:10,25;1314:7;
1321:26;1322:4;
1330:19;1342:3;1361:6;
1368:18;1369:16;
1370:18;1373:12;
1374:13,15,20,21,24;
1375:10,12;1376:16;
1377:11,17;1384:13;
1385:6,15,16;1386:13,
15,20,25;1387:26;
1389:19,24;1408:22,25;
1409:13,18;1437:9;
1441:9;1451:12,12
decisions (2)
1322:7,11
declaration (1)
1353:13
declare (1)
1330:13
decline (4)
1311:15;1312:7;
1313:7;1454:26
deem (1)
1446:19
deemed (4)
1332:22;1336:23;
1369:11;1449:2
deems (1)
1438:6
deep (1)
1318:2
defend (1)
1368:17
defense (1)
1310:23
defer (1)
1388:22
deference (4)
1343:12,14;1356:8;
1387:14
deferential (1)
1276:23
deferred (2)
1307:13,19
deficiency (1)
1454:24
Min-U-Script
16;1311:7,23;1313:6;
1322:12;1328:7,23;
1329:6;1333:20;1334:3,
7;1335:24;1337:26;
1339:4;1340:7;1341:26;
1350:2;1355:3;1357:19;
1359:26;1364:17;
1365:16;1366:10,18,20,
22;1367:8,20,22;1368:8,
17,25;1369:3,9;1371:5,
18,26;1372:3,10;
1373:14;1376:14,25;
1379:22,23;1382:17,22;
1383:4;1384:25;
1385:11;1386:6,7;
1387:5,16;1388:10;
1397:4,11;1399:16;
1401:2,16;1414:5,11,17,
24;1415:22;1416:11,14,
21;1417:15;1420:6;
1428:15,16;1429:25;
1430:9,13;1432:15,17;
1434:26;1436:18;
1438:6;1442:7,16;
1446:19;1447:5;
1449:10,17;1450:25,25;
1451:7,16,22;1453:13,
15;1454:15
departments (3)
1363:8;1364:15;
1449:16
Department's (17)
1278:19;1297:16;
1298:2,4,6;1299:6;
1326:25;1327:7,17;
1341:11;1342:4,7;
1370:21;1371:24,25;
1415:6;1447:12
depending (1)
1342:22
Depends (1)
1339:20
deposed (2)
1274:21;1322:21
deposited (1)
1361:13
deposition (18)
1283:10;1295:2;
1430:9,14;1434:12,18
determine (2)
1341:23;1451:3
determined (2)
1335:18;1455:20
determines (1)
1359:26
developed (1)
1447:5
development (2)
1347:2,11
device (2)
1278:6;1292:15
devices (1)
1347:22
Dewey (3)
1381:18,20;1397:5
DFS (2)
1297:15;1303:6;1336:5;
1452:14;1454:14
1348:24;1387:8;1388:4, Diet (1)
7,9,11,17;1389:16;
1429:20
1408:15;1414:9;
differ (1)
1444:16;1450:19,21
1309:18
depositions (2)
difference (5)
1276:11;1318:6
1352:5;1377:4,8;
deposition's (1)
1419:11;1433:21
1381:25
different (29)
Depression (2)
1272:22,23;1273:5;
1279:11;1302:23
1274:16;1275:8;
deputy (3)
1302:10;1319:15;
1284:12;1287:2;
1333:25;1335:14;
1289:18
1338:13;1340:7;1385:3;
Deputy's (1)
1393:6,12,22;1396:9;
1447:9
1403:10;1415:7;
describe (1)
1416:17;1418:4,5,23;
1381:23
1419:16,24,26;1425:17;
described (6)
1431:13,17;1445:5
1318:11,13;1388:21;
differentiation (1)
1413:16;1445:24;
1422:10
1448:7
difficult (1)
describes (3)
1360:2
1363:5;1433:12;
diligent (1)
1447:17
1383:7
describing (2)
dilution (1)
1370:3;1454:20
1294:16
description (1)
Dinallo (39)
1382:6
1272:2;1279:13;
desire (1)
1280:6;1281:12;
1404:5
1282:11;1287:5;
despite (1)
1292:25;1294:9,26;
1312:17
1297:15,19;1326:24;
detail (5)
1327:4,10,14,24;
1299:10;1302:9;
1328:19;1334:8,22;
1315:9;1326:22;
1335:18;1336:6;1365:2;
1380:23
1370:17;1371:22;
details (1)
1384:5;1387:7;1388:10;
1410:24
1389:9;1397:14,19;
detected (1)
1398:8;1409:24;
1347:2
1410:22,24;1413:19,23;
determination (14)
1414:26;1418:18;
1280:3;1298:6,11;
1434:17
1313:7;1358:15;1369:5, Dinallo's (15)
13;1383:10,14;1387:20;
1270:19;1272:12;
1328:3;1334:13,16;
1335:23;1336:5;
1360:24;1370:26;
1371:14;1388:4,11;
1389:14,16;1408:14
direct (4)
1290:11;1363:23;
1444:2,3
directing (1)
1425:22
direction (1)
1322:19
directions (1)
1410:17
directly (4)
1274:10;1401:22;
1402:11;1406:14
director (5)
1289:2,15,21;
1393:15;1420:18
disagree (1)
1329:25
disagreed (1)
1325:2
disagreement (2)
1279:23;1410:18
disappointed (4)
1408:17,18;1409:19;
1422:9
discern (1)
1369:6
disclosed (8)
1281:26;1364:2;
1371:26;1412:13;
1413:11;1416:17,18;
1419:7
disclosing (1)
1405:8
disclosure (2)
1402:16;1428:11
disclosures (2)
1392:15,25
discovery (3)
1304:12;1382:22;
1386:15
discretion (3)
1311:15;1312:7;
1448:18
discriminating (1)
1357:2
discuss (2)
1272:18;1380:22
discussed (8)
1281:8;1363:9;
1380:17;1426:26;
1427:15;1430:5;1446:6;
1454:17
discusses (2)
1380:21;1382:3
discussing (2)
1396:9;1414:20
discussion (24)
1269:18;1306:13;
(9) debts - discussion
ABN AMRO v.
DINALLO, MBIA
1307:17;1329:19;
1340:11;1353:22;
1354:2;1363:22;1366:4;
1382:7,9,12,13;1390:18;
1392:6;1412:6,23;
1413:3;1435:10,14;
1439:13,14;1441:6;
1451:18
discussions (6)
1408:21;1409:4,12,
16;1413:15;1422:12
disfavored (1)
1338:8
disposition (1)
1309:24
dispute (5)
1312:6;1432:3,12;
1434:23;1446:26
disputed (2)
1325:13;1439:18
disregard (2)
1449:22,25
disruption (1)
1445:10
distinction (1)
1374:25
distinctly (1)
1338:8
distorted (4)
1444:11,15,21;
1447:26
distortion (1)
1444:18
distress (1)
1292:9
distressed (1)
1412:25
distribute (1)
1330:13
distribution (1)
1444:7
distributions (2)
1350:16,17
divided (1)
1287:23
dividend (15)
1290:23,23;1299:18;
1330:13;1334:24;
1340:13,26;1350:8;
1353:14;1364:8;
1375:15,20,25;1397:6,
20
dividends (3)
1350:10,15,16
division (2)
1282:14,20
DOB (1)
1312:17
doctored (1)
1407:17
document (55)
1274:24;1276:2,3,6;
1279:18;1281:20,21;
Min-U-Script
1298:4;1304:7,16;
1306:24;1310:7;
1316:16;1327:19;
1329:17,23;1345:19,22;
1367:16,17;1383:2;
1391:7;1393:24,25;
1394:15,18;1399:11;
1400:7,16;1401:6,11;
1402:16;1403:4;
1411:16,17;1413:12;
1416:20;1417:2,4;
1418:26;1420:5,11;
1421:21,21;1425:17,18
documents (27)
1271:21;1274:10;
1281:7;1289:11;
1301:17;1304:15;
1305:18;1314:26;
1317:19;1349:18;
1383:13,17;1384:19;
1386:17;1393:4,5,6;
1398:13;1400:13,21;
1403:7;1407:12;
1415:25;1419:10;
1423:21;1439:6;1452:8
dollar (2)
1397:20;1401:4
dollars (12)
1291:2;1315:25;
1321:8;1322:3;1333:11;
1352:17;1360:21;
1361:18;1364:8;
1395:18;1399:19;
1446:4
domestic (3)
1330:12;1350:24;
1353:15
done (44)
1275:2,3;1278:10;
1283:18;1287:14;
1290:10;1293:7;
1297:23;1299:22;
1313:25;1319:14;
1340:18;1341:17,19;
1361:5,11;1364:5;
1366:14;1367:7;1370:8;
1371:14;1377:15;
1380:19;1401:4;1408:4;
1416:5,6,12;1429:25;
1436:20;1437:8,10,14;
1438:25;1439:16,26;
1440:10,11,18,20;
1442:7,10,16;1443:4
dormant (1)
1412:3
double (1)
1394:4
doubt (1)
1377:8
doubtful (1)
1450:2
1325:4;1330:14;
1338:16;1375:18,20
down (22)
economic (6)
1279:8;1281:21;
1283:6;1304:21;
1307:21;1319:25;
1362:2;1410:20;
1329:23;1331:24;
1433:14;1455:4
1343:20;1355:9,17;
economist (1)
1376:9;1395:10;
1287:3
1397:21;1404:9;
economists (1)
1406:20;1408:16;
1303:15
1410:3,20;1411:11,25; effect (11)
1420:20;1421:14;
1273:3;1332:4;
1442:5
1335:6;1336:25;
downgrade (6)
1337:17;1338:3,25;
1399:24,25,26,26;
1339:23;1340:5;1341:8;
1411:7;1420:21
1415:9
downgrades (1)
effective (2)
1415:8
1274:3;1368:5
downstream (6)
effectively (2)
1405:12,19;1408:22,
1369:14;1415:8
25;1409:13,18
effects (1)
downturn (2)
1356:2
1304:21;1455:4
efficient (1)
dozens (2)
1329:14
1295:22;1301:17
effort (2)
drain (1)
1274:7,8
1347:3
efforts (3)
draw (1)
1274:6;1447:9,12
1362:15
eight (1)
drill (1)
1329:16
1442:18
either (5)
drive (1)
1304:13;1388:13;
1318:2
1447:20;1448:5,26
drug (2)
electing (1)
1278:5;1292:14
1411:8
Dudney (1)
element (1)
1444:16
1431:21
due (11)
elemental (1)
1287:18;1335:4,9,22;
1329:25
1336:13,20;1340:17;
elements (2)
1341:24;1369:20;
1430:25;1431:18
1433:16;1455:3
eliminates (2)
during (15)
1341:15;1356:4
1277:5,11;1283:20;
ellipses (12)
1297:21;1306:17;
1271:7,12,14,18;
1333:20;1362:25;
1277:8;1288:14,19;
1371:11;1380:17;
1296:3;1329:3;1342:10;
1382:4;1383:18;
1356:18;1409:9
1404:21;1413:21;
ELNY (10)
1414:14;1432:7
1452:17;1453:6,25;
duty (2)
1454:23;1455:12,13,16,
1326:25;1411:4
22,23;1456:6
ELNY's (2)
E
1454:25;1456:4
else (5)
1288:8;1347:16;
earlier (4)
1373:4;1378:18;
1287:5;1338:22;
1406:25
1345:16;1416:22
else's (1)
early (5)
1388:9
1323:18;1350:11;
1373:9;1397:15;1450:9 elsewhere (1)
1380:12
earned (9)
1298:23;1299:2,8,19; e-mail (46)
1274:25;1284:21;
1288:10,16,24,25;
1289:17;1292:5;
1295:13;1296:8;
1395:21;1397:10,12,13,
23;1398:20;1399:11;
1403:17;1405:2,5;
1407:15,17,17,18;
1411:6;1412:18;1413:3,
13,17;1415:20;1422:18,
18;1423:18,25;1424:3,4,
6,10,26;1425:12,25;
1426:20,21;1427:10;
1428:3;1443:9
e-mails (9)
1274:11;1297:18;
1315:8;1386:17;
1411:12;1412:12,14;
1427:23;1428:2
Emergency (1)
1362:2
emphasized (1)
1382:18
employee (2)
1412:19;1413:14
employees (1)
1324:6
enable (1)
1448:3
enabled (1)
1448:8
enacted (4)
1330:25;1331:13;
1335:14;1338:13
enactment (1)
1353:11
encouraged (1)
1356:6
encumbrances (1)
1433:16
End (14)
1286:4;1304:8;
1305:14;1306:2,9,10;
1321:15;1324:22;
1365:20;1376:7;
1396:23;1398:6;1414:6;
1441:11
endeavor (1)
1435:7
ended (1)
1384:22
endorsed (3)
1424:9,19;1426:18
enforce (1)
1360:16
enforceable (1)
1364:24
enforced (3)
1324:8;1432:9;1450:8
engage (5)
1277:8;1364:18,19;
1404:6;1423:2
engaged (4)
(10) discussions - engaged
ABN AMRO v.
DINALLO, MBIA
1300:4;1352:3;
1357:21;1404:8
engagement (7)
1319:20,21;1320:3,5,
9,10;1363:20
engaging (2)
1276:16;1351:13
English (4)
1366:8,9,9,14
enough (7)
1277:16;1299:19,20,
22;1346:26;1360:7;
1364:26
ensure (1)
1346:4
entered (2)
1381:3;1407:7
enterprises (1)
1347:20
entire (12)
1280:17;1297:5;
1303:14;1337:18;
1338:4;1348:16;
1352:13;1413:21;
1414:18;1424:14;
1443:16;1446:26
entirely (6)
1292:23,23;1293:12;
1308:23;1416:26;
1450:14
entirety (1)
1348:10
entities (3)
1394:8;1398:24,25
entitled (2)
1387:13;1414:3
entity (3)
1352:9;1394:5,9
ephemeral (1)
1283:25
equal (1)
1354:10
equally (3)
1422:16,21;1423:4
equating (1)
1337:3
equation (1)
1413:24
equitable (31)
1280:26;1282:14,20;
1293:4;1315:5;1330:23,
24;1331:3,23;1332:3;
1333:24,25;1334:10,23;
1335:5,6,19;1336:18;
1337:3;1340:11,15;
1341:2,7,20;1351:8;
1377:25;1378:3,11;
1380:19;1381:6;
1382:10
equitably (2)
1324:8;1351:11
equity (10)
1285:13;1287:16,23;
Min-U-Script
1394:25;1395:4;1453:8
Exhibits (1)
1452:23
exist (3)
1299:8;1349:8;1360:5
existed (1)
1301:7
existing (9)
1281:16,19;1287:8;
1357:20;1358:8;
1411:11;1412:6;
1421:17,17
expanded (1)
1384:24
expansion (1)
1382:21
expect (1)
1436:6
expedient (1)
1438:7
expense (2)
1326:17;1357:7
expenses (5)
1294:16;1295:8;
1351:11;1440:3,8
experience (4)
1269:15;1356:17;
1445:18;1454:26
experiencing (1)
1445:12
expert (10)
1307:8,9,10;1308:5;
1310:22;1314:23;
1315:14;1364:10;
1444:18;1445:11
expertise (1)
1342:24
experts (10)
1297:2,16;1305:4;
1328:21;1331:17;
1348:22;1354:20;
1363:20;1444:9,10
explain (1)
1374:5
explains (2)
1315:14;1374:5
explanation (2)
1319:13;1378:2
explicitly (1)
1320:4
exposure (3)
1292:18,19;1294:16
exposures (2)
1398:5;1445:13
express (1)
1281:13
expression (1)
1279:14
expressly (1)
1359:23
extensions (1)
1370:25
extensive (1)
1274:6
extent (14)
1271:15;1290:15;
1354:24;1356:26;
1357:25;1370:7;
1374:17;1381:7;1387:9;
1400:16;1417:5;
1425:20;1427:3;
1451:11
extraordinary (2)
1353:14;1449:12
extreme (4)
1303:26;1305:13,15;
1307:19
extremely (2)
1290:5;1403:19
F
face (4)
1301:11,13;1302:4,5
faced (2)
1447:2,6
fact (83)
1269:10;1271:6,14,16,
17;1272:15;1273:8;
1279:12;1281:21,23;
1282:4;1289:17,20;
1295:5,5,6;1298:20;
1309:3;1310:9;1311:4;
1313:20,23;1316:19;
1319:11;1324:14;
1325:8;1326:10;1336:3,
4;1337:26;1340:6;
1342:6;1343:4,18,19,25;
1351:19;1354:13;
1360:15;1365:6;1367:2;
1368:22;1369:22,26;
1370:12,16;1371:14;
1372:12;1375:17;
1377:12,14;1382:22;
1386:10;1387:16;
1388:15,19;1390:2;
1395:17;1398:3;1400:7;
1402:24;1405:22;
1406:21;1411:18,19;
1413:17;1417:9;1423:3,
20;1424:21;1435:9;
1436:19;1437:12;
1439:7,18,24;1442:15,
16;1445:3,20;1447:9;
1449:24;1456:6
fact-by-fact (1)
1276:16
faction (1)
1357:2
facts (21)
1270:23;1271:4;
1277:17;1297:13,13;
1299:14;1305:21;
1321:25;1323:17,17;
1324:12;1325:13;
1372:18,19,25;1400:22,
(11) engagement - facts
ABN AMRO v.
DINALLO, MBIA
23;1409:11,11;1418:9;
1446:24
factual (3)
1274:9;1315:26;
1382:24
failed (2)
1293:22;1312:15
failure (4)
1294:8;1324:12,13,15
fair (29)
1280:26;1289:19;
1293:3;1315:5;1325:6;
1331:23;1332:3;
1333:23,25;1334:10,22;
1335:5,19;1336:18;
1337:3;1339:5;1340:11;
1341:7,20;1351:8;
1380:19;1381:5;1382:9;
1391:10;1393:21;
1396:8;1444:24;1446:2,
3
fairly (2)
1324:8;1411:4
fairly' (1)
1285:26
fall (2)
1369:12;1415:4
fallacy (1)
1339:24
Fallon (1)
1397:26
false (3)
1311:10,12;1313:21
falsely (2)
1311:16;1312:14
far (4)
1277:20;1283:3;
1367:7;1369:12
fashion (1)
1329:3
Fashions (1)
1372:10
fatal (1)
1377:17
favor (4)
1326:16;1416:22,23;
1429:25
favorable (1)
1411:3
favored (1)
1326:12
fear (1)
1305:6
fears (2)
1279:19;1342:19
Feasibility (1)
1428:5
feasible (6)
1427:2,5,16,19,20;
1428:2
February (28)
1275:3;1281:11;
1292:25;1305:3;
Min-U-Script
1387:23;1391:4,12,24;
1394:16;1396:7,12;
1397:5,24;1398:19;
1401:5;1415:5,10;
1423:17,24;1424:3;
1426:22;1438:23
Fed (2)
1328:8,12
Federal (14)
1294:23;1304:19;
1360:23;1361:3,7,8,9,
19,23;1362:16,17;
1382:12;1415:13,18
feedback (2)
1420:26;1421:12
fees (1)
1440:14
few (5)
1315:17;1378:16;
1404:4;1421:19;
1428:25
FGI (3)
1446:19,20,26
FGIC (7)
1352:2,4;1381:9;
1398:8;1448:2,3,5
FGIs (6)
1327:9;1446:25;
1447:10,19,24;1448:14
fiduciary (9)
1282:13;1288:17,17,
18;1292:26;1300:4;
1302:19;1391:8;1411:4
fight (3)
1276:4;1304:16,17
fighting (1)
1386:16
FIGs (1)
1415:12
figure (8)
1296:6,7,13,15;
1302:17;1348:4;
1352:19;1395:17
file (4)
1276:2;1312:22;
1315:22;1453:11
filed (5)
1366:26;1371:16;
1428:12,14;1453:11
filing (1)
1299:4
final (4)
1291:16;1411:4;
1418:9;1440:19
FINANCE (16)
1267:16;1281:4;
1291:6,19;1292:18,20;
1294:19;1357:7;1392:5;
1399:17,22;1401:20;
1402:5;1412:3;1413:5;
1445:13
FINANCIAL (41)
1267:7;1279:10;
1304:20,25,25;1316:10;
1317:11,15,18;1323:20;
1326:13;1327:5;
1332:12;1333:2,8;
1350:25,26;1363:17;
1364:25;1368:6;1384:6;
1391:14;1405:10,11;
1408:12;1411:10;
1431:7;1436:8;1444:13,
14,25,26;1445:11;
1447:6,11,13,16;
1453:10,14,15;1455:6
financially (1)
1347:21
find (9)
1274:14;1295:17;
1340:16;1375:23;
1385:14;1431:3;
1448:17;1452:3;
1454:11
finding (8)
1297:7;1315:3,5;
11;1418:15;1421:15;
1431:3;1442:20;
1453:12
Fischer (1)
1283:9
five (11)
1281:24;1333:10;
1335:13;1337:22;
1339:18;1343:16;
1391:18;1394:20;
1436:25;1437:14,22
five-year (1)
1392:24
FK (1)
1289:14
flexible (2)
1421:24;1422:3
flow (1)
1347:20
focus (8)
1272:13;1275:26;
Forman (1)
1451:10
formed (1)
1282:15
former (5)
1308:26;1309:2;
1343:26;1370:17;
1381:20
formulated (1)
1415:3
forth (6)
1320:4;1332:2;
1359:7;1368:23;1380:9;
1455:19
forward (3)
1328:21;1387:13;
1388:16
forwarded (2)
1288:10,25
forwarding (2)
1285:6,7
1297:13;1328:3;1331:6; fought (2)
1341:22;1432:2,19
1373:19;1389:16
focused (11)
found (3)
1376:2;1378:5;1382:11;
1318:4;1326:23;
1439:7;1450:19;
1439:11;1441:2
1328:24;1402:20;
1452:8
findings (3)
1414:17,24;1416:5,12; founder (1)
1380:9;1440:20;
1424:20;1432:23;
1295:21
1441:4
1435:5
four (6)
finds (3)
focusing (2)
1281:7;1324:7;
1332:12;1431:7;
1341:16;1431:4
1328:21;1343:16;
1448:23
folks (7)
1374:12,14
fine (10)
1274:21;1288:11;
fourth (3)
1270:7;1308:13;
1297:11;1315:10;
1316:20;1317:17;
1319:20;1388:3;
1398:21;1422:6;
1328:4
1392:21;1403:13;
1426:14
frame (1)
1418:14;1428:3;
follow (2)
1275:5
1440:14;1456:19
1336:10;1437:17
franchise (1)
Finer (6)
follower (1)
1283:24
1284:13;1287:2,13,
1295:25
Francisco (1)
15;1288:8;1393:17
following (7)
1348:24
finish (5)
1283:14;1301:21;
Frank (1)
1328:10;1376:9;
1302:2;1331:23;
1440:13
1378:18;1419:20,22
1340:25;1375:25;
Frank's (1)
finished (2)
1409:3
1440:14
1438:16,21
follows (1)
fraud (1)
fire (1)
1290:4
1309:20
1353:2
footnote (8)
FRAWLEY (1)
firm (5)
1380:3,5,6,11;
1268:9
1287:23;1318:10;
1453:13,16;1454:13,16 French (6)
1321:23;1381:19,19
force (1)
1323:25;1424:4,5,6;
first (33)
1414:2
1425:8;1426:14
1270:6;1281:11,18;
forced (1)
Friday (1)
1282:9;1293:2;1309:16;
1398:9
1456:25
1311:7,23;1313:6;
foreign (1)
Fried (2)
1326:26;1327:18;
1277:25
1440:13,13
1337:26;1351:24;
Foreman (2)
friend (1)
1363:9;1372:10;
1388:22,26
1295:19
1375:20;1385:21;
form (4)
front (4)
1386:19;1388:6;
1308:14,20;1430:16;
1306:6;1320:12;
1390:15;1391:21;
1446:4
1376:5;1413:25
1398:26;1399:25;
formal (3)
frustrating (1)
1405:10,11,11;1416:4,
1372:12,18;1437:13
1419:4
ABN AMRO v.
DINALLO, MBIA
fulfill (2)
1433:9,15
full (3)
1277:9;1288:14;
1439:19
fully (2)
1321:17;1401:19
fund (7)
1358:24;1402:8;
1411:22;1412:6;
1418:20;1434:16;
1441:6
fundamental (4)
1272:26;1279:23;
1280:25;1338:2
funded (1)
1408:3
funding (5)
1378:3;1381:12;
1382:12;1384:2;
1398:16
funds (7)
1295:21;1328:17;
1345:11,13;1366:11;
1367:10;1438:3
funnel (1)
1345:11
funny (1)
1310:20
further (7)
1288:24;1303:25;
1314:2;1329:23;1386:2;
1399:25;1445:16
futile (1)
1455:21
future (8)
1279:3;1302:14;
1326:6,17;1346:26;
1421:2;1436:5;1455:22
FYI (1)
1295:19
1309:2,7;1310:24;
1408:1;1409:1,7;1410:1,
2,15;1411:1;1412:1,11;
1311:21;1312:6;1361:7,
1413:1;1414:1;1415:1;
9;1362:16;1370:17
8;1419:3;1420:4;
1361:8,14;1362:17
1425:2,5,11,17,20;
Governor (4)
1426:6,10,13;1427:14,
1331:16;1348:20;
1421:5,6,11;1422:20,25;
19,22;1428:5;1438:13;
1350:14;1383:26
1423:25;1424:7,17
1456:22
Governors (1)
generally (3)
given (10)
1356:15
1326:4;1393:8,8
1273:26;1290:24;
governor's (1)
General's (1)
1307:2;1337:17;1338:4;
1387:26
1343:26
1339:23;1340:5;1398:7; grant (1)
gets (16)
1431:13;1445:10
1367:26
1276:22;1278:26;
giving (6)
graph (1)
1284:26;1288:23,25;
1289:8;1312:2;
1406:10
1295:13,16;1343:6;
1363:22;1393:13,15,18 Great (10)
1379:12,15;1421:4;
glad (8)
1279:11;1299:10;
1423:17;1426:15;
1296:5,7,12,14;
1311:6;1319:25;1353:2;
1439:20,21;1454:20
1302:17;1348:4;
1362:15;1409:21;
GIUFFRA (194)
1352:18;1395:16
1429:8,18;1435:8
1269:24;1270:8,12;
glass (1)
greater (2)
1284:17,19,22;1287:1,2,
1376:3
1279:20;1287:22
21;1288:1;1289:1;
global (1)
green (2)
1290:1;1291:1;1292:1;
1384:6
1275:9;1317:7
1293:1;1294:1;1295:1; gloss (1)
GREENBLATT (1)
1296:1;1297:1;1298:1;
1297:12
1268:15
1299:1;1300:1;1303:14; glossed (4)
greenfield (2)
1306:4,8,11;1308:12,18;
1272:10;1298:25;
1398:14,14
1310:5,8,13,17;1312:4;
1362:14,26
Greenspan (5)
1313:10,12;1314:4,16; glossing (2)
1274:3;1275:21;
1319:4,10;1320:6,9;
1332:18;1418:8
1316:12,13,22
1325:1,2,21,24;1326:1; goal (3)
Greenspan's (2)
1327:1;1328:1,6,12;
1329:11;1354:20;
1275:22;1315:14
1329:1,10;1330:1;
1392:3
grievous (1)
1331:1;1332:1;1333:1; goals (2)
1360:7
1334:1,21;1335:1;
1354:18,19
grind (1)
1336:1;1337:1,10;
goes (16)
1436:15
1338:1;1339:1,3,20;
1279:4;1287:15;
ground (4)
1340:1,22;1341:1;
1293:5;1294:4;1295:14;
1270:15;1296:19;
1342:1,11,20;1343:1,9;
1304:18,23;1338:14,16;
1324:21;1330:18
1344:1;1346:15;
1349:17;1351:16;
ground-breaking (1)
1348:18;1349:4,16,22;
1404:3;1405:16;
1381:26
G
1354:9,22,24;1358:4,10;
1411:21;1439:10;
grounds (6)
1365:5,6,13;1366:1,3;
1455:16
1270:18;1368:17,20;
GABC (1)
1367:1;1368:1;1369:1; go-forward (1)
1369:13;1374:2,4
1455:25
1370:1,2;1371:1,13;
1436:8
group (4)
GABC's (1)
1372:1;1373:1,7;1374:1, Goldin (1)
1283:24;1287:4;
1456:3
8;1375:1;1376:1,8,14,
1303:4
1357:13;1363:6
game (2)
18,21;1377:1,3,9;
Goldstock (1)
grown (2)
1293:14;1335:12
1378:1,9,14,20,22;
1271:11
1450:5;1455:12
gap (2)
1379:5,10,14,18;
Good (15)
grumblings (1)
1439:10;1455:11
1380:15;1381:21,23;
1269:3,4,15,18;
1434:21
gave (5)
1385:3,10;1386:5;
1313:16;1325:16;
GUARANTEE (15)
1277:7;1306:24;
1387:3;1388:15,23;
1355:14;1379:9;1391:6;
1267:16;1327:5;
1373:2;1434:17;1449:4
1389:2,8,13;1390:11;
1412:24,25;1413:23,25;
1333:2,8;1382:7;
Geitner (1)
1392:14,23;1394:23,26;
1426:4;1448:5
1391:14;1394:4;1407:6;
1384:2
1395:14,23;1396:6;
Google (2)
1444:25;1445:2,11;
Gen (2)
1397:1,3,13;1398:1;
1290:2;1295:22
1447:6,11,14;1455:6
1411:6,12
1399:1,14;1400:1,20; gotta (2)
guaranteed (1)
general (12)
1401:1;1402:1;1403:1,6,
1360:9,10
1394:5
1299:6;1323:25;
13,16;1404:1,13;1405:1; government (11)
guarantor (2)
1334:16;1337:16;
1406:1,16;1407:1,9;
1294:23;1308:26;
1407:7;1411:10
1349:26;1352:25;
Min-U-Script
guarantors (1)
1447:16
guess (7)
1270:10;1306:19;
1315:13;1337:10;
1388:23,25;1454:5
guidance (2)
1294:11;1355:13
guy (4)
1289:20;1295:15,26;
1304:24
guys (4)
1303:5;1395:22;
1416:3;1420:15
H
half (10)
1278:7;1329:18;
1345:15;1352:17;
1364:8;1388:6;1395:18;
1442:11,13,18
Hampton (1)
1287:2
hand (9)
1304:17;1310:2;
1379:10;1398:10;
1444:5;1452:7,10,19,20
handed (5)
1304:15;1310:7;
1379:17;1452:21;
1454:7
handing (2)
1310:3;1379:11
handled (1)
1328:13
handling (3)
1323:14;1374:6,7
happen (4)
1290:17;1303:18;
1360:3;1446:25
happened (16)
1293:20;1300:3;
1301:5;1303:10;
1328:16;1353:17;
1384:3;1387:20,23,25;
1390:21;1395:11;
1396:14;1403:11;
1426:25;1428:21
happening (1)
1438:11
happens (4)
1283:19;1290:18;
1397:24;1447:21
Happy (8)
1287:21;1308:12;
1342:12;1346:22;
1365:9;1409:7;1410:22;
1425:6
hard (4)
1288:12;1295:5;
1329:24;1409:22
Hardly (1)
(13) fulfill - Hardly
ABN AMRO v.
DINALLO, MBIA
1450:11
harm (2)
1421:17;1423:2
harmonize (1)
1337:15
hate (1)
1378:6
haystacks (1)
1274:16
haywire (1)
1316:20
head (1)
1361:23
header (1)
1444:4
headline (1)
1285:12
health (4)
1355:11,18,23;1421:8
healthy (1)
1285:20
hear (9)
1269:18;1270:10;
1299:13;1319:7;
1320:15;1390:12;
1396:3;1419:16;1429:6
heard (29)
1270:6;1275:7;
1276:13;1277:11,15;
1282:21,24;1294:25;
1304:11;1305:20;
1307:11;1321:19;
1342:26;1348:21;
1381:16;1382:4;
1383:19;1389:22;
1394:12;1403:8;
1418:15,17;1426:26;
1427:15;1434:21;
1436:25;1440:13;
1441:3;1455:6
hearing (4)
1323:11;1363:10;
1368:26;1369:4
heart (1)
1327:16
heck (1)
1396:18
hedge (2)
1434:16;1441:6
held (2)
1292:19;1420:22
help (1)
1304:4
helped (1)
1321:2
helping (1)
1296:11
hereof (1)
1331:26
Here's (5)
1283:7;1361:15;
1423:24;1430:12;
1438:6
Min-U-Script
1380:19;1390:25;
1393:10;1398:15,16;
1399:21;1405:14;
1408:13;1411:9;
1417:13;1420:9
holds (1)
1302:14
Holgado (44)
1269:26;1270:2;
4,12,21,23;1338:7,19;
1339:3,12,15,21,24;
1340:6;1341:9,26;
1342:4,6,6,18,20;
1343:2,10,19;1344:3;
1345:15;1346:2;1347:4,
15,25;1348:7,8,18;
1349:4,13,16,25;
1284:16,18,21;1287:20;
1303:13;1305:26;
1310:4,13,15;1312:3;
1313:9,15;1328:9;
1329:8;1334:19;
1339:19;1346:12,15;
1350:11,13,18;1351:15;
1352:5,7,11;1353:16,26;
1354:9;1355:17;
1356:11;1357:23;
1360:12,19;1361:6,25;
1362:13,25;1363:10;
1348:8;1349:13;1365:4;
1379:12,25;1380:6;
1384:20;1385:26;
1389:3;1390:6,9;
1409:25;1419:23;
1432:6,10,11;1437:12;
1443:3;1445:19;
1450:24;1451:23;
1452:9,19;1455:8
Holgado's (3)
1349:11;1451:10;
1456:11
homeowners (3)
1292:13;1303:22;
1347:15
Honor (406)
1269:4,24;1270:3,12,
21;1271:6,9,19,21,26;
1272:6,9,11,15,18,20,26;
1273:6,11,23;1274:22;
1275:6,10;1277:2,7,13,
16;1278:8,10,21;1279:9,
24;1280:5,14,19,26;
1281:7,20,21;1282:2,5,
21;1283:13,15;1284:6;
1285:3;1287:19;
1288:10,23;1289:2,10,
12,13,22,23;1291:7,11,
13;1292:8,17;1293:14;
1294:22;1296:14;
1297:12,26;1298:3,14,
16;1299:9,14,16,21,24;
1301:9,11;1302:7,14,24;
1304:4,9,13;1305:4,22,
26;1306:3,16,26;
1307:26;1308:9,24;
1309:9,10,12;1310:2,8,
12,19,20;1311:4,5,18,24,
26;1313:9,10,12,22;
1314:16;1315:13;
1316:3,4,11;1317:12,23;
1318:19,23;1319:10,19;
1320:6,8,10,13,23;
1321:16;1322:15;
1323:7,21;1324:11;
1325:12,24;1326:8,9,19;
1327:19,23;1328:26;
1329:18,20;1330:4,8,9,
19;1331:10;1333:7,26;
1334:4,7,12;1335:2,11,
1364:17,23;1365:2,9,13;
1366:3,5,12,25;1367:14,
19;1368:14;1369:17,22,
23;1370:10,24;1371:3,
16,20;1372:9,15;
1373:14;1374:8,15,17,
22,22;1375:4,12,14,15,
22;1376:2,18,24;1377:3,
9,24;1378:6,9,20,25;
1379:5,18,25;1380:7,11,
15,26;1381:7,10,13,18;
1382:2,4,15,26;1383:15,
1424:14,23
hope (2)
1269:5;1343:9
hopes (1)
1288:5
horizon (1)
1392:25
house (1)
1278:26
housing (1)
1421:7
huge (3)
1290:26;1295:2,3
hundred (4)
1279:7;1333:10;
1346:8;1404:4
hundreds (1)
1322:3
hurricane (1)
1278:4
hurt (1)
1292:14
HUTH (1)
1268:8
hyperbole (1)
1270:22
hypothetical (2)
1301:9,12
19,24;1384:16,20;
1385:13,26;1386:5,23;
1387:3,6,12,15,16,22;
1388:4,5,14,15,18,18;
I
1389:4,7,14,17,20;
1390:9;1392:11,14,21; Ian (1)
1393:7,23;1394:15,22,
1420:17
24;1395:4,10,14,16;
ice (1)
1396:4,6;1397:3,9,18;
1277:13
1398:13,18;1399:5,13, idea (4)
14;1400:12,20;1401:25;
1303:7;1355:14;
1402:3,14,18,24;1403:5,
1370:9;1388:23
6,8,12,17;1404:10;
ideally (1)
1405:5,23,25;1406:9,15;
1398:25
1407:2,15,19;1408:6,14; identify (1)
1409:7,10;1412:5,10;
1320:24
1413:17,22;1414:23,26; identifying (1)
1415:14;1416:10,19;
1429:26
1417:5;1418:3,5,7,14; idle (2)
1419:3,11;1420:4;
1302:3,4
1423:18,22;1424:20,25; ie (2)
1425:5,11,15;1426:5,13;
1451:15;1454:26
1427:10,17,22,23;
ignore (7)
1428:4,5,23;1429:2;
1277:17,17;1298:18;
1430:15,21;1432:20;
1299:5,7;1333:7;
1433:11;1435:12;
1423:22
1437:20;1438:25;
ignored (4)
1439:20;1442:13,26;
1278:18;1333:24;
1445:20;1446:10;
1354:13;1449:18
1449:21,25;1451:23;
ignoring (3)
1452:4,7,23,23;1453:3,
1294:11;1335:12;
5,14;1454:6,11;1455:8;
1341:10
1456:2,16,22,23,24
III (3)
Honor- (3)
1317:26;1318:5;
1319:5;1354:22;
1321:18
1390:6
ill (1)
ABN AMRO v.
DINALLO, MBIA
1348:23
illegal (1)
1299:17
ILLINOIS (1)
1267:17
illustrated (1)
1353:13
imagine (2)
1329:24;1339:3
imbedded (3)
1278:12;1317:21;
1321:17
immediately (1)
1301:20
imminent (2)
1448:4,8
impact (6)
1307:22;1308:8,19,
23;1363:21;1381:6
impaired (1)
1341:14
impairment (2)
1341:15,16
impediment (1)
1272:11
imperative (1)
1369:5
IMPERIAL (1)
1267:4
implement (2)
1359:6,16
implementation (1)
1450:16
implication (1)
1338:8
importance (4)
1309:19;1362:26;
1379:6;1382:18
important (24)
1298:24;1299:12;
1301:16;1305:15,16;
1306:11;1316:11;
1317:14;1322:11;
1332:8;1333:6;1342:8;
1345:4,22;1355:16;
1361:2,10;1367:17;
1377:20;1383:2;
1397:23;1430:12;
1433:20;1440:26
impossible (4)
1273:26;1274:13;
1432:7;1445:9
impressed (1)
1297:16
improperly (1)
1312:8
inability (2)
1453:23;1456:3
inaccurate (1)
1406:17
INC (11)
1267:7,15;1285:20;
1289:2;1291:24;1391:2;
Min-U-Script
1311:20;1314:12;
1316:13,24;1317:2,8,9,
10,11,14;1320:22;
1322:15,18;1367:6;
1369:6;1386:7;1426:7,
9;1445:22
informed (2)
1408:25;1409:18
ing (1)
1288:14
initial (2)
1415:6;1431:15
initially (2)
1374:18;1410:17
initiated (1)
1411:26
initiatives (1)
1411:23
inject (1)
1417:2
injection (2)
1399:18,21
injured (2)
1278:5;1303:23
input (1)
1420:3
inquire (1)
1355:23
insignificant (1)
1311:12
insist (1)
1436:23
insolvency (13)
1298:8;1341:15,16;
1430:7,11,18;1431:3,5;
1447:21;1448:19;
1451:3;1454:11;1456:9
insolvent (11)
1332:22;1341:14;
1446:21,23;1447:20,22;
1448:14,15,17;1449:2,6
instance (1)
1351:25
Instead (14)
1299:8,23;1404:8;
1405:8,26;1406:3,3,21;
1407:3;1411:10;1430:9;
1444:4;1446:13,13
instruct (1)
1451:13
insufficient (3)
1274:17;1386:24;
1456:7
insulated (1)
1288:4
INSURANCE (241)
1267:15;1271:25;
1272:7,17;1273:18;
1276:7;1277:22,24,26;
1278:6,13,14,16,19,21,
1293:2,11,12,22,22;
1416:16;1417:14;
1294:8,12,20;1298:8,24;
1421:13;1431:8;1433:9;
1299:6,25;1301:24;
1302:21,25;1303:20;
1305:7,8,9,17;1309:3;
1314:17;1315:6;1324:2,
4,19;1325:25;1326:4,4,
9,15,20,22;1327:8,12,17,
26;1328:22;1329:6,11,
15,26;1330:2,12;1331:6;
1333:9;1334:11,23,26;
1335:14,24;1336:9,23;
1339:11;1342:9;
1343:12,14,16;1345:11,
12,16,17;1346:4,5;
1347:13,14,23;1348:16,
20,26;1349:23;1350:2,
21,24;1351:4,14,18,20;
1352:24,26;1353:4,19,
24;1354:3,13;1355:2,6,
7,8,8,19;1356:6,22;
1357:6,10,19;1358:16,
17,20;1359:4,7,14,17,
26;1360:17;1363:2,8;
1364:4,7,15;1367:8,19,
22;1378:12;1380:20,25;
1381:13;1383:4;
1385:11,24;1390:24,26;
1391:23;1392:7,7;
1393:2,3;1396:16,22;
1399:4,4,16,23;1400:10,
11;1401:2,14,15;1404:9,
23;1405:10,19;1406:11,
25;1407:14,22,23;
1408:10,13;1411:14,15;
1413:4;1414:3,4,10;
1417:14,16;1418:10,20;
1420:6,8;1421:6,8,8,9;
1422:2,7;1424:13,21,23;
1428:14,16;1429:24;
1430:11;1434:26;
1436:18;1437:13,24,26;
1438:2;1440:5;1447:7,
11,14;1451:11,22;
1452:13,17;1453:24;
1454:10,15;1455:5;
1456:10
Insurance's (2)
1299:24;1402:17
insure (3)
1291:3;1431:14;
1445:23
insured (2)
1287:11;1412:3
insurer (39)
1273:16;1285:11,20;
25,26;1279:2,26;1280:2,
1287:9;1288:4;1331:22;
8,11,12,17;1281:2,10,15,
1332:13,22;1352:7,8;
16,18;1282:4,9,12,15;
1353:15;1362:21;
1283:2,17;1284:13;
1390:23;1393:11;
1287:3,3;1288:17;
1398:14;1399:22;
1290:12,15,22,25;
1404:16,18;1405:22;
1291:5;1292:3,4,9,11;
1411:11;1412:7;
1438:2;1440:9,9;
1446:20;1448:15,23;
1449:2,6;1451:9;
1454:2;1455:18,26;
1456:3
Insurers (9)
1327:6;1332:21;
1333:2;1347:21;
1355:23;1431:25;
1444:25;1445:2,12
insurers' (2)
1272:5;1350:5
insuring (1)
1285:21
integrity (1)
1436:8
intelligent (1)
1369:8
intends (1)
1398:22
intent (2)
1337:16;1342:23
intention (1)
1410:10
interest (23)
1282:13,19;1287:25,
25;1289:7;1291:25;
1292:2,7;1326:3;1327:7,
7,11;1329:20;1330:2;
1353:23;1354:3,10,12,
25;1355:2;1362:24;
1366:21;1402:11
interested (3)
1400:5;1414:20;
1420:25
interesting (2)
1285:2;1295:17
interests (20)
1292:6;1326:6;
1331:5;1332:4;1338:25;
1340:12;1341:8;1357:3,
20,22;1358:7;1391:22;
1392:2;1395:12,15;
1397:16;1401:22;
1402:21;1433:17;
1438:7
intern (2)
1269:13,17
internal (9)
1284:21;1305:18;
1397:11,13;1403:17;
1411:5;1422:18;
1451:11,17
internally (3)
1398:21;1411:13;
1412:14
INTERNATIONAL (1)
1267:6
interns (2)
1269:8,10
interpret (6)
ABN AMRO v.
DINALLO, MBIA
1330:9;1336:22,25;
1341:9;1344:3;1359:6
interpretation (7)
1273:2;1336:9;
1342:9;1343:4,11,21;
1450:2
interpreter (1)
1336:8
interrupt (2)
1339:17;1369:24
into (36)
1270:17;1275:20;
1283:2,17;1290:21;
1295:4,4;1299:10;
1303:25;1318:2;
1328:14;1329:5;
1346:19,26;1347:13;
1353:4;1355:23;1362:5;
1373:21,26;1381:3;
1398:9;1399:11;1405:9,
19;1406:2,3,10;1407:7;
1410:17;1417:2;
1419:19;1437:25;
1439:18;1447:22;
1450:20
introduce (1)
1427:26
investing (1)
1295:20
investment (2)
1318:17;1407:6
investors (3)
1273:13;1393:8;
1402:9
inviting (1)
1272:20
invoked (1)
1368:18
involve (2)
1361:12;1414:21
involved (5)
1309:6;1361:22;
1366:6;1392:26;
1413:20
involvement (1)
1361:11
involves (1)
1431:21
involving (5)
1292:9;1343:3;
1352:3;1381:9;1412:18
irrelevant (2)
1304:3;1430:8
Island (2)
1278:4;1292:13
issuance (1)
1326:12
issuances (1)
1326:7
issue (28)
1269:25;1272:7;
1278:15,17;1283:15;
1302:3;1307:20;
Min-U-Script
1305:24;1443:9,13;
1447:16
jump (2)
1349:3;1355:12;1374:2;
1273:9;1395:23
1380:2,8;1418:6;
jumped (1)
1419:15,18,21,25,25;
1443:3
1420:7;1432:24;
June (10)
1439:18;1454:14
1305:24;1399:24;
issued (1)
1401:11;1402:4;
1312:8
1403:20;1404:10,17;
issuers (1)
1405:4;1411:13;
1296:11
1456:26
issues (12)
June/July (1)
1271:16,17;1314:22;
1316:7
1325:8;1349:14;
junk (1)
1363:17;1370:12;
1394:10
1380:2;1401:12;
Justice (6)
1425:12;1444:14;
1267:24;1304:14;
1445:12
1382:21;1384:24;
item (1)
1385:7,26
1401:13
justify (2)
items (1)
1370:12;1389:15
1439:12
K
J
Kasowitz (69)
1269:11;1270:5,6;
Jack (1)
1435:16
January (7)
1274:25;1362:8;
1279:6;1306:14;1308:9,
1367:5;1370:6;1435:13,
17;1448:6
Jay (7)
1295:14,19,26;
1296:5;1303:4;1415:26;
1443:13
job (6)
1320:17;1321:13;
1327:25,26;1339:16;
1409:21
joint (1)
1347:18
Jonathan (1)
1452:14
Jones (3)
1284:11;1285:7,19
JOSHUA (1)
1268:15
Journal (1)
1284:19
JPMORGAN (1)
1267:5
JR (1)
1268:7
Judge (2)
1323:11,13
judgment (2)
1355:22;1449:3
judgments (1)
1431:22
judicial (2)
1372:12,18
July (4)
16;1313:4;1317:20;
1318:9,23;1319:6,19;
1320:8,14;1323:11;
1329:17,24;1337:7;
1349:2;1353:26;
1354:15;1358:3,6;
1359:19;1366:24;
1379:16;1388:5;1389:6;
1392:11,15,21;1393:5,
23;1394:22,24;1395:3,9,
1295:10
key (13)
1325:26;1332:17,17;
1361:23;1363:13;
1394:20;1398:4,24;
1401:13,20;1416:4;
1418:9;1423:23
kicker (1)
1438:6
kind (6)
1276:16,17;1294:8;
1302:24;1391:26;
1437:9
KLEIN (1)
1268:20
knew (17)
1281:4;1285:15;
1318:3,5;1321:18,20;
1377:22;1390:16;
1392:17;1403:9;
1407:25;1419:6;
1423:12,14;1424:9;
1426:18;1427:24
knowledge (2)
1312:24;1383:12
known (10)
1279:14;1281:5;
1283:21;1302:13,15;
1317:3;1322:22;
1361:26;1408:7;
1433:21
knows (4)
1303:17,18;1375:13;
1430:15
KOSS (1)
1268:24
Kurscic's (1)
1342:2
19,24;1396:4;1399:5;
1400:12;1402:24;
1403:12;1406:9;1407:5,
24;1411:17;1412:9;
1416:19;1418:3,7,8,13;
1424:25;1425:10,14,18,
22;1426:5,7,12;1427:9,
26;1438:26;1443:21,24;
1456:24
Kasowitz's (1)
1274:23
keep (10)
1287:21;1288:7;
1315:20;1317:24;
1358:21;1378:6,14;
1409:20;1411:8;
1421:20
keeping (1)
1410:10
kept (1)
1318:17
Kevin (1)
1285:4
Kewsong (4)
1288:25,26;1289:5;
LaBoeuf (1)
1397:5
lacks (2)
1453:26;1455:16
laid (1)
1346:17
landscape (1)
1405:16
language (14)
1332:17;1333:15;
1369:10;1393:6;
1394:20;1400:16;
1401:5,20;1402:20;
1289:23;1299:3;
1305:20;1307:26;
1317:12;1329:21;
1392:16;1393:26;
1394:12;1395:9,23;
1397:19;1402:19;
1403:8;1404:13;
1422:26;1423:9;
1427:12;1445:18
lasting (1)
1346:26
late (6)
1285:11,19;1367:4;
1412:22;1447:4;1450:9
later (11)
1282:18,20;1309:7;
1332:7;1337:11;
1363:25;1365:7;
1371:14,22;1373:25;
1396:5
launch (3)
1287:7,8;1404:15
Lavin (1)
1449:26
law (107)
1270:23;1271:5;
1272:7,10,17;1275:13;
1276:22;1277:18;
1278:13,16;1280:2,4,8;
1281:10;1292:4;
1293:24,24,25;1297:13,
14;1298:8,25;1301:24;
1303:3,20;1306:18;
1307:7,7;1309:9,11;
1312:19;1314:8,9;
1315:6;1324:4,8,19;
1325:13,25;1326:10,10,
15,22;1330:4,5,15,26;
1334:11,15,23,26;
1335:14;1336:9,23,25,
26;1337:14,25;1338:8;
1339:11;1342:9;
1343:12,14,16;1348:17;
1351:4,14;1353:19,24;
1354:4;1355:2,6,8;
1356:6;1358:22;1359:5,
7,13,14,16;1360:5,17;
1361:2;1362:4,5;
1366:9;1367:19;1368:7,
13;1370:3;1374:21;
1381:19,19;1385:25;
1390:3;1396:16,22;
1430:11;1437:13,24;
1438:4;1440:5;1449:21;
1450:12;1452:15;
1403:4;1416:4;1418:26;
1454:10;1456:10
1446:15;1449:25
lawful (7)
large (3)
1332:14;1427:16,18;
1315:9;1328:3;1398:5
1431:10;1448:24;
largely (2)
1453:23;1455:13
1305:20;1325:13
laws (2)
LaRocca (1)
1360:11;1450:16
1379:21
lawsuits (1)
last (19)
ABN AMRO v.
DINALLO, MBIA
1293:20
lawyer (6)
1276:7;1305:20;
1318:20;1385:11;
1389:3;1410:13
lawyers (1)
1423:19
lawyer's (1)
1296:4
lawyer-written (4)
1274:20;1276:12;
1305:19;1387:6
lay (1)
1368:23
lays (1)
1332:10
LBR (3)
1363:15,24;1364:11
lead (1)
1446:15
leading (1)
1351:13
least (3)
1333:13;1426:9;
1452:11
leave (1)
1448:17
leave-behind (1)
1436:6
leaves (2)
1287:9;1340:13
Leboeuf (2)
1381:19,20
led (1)
1328:12
Lee (4)
1288:26,26;1289:5;
1397:25
Lee's (1)
1295:10
left (4)
1321:15;1342:7;
1364:26;1449:13
left-behind (4)
1277:23;1278:23;
1324:16;1380:24
legal (15)
1272:19;1287:13;
1339:25;1367:16;
1368:12;1370:18;
1375:11;1386:18;
1394:2;1412:13,16;
1413:8;1424:16;
1426:15;1427:5
legally (1)
1298:4
legislation (1)
1356:4
legislative (18)
1294:2;1304:20;
1331:11;1342:23;
1345:3,26;1346:16;
1347:18,18;1348:9,10;
Min-U-Script
1449:3
legislators (1)
1361:24
legislature (15)
1272:23;1280:2;
1326:22;1332:18;
1333:4;1353:10,17;
1358:2;1359:13;
1361:12;1431:13;
1448:14,16;1449:15;
1450:3
legitimate (1)
1298:26
Lehman (25)
1305:12,23,24;1316:4,
5,5,5,7,8;1317:24;
1318:8,11,12,14,14,17,
20;1319:12,16;1320:16;
1321:2,4,12;1322:9,17
length (2)
1351:9;1381:10
less (8)
1287:9;1293:13;
1294:15;1321:10;
1411:3;1414:2;1429:12;
1449:23
letter (85)
1281:11;1282:24;
1283:7;1294:7;1297:7,
10,10,12;1298:13;
1299:9,10,11,13;
1319:21;1320:3,9,10;
1327:4,20;1333:15,17;
1334:15;1335:25,26;
1343:23;1365:15;
1367:15;1369:19,21;
1371:4,17,26;1372:4,6,
16;1374:9,10,11,12,14,
14;1375:5,11,12,14,16,
21,22,26;1376:4,5,7,13,
16;1377:11,22;1379:7;
1380:16,21;1381:2,14;
1382:5,8,16;1383:26;
1384:17;1385:21;
1386:19;1387:10;
1389:18;1391:13;
1393:16;1402:18;
1403:22;1434:14,14;
1439:5;1441:9;1448:10;
1453:2,2,22;1455:2,23;
1456:13
letters (2)
1387:26;1401:12
level (1)
1301:23
leverage (1)
1398:11
liabilities (14)
1282:15;1332:16;
1346:10;1431:19;
1433:23;1434:3,8;
1442:6,22;1446:2,3;
1451:5;1454:21;
1455:12
liability (1)
1366:13
liability-based (2)
1363:11;1364:16
licensed (1)
1401:19
lien (1)
1316:15
life (8)
1279:4;1450:9;
1452:13,16;1453:24;
1454:23,23;1455:5
light (3)
1313:20;1369:10;
1434:25
liked (8)
1273:8;1285:16;
1322:21;1390:17;
1392:18;1394:13;
1403:8;1424:8
likely (2)
1318:21;1421:18
likes (1)
1319:2
limine (1)
1380:2
limit (3)
1334:9;1375:16;
1398:11
limitation (1)
1375:18
limited (3)
1370:14;1372:24;
1437:21
limits (2)
1350:8,10
line (7)
1357:10;1403:15;
1404:13;1433:2;
1436:14;1444:17,17
liquid (1)
1347:21
liquidation (5)
1447:19,23;1448:4,8;
1452:16
liquidity (3)
1401:24;1402:12,21
listen (2)
1294:26;1395:26
listened (1)
1392:16
listening (6)
1270:14;1271:23;
1273:6,23;1422:26;
1423:9
literally (9)
1276:4;1279:6;
1295:23;1323:26;
1366:16;1381:24;
1383:21;1390:2;
1393:17
litigating (1)
1387:13
litigation (8)
1290:4;1291:11;
1295:24,24;1323:9;
1370:22,22;1388:6
little (18)
1277:15;1285:2;
1296:17;1301:6;
1314:25;1325:16;
1330:4;1335:12;
1342:19,24;1345:3;
1354:7;1359:20;
1363:24;1382:3;
1419:26;1429:12;
1435:17
live (2)
1278:3;1453:7
living (1)
1456:14
LLC (1)
1287:23
Lloyd's (7)
1366:4,7,13,15,16;
1367:9,9
loan (1)
1362:18
loans (1)
1277:25
Loft (1)
1312:19
logic (1)
1320:21
LONDON (1)
1267:10
long (16)
1270:22;1278:4;
1292:13;1302:22;
1312:24;1335:20;
1336:19;1338:11;
1346:26;1367:15;
1418:25;1422:4;
1437:18;1445:21;
1449:18,21
longer (1)
1334:17
look (34)
1269:19;1274:15;
1276:15;1280:23;
1284:10;1288:15;
1290:21;1295:4,4;
1307:8;1314:26;
1316:17;1317:21;
1322:14;1325:10;
1333:14;1334:4;
1335:16;1337:16;
looked (7)
1271:11;1315:10,23;
1317:26;1325:10;
1389:23;1436:10
looking (12)
1315:8;1316:17;
1321:18,24;1335:7;
1372:20;1373:16;
1380:16;1421:11;
1434:6,7,9
looks (2)
1275:16;1284:20
lose (1)
1393:9
loses (1)
1293:14
loss (6)
1280:15;1294:15;
1363:18;1429:16;
1431:21;1448:26
losses (19)
1275:22;1279:19;
1280:16;1288:4;1291:8,
9;1294:23;1301:20;
1303:25;1316:25;
1317:3;1318:8,21,26;
1320:16,19;1321:7;
1322:18;1352:13
lost (2)
1410:25;1421:4
lot (28)
1270:15,24,25;
1276:13;1277:12;
1280:20;1282:21;
1293:10;1298:3;
1304:11;1314:21;
1315:10;1321:19;
1331:9;1342:26;1347:5;
1348:21;1356:12;
1358:12;1368:16;
1373:24;1379:26;
1396:18;1407:4;
1417:10;1430:4;1433:2;
1435:6
love (1)
1319:7
lower (2)
1313:6;1322:13
Ltd (1)
1372:10
lump (1)
1444:26
Lunch (1)
1378:26
Lybrand (1)
1366:15
LYNCH (11)
1339:10,10,11;1341:11;
1267:6;1323:19,22,
1346:19;1370:20,25;
23;1412:18,19;1413:2,6,
1372:15;1376:3;
14,20,23
1397:23;1400:24;
1419:19;1420:20;
M
1449:24;1450:21
(17) lawyer - LYNCH
ABN AMRO v.
DINALLO, MBIA
machine (2)
1275:19,20
magnifying (1)
1376:3
magnitude (1)
1418:5
main (1)
1421:20
maintain (4)
1272:5;1333:12;
1334:24;1394:3
maintained (1)
1405:20
maintaining (1)
1301:23
majority (1)
1404:5
makes (7)
1285:2;1293:12;
1321:4,11;1359:19;
1370:19;1406:11
making (17)
1272:3;1289:19;
1321:14;1322:7;
1339:22;1349:6;
1365:17;1367:5;
1389:13;1397:4;
1400:19,20;1403:2;
1415:25;1419:5;
1430:13;1455:12
man (2)
1288:16;1302:19
management (3)
1288:11,19;1411:26
managing (1)
1420:17
mandamus (2)
1368:25;1374:26
manifest (1)
1301:25
manner (3)
1282:16;1369:11;
1391:18
many (9)
1274:11,20;1276:8,
10;1277:23;1283:21;
1324:7;1338:16,16
March (7)
1284:10;1288:16;
1398:20;1446:11;
1452:25;1453:11;
1454:4
MARIE-LOUISE (1)
1268:8
MARK (3)
1268:20;1389:8;
1425:20
marked (1)
1452:22
market (22)
1298:17;1326:6;
1329:14;1357:6,10,17;
1382:14;1393:8;
Min-U-Script
materiality (10)
1306:13,17,18;
1308:24;1309:11,15,16;
1310:8,21;1314:9
materially (2)
1277:3;1445:4
materials (2)
1307:2;1382:24
matter (9)
1298:19;1309:23;
1314:9;1367:17;
1389:12;1403:22;
1449:17,19;1452:12
matters (4)
1293:18;1333:21,22;
1449:11
mature (6)
1332:14;1346:10;
1431:10;1448:25;
1453:25;1455:14
maximize (1)
1398:11
maximum (1)
1350:8
May (37)
1267:21;1294:17;
1305:26;1327:14;
1328:13;1329:20;
1332:4;1335:6;1338:25;
MBIA (177)
McKiernan (3)
1267:15;1272:17;
1318:3;1319:11;
1273:11,18;1277:22,24,
1320:23
25;1280:17;1281:12,23; mean (22)
1282:3;1283:2,8,17,22;
1269:6;1272:21,23,
1284:17;1285:5,5,9,12,
24;1335:11,15;1336:18,
20,24;1287:6,11,26;
20;1337:24;1338:22;
1288:4,7,11;1289:2,4,
1339:25;1341:4;
20,26;1290:2,12;
1343:15,16;1353:19;
1291:24;1294:14;
1366:25;1373:24;
1295:15,22,26;1297:4,7;
1298:7,14;1299:24,25;
1300:3;1301:18,26;
1302:20;1307:2;1311:3;
1314:11;1317:21,23;
1318:13;1321:3,25;
1322:8,15;1324:2,7;
1327:12;1330:5;
1334:24;1335:19;
1340:6,24;1347:13;
1348:2;1351:17,19;
1352:3,14;1353:23;
1364:2;1367:6;1370:6;
1375:13,23;1378:11;
1380:25;1381:13;
1383:22;1384:25;
1390:24,26;1391:2,5,23;
1392:7,15;1393:2;
1394:18;1396:12;
1397:13,16;1398:2,21;
1399:2,4,17,23,24;
1400:2,5,7,10,25;
1401:2,10,12;1402:9,17,
19;1403:17,19,24;
1404:10,19,21;1405:3,7,
8,9;1407:12,13,22;
1408:10,23;1409:13;
1410:3;1411:7,8,15;
1412:2;1413:4,13,23;
1414:4,20,25;1415:3,8,
10,12;1416:15;1417:15;
1418:10;1419:8,12;
1420:16,18,23;1421:2,
16,26;1422:17,22,23,24;
1423:7;1424:13,21,23;
1428:11;1430:9;1431:9;
1434:22;1436:7;1440:3,
12,13,25;1443:7;1444:9;
1339:2;1341:7,23;
1446:2;1448:2
1347:14;1359:22;
MBIA's (30)
1380:3,7;1382:15;
1273:8;1275:12;
1385:11;1395:13;
1279:19;1283:14;
1398:8;1399:15;
1284:5;1303:26;1305:2,
1405:12;1410:23;
12;1307:8;1308:5;
1411:13,22;1436:20;
1316:6,9,22;1317:9,10;
1437:5,25;1438:16,20;
1326:2;1328:26;
1439:16;1444:4;
1340:21;1360:12,24,26;
1446:18;1449:5,19;
1364:10;1390:14;
1450:5,14
1398:19;1412:4,11;
Maybe (6)
1416:24;1420:22;
1292:13;1308:2;
1422:20;1445:23
1355:14;1423:10;
McConnell (1)
1445:17;1456:16
1380:3
memory (1)
1276:2
memos (1)
1302:9
mention (6)
1375:26;1376:6;
1441:4,5,7,8
mentioned (2)
1301:16;1390:14
merely (1)
1374:6;1417:3;1425:14;
1370:3
1436:24;1444:20
MERRILL (11)
meaning (10)
1267:6;1323:19,22,
1334:10,23;1335:20;
23;1412:18,19;1413:2,6,
1337:17;1338:3;
14,20,22
1343:21;1409:8;
met (7)
1445:11;1449:14,22
1287:5;1312:5;
meaningful (2)
1410:12;1431:14;
1364:21;1369:15
1434:20;1438:23;
means (3)
1439:13
1290:13;1292:23;
methodology (2)
1343:14
1382:25;1448:26
meant (1)
MICHAEL (1)
1297:25
1268:7
measure (4)
mid (1)
1353:11;1433:4,22;
1404:17
1445:26
middle (3)
measured (2)
1279:10;1408:12;
1429:23;1430:18
1411:13
measurement (1)
midst (1)
1299:7
1438:11
medical (3)
might (8)
1278:5,26;1292:15
1295:17;1309:23;
meet (8)
1312:7;1325:16;
1420:23;1432:8;
1337:20;1368:20;
1438:19;1443:19,22,26;
1429:13;1450:19
1445:14;1455:22
Mike (1)
meeting (13)
1270:16
1361:21;1414:13,17;
milking (2)
1415:21;1417:7;1420:6,
1347:22;1350:5
16,22;1421:10,15,24; Miller (1)
1422:19;1444:6
1364:10
meetings (3)
million (40)
1328:8;1360:23;
1280:16,18;1291:8,9;
1361:19
1308:7,23;1316:25;
Mehta (8)
1317:3,25;1320:11;
1289:26;1290:3,3,6;
1321:7;1323:2;1333:10,
1291:22;1293:16;
13;1351:16;1352:12,13;
1295:22;1296:10
1353:6,14;1362:8;
melodious (2)
1399:19;1401:3,7;
1390:12;1429:6
1404:5;1405:9,12,19;
member (1)
1406:4,6,7,8,19;1407:3,
1363:7
4,16,20;1408:15,22;
members (4)
1409:13;1410:3
1341:17,19;1352:16;
millions (1)
1403:19
1322:3
memo (10)
mimic (1)
1279:16;1304:8;
1369:10
1305:14;1306:2,8;
mind (4)
1315:22;1373:20,24;
1319:19;1358:21;
1439:12;1452:15
1410:21;1448:10
memorandum (1)
mindful (3)
1334:7
1422:17,23;1423:3
ABN AMRO v.
DINALLO, MBIA
minds (1)
1309:18
mine (2)
1295:19;1305:3
minimally (1)
1337:4
minimum (2)
1315:26;1333:12
minor (1)
1312:11
minus (1)
1434:8
minute (1)
1373:8
minutes (3)
1319:26;1325:20;
1428:26
misconstrue (1)
1320:2
misinstruction (1)
1319:8
misleading (1)
1444:4
missed (1)
1359:18
misses (1)
1326:8
missing (2)
1271:12;1360:26
mission (9)
1271:25;1272:3;
1274:13;1278:20;
1327:17;1329:19;
1355:3;1357:18;
1358:18
misspoke (1)
1306:20
mistake (2)
1306:5;1375:9
model (3)
1317:6,9,10
modeling (2)
1316:23;1322:25
models (3)
1275:8,12,18
moment (2)
1452:24;1456:2
Monday (1)
1388:14
money (88)
1273:18,18,21;
1280:20;1282:8;1283:2,
17;1289:8;1291:10,14;
1293:10;1299:20,22,24,
25;1301:3;1314:17,17,
19;1315:24;1321:10;
1322:2;1333:10;
1336:19;1350:20,22;
1351:17,20,22,23,24;
1352:8,15;1357:11,13;
1360:22;1361:8,13,13,
14,18;1362:7,11,12,17,
18,20,21,23;1364:6,26;
Min-U-Script
1404:16,18,23;1405:21,
24;1406:4
24;1406:5;1407:14,23; needs (2)
1390:26;1393:10,10,13;
1408:12;1417:14;
1421:13;1422:11,14
municipalities (1)
1326:13
munis (1)
1424:14
must (23)
1273:2;1275:13;
1282:13;1296:15,16;
1301:15;1312:18;
1274:26;1391:19
negative (5)
1307:25;1308:4,7,22;
1316:8
negotiations (1)
1398:4
net (1)
1454:24
nevertheless (1)
1448:11
1325:8;1329:12;1330:9, NEW (116)
23;1334:5;1337:15,17;
1267:2,8,14;1268:6,6,
1338:4;1340:5;1374:15;
1375:19;1376:15;
1421:16;1424:15;
1431:14;1450:9
13,13,18,19,19;1273:15,
15;1276:22;1278:16,19;
1280:2,12;1281:3,9,15,
17;1284:2;1287:3,8,17;
1288:3;1299:26;
N
1301:24;1303:19;
1305:16;1307:3;1309:9,
21;1317:10;1324:3,6;
NA (2)
1327:6;1328:22;1329:6;
1267:5,5
1337:13,14;1338:2,7;
NAIC (7)
1342:20;1347:14;
1329:2,5,7;1363:4,5,
1350:2,21;1356:23;
10;1364:12
1358:25;1359:4;
name (1)
1360:19;1362:21;
1284:14
1364:4,7;1367:22;
named (1)
1372:17;1374:4,4;
1327:18
1392:7;1393:3,11;
namely (1)
1398:14,15;1399:4,17,
1417:3
22;1400:26;1401:15,20,
narrative (1)
22;1402:5,8,12;1403:24;
1312:19
1404:16,18,23;1405:21,
narrow (1)
23;1406:5,25;1407:14;
1274:16
1408:12;1411:10,14,22,
Nassau (2)
23;1412:7;1413:5;
1454:3;1456:14
1415:8;1416:16;
NATIONAL (24)
1417:14,16;1418:20;
1267:16;1290:11,14,
1420:6,8;1421:13,16,18;
16,21;1291:3,4,5,6,14;
1422:6;1424:13;
1293:15;1294:12,21;
1428:14,16;1429:24;
1351:17,20,23,23;
1434:25;1436:17;
1352:25;1362:26;
1451:22;1452:14,17;
1390:23;1391:2;
1453:9,10,24;1454:9,15,
1418:20;1424:21;
24;1456:13
1455:3
newly (2)
NATIXIS (2)
1282:15;1287:22
1267:7,7
news (2)
near (2)
1290:3;1398:7
1306:9,10
newspaper (1)
necessary (1)
1284:9
1312:22
Next (44)
need (14)
1278:3,4;1281:23;
1269:7;1313:17;
1286:3;1287:20;
1336:11;1353:11;
1288:24;1289:24;
1378:18;1387:2;
1290:9;1292:13,13;
1391:13;1404:23;
1297:4;1300:5;1303:21,
1435:20,21,23;1442:15,
22;1304:7;1306:2;
17;1447:22
1307:23,23;1308:25;
needed (8)
1313:13;1324:23;
1273:19;1280:10,20;
1330:20;1338:6;
1281:3;1291:10;1404:2,
ABN AMRO v.
DINALLO, MBIA
1341:24;1344:4;
1347:15;1355:16;
1357:15;1358:10;
1359:2;1365:19;
1374:17;1378:4;
1388:18;1396:24;
1401:8;1407:5;1409:25;
1417:17;1441:10;
1445:7;1450:4;1453:20;
1456:17
nice (2)
1269:5;1378:23
NINA (1)
1268:24
Nine (4)
1291:2;1296:2,14;
1454:8
nine-word (1)
1292:5
nobody (1)
1269:21
non (4)
1297:6;1408:2;
1412:3;1416:8
nonadmitted (2)
1433:13,13
none (5)
1272:17;1273:21;
1313:20,24;1318:19
noninsurance (1)
1347:19
nonsense (1)
1337:24
non-US (1)
1421:26
nope (1)
1451:17
note (7)
1306:3;1308:9;
1313:26;1329:8;
1380:26;1381:7;
1382:26
notebook (1)
1379:8
noted (1)
1403:14
noteworthy (1)
1313:25
notice (3)
1273:7;1364:21;
1402:25
notices (1)
1312:17
noting (3)
1319:6;1416:11;
1439:9
notion (11)
1288:20;1305:15;
1333:23;1335:3,8;
1343:13;1414:22;
1426:17;1427:7,24;
1428:8
notwithstanding (1)
Min-U-Script
obligation (7)
1282:26;1283:13,17;
1309:2;1368:10,12;
1370:17
1284:4;1365:18;1374:9; officials (1)
1391:8
1276:11
obligations (15)
often (2)
1287:11;1332:14;
1293:7;1438:6
1334:25;1340:14,25;
old (3)
1363:21;1375:24;
1293:13;1294:16;
1431:10;1433:9,15;
1348:23
1453:23;1455:14,22;
omnibus (1)
1456:5,8
1452:15
obscure (1)
once (7)
1450:2
1395:23;1410:11;
observe (2)
1437:22;1445:17;
1269:13,20
1448:16;1450:20;
obstacle (2)
1454:11
1402:2,16
one (94)
obtain (1)
1269:7,10;1272:16;
1312:22
1273:4,12;1277:6;
obviously (20)
1284:8;1285:23;
1271:14;1285:14;
1292:16,18,19;1293:23,
1294:18;1301:15;
26;1294:3;1297:2;
1322:6,8,9,10,12;1323:2
1306:23;1309:17;
1300:2,2;1303:15,17,18;
numerous (1)
1318:16;1353:24;
1304:9,15;1306:20;
1439:5
1355:6;1366:8;1372:2;
1307:3,4;1309:8;1310:2,
NY (1)
1377:20;1390:4;
3,4,6,6;1314:5;1317:25;
1379:20
1403:10;1416:14;
1322:19;1324:20;
NYID (3)
1417:14;1430:15;
1325:3;1326:2,20;
1276:11;1329:2;
1435:21;1444:23;
1330:6;1331:11,17;
1416:3
1447:7
1333:5;1335:17;
occupancy (3)
1336:23;1338:10,11;
1312:9,23,26
1339:22;1340:18;
O
occur (2)
1341:9;1342:21;1343:9;
1294:17;1331:3
1352:7;1354:18,18;
oath (1)
occurred (2)
1355:16,20;1356:19;
1383:11
1279:10;1361:21
1357:12,15,23;1358:10;
Object (15)
o'clock (2)
1359:18;1366:6;
1308:14,20;1318:23;
1378:24;1456:21
1367:21;1368:26;
1337:7;1338:21;
O'Connell (2)
1385:3;1389:18;1398:4,
1354:16;1399:6,10;
1376:23;1379:19
18;1401:13,18;1406:18;
1406:9;1412:9;1416:19,
October (13)
1407:26;1408:9;
20;1417:5;1438:26;
1362:5,7;1367:4;
1413:24;1415:7;
1443:21
1412:21;1413:22;
1416:17;1419:24;
objecting (3)
1414:10,13,15,24;
1422:25;1424:8;
1365:11;1403:12;
1415:15,21;1416:10;
1425:26;1426:22;
1412:9
1417:7
1431:2;1434:23,26;
objection (21)
off (4)
1437:22;1445:3,9;
1308:10,17;1319:6;
1282:3;1301:13;
1447:19,24;1450:4;
1353:26;1354:2;1358:3,
1404:14;1413:8
1451:20;1455:15;
5;1359:8;1388:5;
offer (2)
1456:2
1392:11;1394:22,24;
1285:25;1416:8
ones (3)
1395:19,20;1396:3;
offered (1)
1315:22;1320:25;
1400:15;1403:14;
1445:25
1419:5
1414:12;1416:15;
offering (7)
only (35)
1419:24;1439:9
1401:3,4,4,8,26;
1276:23;1287:9;
objectionable (1)
1402:15;1405:13
1288:3;1294:14;
1393:20
Office (9)
1310:23;1318:2;
objections (2)
1349:26;1368:24;
1329:18;1331:2;
1419:20;1452:16
1369:25;1376:26;
1333:21,21;1336:4;
objective (8)
1379:20;1380:10;
1339:13;1342:22;
1298:17;1346:3;
1453:8;1456:12,12
1360:10;1366:10;
1361:10;1383:12;
OFFICIAL (6)
1368:17,17;1370:11;
1429:16;1443:6,6;
1268:25;1308:26;
1372:24;1375:15,16;
1449:16
NYS Supreme Court Reporters
1380:21;1388:8,11,12;
1389:9;1391:2,16;
1394:23;1395:10,10;
1404:4;1434:7;1449:11;
1451:3
oops (2)
1375:9,10
opened (1)
1279:26
operating (1)
1398:23
operations (2)
1283:14;1284:5
opinion (7)
1349:26;1372:20;
1440:20;1442:19,22,26;
1445:25
opinions (3)
1299:6;1363:20;
1446:7
opportunities (1)
1401:14
opportunity (4)
1347:19;1363:23;
1364:21;1419:22
opposed (13)
1305:19;1313:4,5;
1343:4;1363:26;
1381:11;1391:24;
1404:24;1417:15;
1418:19,19,21,23
opposing (1)
1382:21
opposite (1)
1282:4
opposition (1)
1281:13
opted (1)
1305:11
option (1)
1404:20
oral (1)
1378:16
oranges (1)
1407:9
order (7)
1368:2,3,4,4,10;
1377:5;1437:8
ordered (2)
1302:8;1304:13
ordering (1)
1279:17
organization (1)
1438:4
oriented (1)
1329:14
original (10)
1284:3;1287:7,19;
1366:12;1374:19,23;
1375:6;1391:3;1421:21;
1425:26
originally (1)
1405:18
ABN AMRO v.
DINALLO, MBIA
others (1)
1413:19
otherwise (3)
1269:18;1283:13;
1451:15
ought (2)
1402:25,25
ours (1)
1310:3
ourselves (1)
1430:22
out (63)
1271:19;1279:4,7;
1283:2;1287:24,25;
1290:14,22,24;1291:18;
1293:9,12;1296:6,7,13,
15;1297:2;1302:18;
1314:21;1316:8;
1321:19;1330:14;
1332:10;1342:7,13;
1345:6;1346:17;1348:5;
1352:19;1353:7;
1360:21;1361:17;
1363:10;1364:25;
1371:8;1375:17,17,20;
1377:10;1381:24;
1391:5,11,13;1394:9;
1395:17;1397:18;
1400:25;1403:2,3;
1405:7;1407:11;
1409:21,23;1411:5;
1421:10;1428:13,17;
1434:2;1437:9;1444:5;
1450:19,24;1454:7
outcome (1)
1448:13
outdated (1)
1305:25
outline (1)
1390:18
outlined (1)
1312:19
outset (2)
1277:22;1390:14
outside (18)
1296:6,7,13,15;
1302:17;1335:24;
1336:12;1348:4;
1352:19;1355:7;
1357:26;1373:17;
1374:26;1377:21;
1395:17;1398:17;
1421:25;1422:4
outstanding (9)
1332:14,20;1431:9,
24;1448:24;1453:23,26;
1455:13,17
over (30)
1272:10;1276:4;
1297:12;1298:25;
1318:15;1332:16,18;
1341:24;1343:22;
1346:9;1351:17;1356:2;
Min-U-Script
1427:11;1428:24;
1431:19;1435:25;
1442:6,22;1450:23;
1456:4
overall (1)
1295:9
overlooked (1)
1450:14
oversaw (1)
1285:24
oversight (1)
1363:7
overturn (2)
1306:25;1360:24
owed (2)
1332:21;1431:26
own (32)
1274:13,23;1278:21;
1287:25;1289:11,12;
1291:5,7;1320:11;
1322:26;1335:4,9,22;
1351:20,23;1352:11;
1362:12,23;1424:21;
1440:9,13
pain (1)
1429:20
painstaking (1)
1276:25
panic (3)
1304:20,25,25
paper (2)
1363:11;1386:12
papers (4)
1269:19;1271:15;
1312:22;1350:14
paragraph (17)
1281:22;1287:20;
1298:10;1306:11;
1292:11,17;1296:24,25;
1313:11;1371:2,7;
1307:8;1310:22;
1415:2;1430:8;1447:3,
1314:23;1322:12;
17;1448:3;1454:8,17,19,
1337:5,8;1341:10,11,23;
20;1455:11
1351:20,22;1354:19;
paragraphs (2)
1356:2;1362:18;
1306:3;1446:10
1364:10;1382:18;
paraphrasing (2)
1384:23;1393:9;
1339:9;1354:7
1399:20;1404:18;
parent (1)
1410:26;1416:15
1328:16
owned (1)
PARIBAS (1)
1403:24
1267:4
owner (7)
part (23)
1282:12;1289:4;
1276:18;1294:18;
1311:16;1312:11,14,25;
1313:18;1329:25;
1404:5
1337:18;1338:5;
owners (5)
1345:24;1351:19;
1303:8;1312:22;
1352:20;1375:20;
1326:20;1401:12;
1382:11;1390:17;
1403:22
1393:24;1398:24;
ownership (1)
1411:21;1415:17;
1404:3
1430:12;1431:3,4;
owns (2)
1447:5;1451:2;1455:3,3
1290:2;1295:11
participation (2)
1363:23,25
particular (10)
P
1313:24;1348:11;
1349:6;1354:26,26;
page (33)
1358:15,17;1368:11;
1286:3;1288:12;
1369:13;1380:7
1290:9;1300:5;1307:23;
particularly (4)
1308:5;1311:24,25;
1313:15;1357:2;
1312:4;1313:11,19;
1379:19;1409:5
1324:23;1329:18;
parties (6)
1334:11;1335:17;
1294:6,19;1366:16;
1338:11;1344:4;
1398:5;1432:4,12
1365:19;1396:24;
partner (1)
1409:11;1414:9;
1270:16
1417:17;1437:5;
parts (5)
1441:10;1443:12;
1299:12;1332:11;
1444:4;1445:7;1446:18;
1337:15;1377:18;
1453:7,12,20,20,21
1430:24
party (2)
1301:3;1331:22
pass (6)
1281:18;1282:9;
1325:5;1377:23;1443:5,
7
passage (1)
1353:8
passed (2)
1272:22;1298:15
passing (1)
1352:22
past (2)
1386:16;1387:2
Pastore (1)
1285:8
Patterson (1)
1383:26
Paulsen (1)
1361:26
pay (29)
1273:19;1280:11,20;
1281:3,19;1287:10;
1293:3;1322:2,3;
1328:17;1332:14;
1336:13,19;1340:17;
1341:24;1346:10;
1369:20;1375:19;
1404:24;1408:11;
1424:15;1431:9;1440:3,
15,25;1446:5;1448:24;
1453:23;1455:13
paying (6)
1293:8,11;1332:21;
1411:20;1413:4;
1431:26
payment (2)
1340:25;1455:22
penalized (1)
1411:8
penalty (2)
1384:15,21
pending (2)
1322:5;1323:22
pension (1)
1438:3
people (27)
1274:2;1276:20;
1278:3,5;1285:8;
1289:6;1292:14,16;
1293:18,19;1303:23;
1304:17;1305:7,8;
1321:20;1332:17;
1355:24;1360:2;
1361:13;1370:25;
1400:5;1408:7;1424:7,
8;1427:4,12;1438:8
per (5)
1291:23;1293:17,21;
1294:4,15
percent (7)
1287:26;1288:2;
1289:4;1295:11;
1375:17;1403:24;
1428:22
Perello (1)
1364:19
perfectly (1)
1328:13
performed (1)
1313:2
period (7)
1276:4;1283:20;
1312:16;1406:22;
1413:21;1432:8;1455:2
perjury (2)
1384:16,21
permissibility (1)
1449:12
permission (2)
1368:2,4
permit (1)
1369:6
permits (2)
1303:20;1376:26
permitted (2)
1292:4;1359:23
person (10)
1283:9;1285:5;
1340:18;1370:6,6,7;
1413:2,6;1420:23;
1426:24
personally (2)
1304:18;1436:9
personnel (1)
1439:23
perspective (2)
1287:14;1403:25
pessimistic (2)
1304:19;1305:11
petition (2)
1376:22;1455:19
Petitioner (2)
1374:26;1427:7
Petitioners (8)
1268:5;1269:24;
1273:7,14;1356:14;
1390:16;1430:8;
1450:17
Petitioner's (2)
1369:11;1412:12
Petitioners-Giuffra (92)
1269:1;1270:1;
1271:1;1272:1;1273:1;
1274:1;1275:1;1276:1;
1277:1;1278:1;1279:1;
1280:1;1281:1;1282:1;
1283:1;1284:1;1285:1;
1286:1;1301:1;1302:1;
1303:1;1304:1;1305:1;
1306:1;1307:1;1308:1;
1309:1;1310:1;1311:1;
1312:1;1313:1;1314:1;
1315:1;1316:1;1317:1;
1318:1;1319:1;1320:1;
ABN AMRO v.
DINALLO, MBIA
1321:1;1322:1;1323:1;
1324:1;1345:1;1346:1;
1347:1;1348:1;1349:1;
1350:1;1351:1;1352:1;
1353:1;1354:1;1355:1;
1356:1;1357:1;1358:1;
1359:1;1360:1;1361:1;
1362:1;1363:1;1364:1;
1365:1;1379:1;1380:1;
1381:1;1382:1;1383:1;
1384:1;1385:1;1386:1;
1387:1;1388:1;1389:1;
1390:1;1391:1;1392:1;
1393:1;1394:1;1395:1;
1396:1;1418:1;1419:1;
1420:1;1421:1;1422:1;
1423:1;1424:1;1425:1;
1426:1;1427:1;1428:1
Petitioners-Steinberg (13)
1429:1;1430:1;
1431:1;1432:1;1433:1;
1434:1;1435:1;1436:1;
1437:1;1438:1;1439:1;
1440:1;1441:1
ph (1)
1449:26
phoenix (1)
1453:4
phone (1)
1367:22
Pick (1)
1294:22
picture (2)
1277:9;1288:14
pieces (1)
1293:6
pierce (1)
1294:19
Pincus (7)
1287:23,24;1289:4;
1290:8,9;1295:18;
1397:26
pinpoint (1)
1452:3
Pitaki (1)
1356:16
pitched (1)
1416:3
place (14)
1293:25,26;1295:12;
1301:12;1331:10,15,17;
1332:19;1333:2;1345:5,
8,15;1346:7;1348:7
placed (2)
1291:18;1412:26
places (2)
1302:10;1355:13
plain (5)
1331:20;1446:15;
1449:22,25;1450:7
plan (37)
1270:16;1273:14,17;
1287:19;1291:16;
Min-U-Script
1444:5
prepared (1)
1383:3
1373:7,11;1374:8,16,17; preposterous (1)
1376:6;1377:3;1385:3;
1427:8
1386:8;1387:18;1390:5; prerequisite (1)
1393:21;1396:6;
1415:12
1403:26;1416:26;
present (2)
1423:15;1432:21;
1312:13;1331:4
1437:11;1442:9
presentation (11)
positions (3)
1277:11;1306:17;
1387:12,13;1419:16
1360:13;1362:25;
positive (4)
1365:17;1399:15,16;
1307:24;1308:3,7,22
1417:8,9;1443:14;
possible (8)
1446:6
1282:17;1312:25;
presentations (3)
1337:17;1338:4,10;
1270:22;1277:6;
1394:19;1413:9;
1410:8
1444:10
presented (1)
possibly (1)
1356:18
1400:8
presenting (1)
post (4)
1277:9
1297:7;1298:7;
President (1)
1317:11;1430:10
1398:2
potential (2)
press (19)
1394:2;1413:8
1381:24,25;1382:16;
potentially (1)
1383:20,24;1387:26;
1434:10
1388:16;1391:5,12;
power (4)
1400:24;1405:6,7;
1357:6;1358:2,14,18
1428:13,17;1434:15;
powers (5)
1439:5;1441:2,3,5
1282:22;1353:25;
pressed (1)
1355:5;1359:5,13
1388:4
PR (2)
pressing (1)
1285:5;1429:8
1386:6
practice (3)
presumably (1)
1336:6;1450:5,15
1385:20
practices (4)
pretty (6)
1356:5;1363:6,13;
1342:8;1379:9;
1364:13
1412:22;1422:7;
pre (1)
1424:12;1425:2
1366:13
prevent (2)
preceded (1)
1294:24;1447:10
1451:24
previous (1)
precedents (2)
1332:25
1352:2;1381:15
previously (3)
preceding (1)
1356:5;1368:14;
1305:12
1415:16
preclude (1)
price (4)
1350:5
1416:9;1428:22;
precluded (1)
1443:17,18
1415:8
pricing (1)
precludes (1)
1295:8
1369:14
primarily (1)
predecessor (1)
1357:19
1451:10
primary (8)
preferred (1)
1326:25;1327:7,7,11;
1414:19
1329:11,26;1331:6;
preliminary (3)
1354:13
1315:2,2,4
principal (2)
premiums (1)
1350:4;1415:9
1424:15
principle (8)
prepare (1)
1272:26;1303:3,9;
1336:17,21;1337:10;
1339:4,25;1342:5;
1350:18;1370:10;
ABN AMRO v.
DINALLO, MBIA
1337:21;1338:3;1340:4;
1410:9;1433:12
principles (2)
1356:6;1433:11
prior (4)
1291:9;1327:19;
1414:10,16
prioritize (1)
1320:25
priority (1)
1398:26
Private (9)
1287:23;1336:6;
1372:10;1408:8,9;
1414:5;1415:23;1419:9;
1451:16
privately (3)
1393:22;1396:9;
1404:19
proactively (1)
1329:12
probably (5)
1270:17;1285:11;
1342:2;1419:20;1425:3
problem (10)
1269:22;1270:2,4;
1284:24;1336:16;
1360:6;1377:12;
1396:13;1426:11;
1437:20
problems (2)
1312:12;1448:12
proceed (1)
1449:5
proceeding (7)
1269:13;1333:20;
1382:5;1383:14,18;
1414:14;1419:26
proceedings (93)
1269:14,21;1287:1;
1288:1;1289:1;1290:1;
1291:1;1292:1;1293:1;
1294:1;1295:1;1296:1;
1297:1;1298:1;1299:1;
1300:1;1325:1;1326:1;
1327:1;1328:1;1329:1;
1330:1;1331:1;1332:1;
1333:1;1334:1;1335:1;
1336:1;1337:1;1338:1;
1339:1;1340:1;1341:1;
1342:1;1343:1;1344:1;
1366:1;1367:1;1368:1;
1369:1;1370:1;1371:1;
1372:1;1373:1;1374:1;
1375:1;1376:1;1377:1;
1378:1;1397:1;1398:1;
1399:1;1400:1;1401:1;
1402:1;1403:1;1404:1;
1405:1;1406:1;1407:1;
1408:1;1409:1;1410:1;
1411:1,9;1412:1;
1413:1;1414:1;1415:1;
1416:1;1417:1,8;
Min-U-Script
proposed (6)
1345:23;1346:23;
1361:26;1362:3;
1411:23;1452:16
proposition (2)
1314:8;1450:11
protect (15)
1272:4;1278:23;
PUBLIC (39)
1267:16;1277:25;
1287:24;1288:5;1289:6;
1291:25;1292:2;1326:5;
1329:20;1353:23;
1354:2,10,11,25;1355:2,
11,12;1357:21;1392:5,
15,25;1393:19;1399:17,
22;1401:20;1402:5;
1279:2;1326:25;1327:8,
11;1328:2;1329:11;
1330:2;1331:18;
1357:20;1358:7;
1391:22;1392:2;
1408:11
protected (2)
1291:2;1328:18
protecting (3)
1271:24;1278:20;
1329:20
protection (7)
1278:11;1282:26;
1324:3;1327:16;1347:8;
1364:24;1438:7
protections (2)
1324:15;1328:24
provide (12)
1312:21;1318:21;
1346:25;1347:7,9,10;
1363:20;1364:21;
1370:17;1376:15;
1377:26;1400:9
provided (8)
1298:8,12;1351:10;
1383:9;1386:7;1401:25;
1402:13;1430:11
provides (1)
1445:22
providing (5)
1288:14;1311:20;
1401:22;1402:11;
1450:14
provision (42)
1273:3;1298:24;
1330:8,17,17,21,22;
1331:10,13;1332:5,6,8,
26;1333:5,6,8,14,24;
1336:23,24,25,26;
1338:17;1340:5;1342:9;
1343:6;1345:5;1348:11,
16;1349:24;1367:8,25;
1369:18;1380:17;
1396:16,22;1449:6;
1451:2,3;1453:22;
1454:10;1455:2
provisions (17)
1272:7;1278:18;
1325:26;1333:3;1334:4;
1335:14;1338:12;
1339:23;1340:2,19;
1341:10;1343:16;
1355:4;1370:11;
1386:21;1430:21;
1450:7
1405:6,6,13;1407:12,26;
1408:6;1410:25;1412:2;
1413:5;1423:14;1428:9,
11;1451:13
publically (2)
1412:13;1413:11
publicly (15)
1273:12;1316:7;
1364:2;1391:15;1396:7;
1397:7;1402:3;1406:2;
1412:15;1416:17;
1419:7;1422:12;
1423:18;1424:18;
1426:15
pull (3)
1290:9;1425:7;
1435:15
pundits (1)
1303:15
purchaser (1)
1278:25
pure (1)
1342:22
purely (1)
1451:11
purports (1)
1375:23
purpose (7)
1273:5;1276:19;
1304:26;1319:22;
1320:4;1385:4;1410:16
purposefully (1)
1321:5
purposes (5)
1318:25,26;1348:13;
1370:14;1449:11
pursuant (5)
1331:25;1361:2;
1362:16;1449:6;
1452:18
pursue (2)
1392:8;1401:13
push (1)
1317:2
pushes (2)
1314:19,20
pushing (1)
1439:17
put (180)
1269:7;1271:9,18;
1272:16,16,17;1273:15;
1274:11,12,23;1275:20;
1276:21;1279:6;1280:8;
1281:7,20;1283:2,17;
1284:23,23,24,24;
1288:12;1289:23,24,24;
1290:21,24;1293:25,26;
1294:11;1296:21;
1297:4,11,19;1298:2;
1299:9;1301:9;1302:12,
15,25;1303:18;1306:14;
1307:14,15;1308:25;
1317:8,9;1320:9,12;
1326:26;1327:2,13,22;
1328:21;1329:4,4,16;
1330:5,6,7,20;1331:8,
10,15,17;1332:5,18,24;
1333:2,19;1334:6;
1337:2;1339:14;1340:9;
1341:26;1343:20;
1345:5,8,10,14,21,26;
1346:15;1347:17;
1348:6,7,18;1349:19,25;
1350:13;1351:3;
1355:10,21;1356:12,20;
1357:4;1358:4;1359:18;
1361:15;1363:3,10;
1365:4;1367:12,18;
1368:13;1372:8;1374:4;
1375:14;1376:22;
1381:18,24;1382:18,24;
1385:5;1386:11;1387:5,
12,15;1388:3,18;1389:9,
10;1390:3,19;1391:5,11,
12,13;1393:5,5,24;
1394:14,19;1396:10;
1397:3;1398:18;
1399:14;1400:2,8;
1401:9;1402:18,20;
1403:16,18;1404:26;
1405:7,23,26;1406:10,
13,19,26;1409:7,11;
1412:17;1414:8,26;
1415:16;1418:26;
1419:7,9;1420:11,13;
1421:21;1423:6,24,25;
1425:5;1426:20;1428:8,
13,17;1430:5;1434:25;
1437:24;1440:6;1442:4,
17;1453:6
put-back (4)
1323:9,13,22;1324:4
puts (1)
1398:15
putting (10)
1296:3;1386:11;
1400:21;1401:6;1404:9;
1405:8,9;1406:3;
1410:19;1420:5
PX (16)
1327:19,20,20,20,24;
1367:13,15;1397:22;
1400:24;1402:5;
1403:16,20;1404:26;
1415:26;1435:15;
1443:8
pyramid (2)
(23) principles - pyramid
ABN AMRO v.
DINALLO, MBIA
1295:15,16
Q
Q4 (1)
1436:2
qua (1)
1297:6
quantified (2)
1345:19;1404:22
quarter (4)
1316:20;1317:17;
1328:4;1405:11
quasi (1)
1291:12
quickly (2)
1367:12;1439:22
quite (15)
1274:22;1283:9,12;
1295:8;1326:23;
1336:15;1337:13,26;
1343:2;1355:11;
1357:24;1364:23;
1365:17;1374:25;
1454:5
quote (51)
1284:15,17;1311:15;
1334:26;1340:24;
1341:12;1355:26;
1368:10;1369:4;
1371:23,25;1372:4,5,7,
11,13,17;1375:23,25;
1383:11;1393:26;
1396:15,19;1397:15;
1398:10,21;1400:7;
1401:21;1402:2;
1403:21,23;1404:14;
1405:10;1408:21;
1411:7,22,24,25;
1412:22;1413:7,22,25;
1414:16;1416:2;
1421:18,24;1422:9,23,
23;1424:11;1451:25
quoted (2)
1290:3;1358:6
quoting (1)
1437:5
R
Rachmani (1)
1309:25
raid (1)
1353:3
RAIFFEISEN-BOERENLEENBANK (1)
1267:8
raised (8)
1271:16;1347:26,26;
1393:11;1401:26;
1402:14;1410:10,16
raising (2)
1359:19;1407:12
Ram (1)
Min-U-Script
1412:4;1415:7,11
ratings (6)
1282:16;1392:4;
1400:9;1405:15,20;
1406:20
rational (1)
1275:16
rationale (1)
1369:7
rationality (1)
1369:15
razzle (2)
1289:10;1297:13
razzle-dazzle (1)
1270:25
reach (3)
1290:14,25;1291:18
reached (1)
1438:22
reaction (3)
1288:20,22;1415:6
read (42)
1269:19;1285:11;
1287:20;1306:2;
1308:10,12,16;1310:13;
1311:7,25;1313:10;
1315:13;1328:5,9,11;
1342:16;1346:14;
1353:19;1360:17;
1370:10;1378:4;
1393:24,26;1395:3,6,7,
8,11;1397:11;1399:6;
1401:12;1402:25,25;
1409:25;1411:21;
1424:5;1425:8;1427:10;
1428:3;1435:3,4;
1453:16
readily (1)
1347:23
reading (8)
1287:21;1342:22;
1359:9,10;1367:19,24;
1399:10;1400:16
reads (1)
1295:16
real (10)
1288:12;1296:4;
1297:18;1299:14;
1302:10;1318:13;
1339:18;1363:26;
1407:18;1435:6
really (16)
1314:14;1326:19;
1372:23;1373:3,4;
1377:14;1389:12;
1400:18,18;1404:2;
1419:25;1429:9;
reconsideration (1)
1423:11
record (64)
1269:7,23;1276:3;
1430:25;1436:7;1437:2;
1308:11;1315:16,19;
1439:21
1319:2,4,8,9,10,16,18,
reapply (1)
21,22;1320:2,5,15;
1314:12
1321:12;1337:9;1373:8,
reason (11)
10,12,15,17;1374:18,19,
1306:25;1328:23;
24;1375:2,7,9;1382:18,
1334:21;1345:14;
23;1383:5,8,12,16,24,
1350:4;1377:22;1388:8;
25;1384:4,10,14,24;
1393:14;1415:17;
1385:4,15,18,23;1386:9,
1418:21,24
23;1387:9;1389:20,24,
reasonable (14)
26;1403:3;1410:7;
1309:18;1330:23,24;
1412:10;1417:9;
1331:3;1335:6;1336:18;
1427:25;1434:12,20;
1340:15;1341:2;1351:9,
1439:2,10;1446:25;
10;1377:25;1378:3,11;
1452:23
1436:6
records (1)
reasoning (1)
1403:11
1370:4
recourse (1)
reasons (4)
1287:14
1272:23;1374:5;
red (1)
1375:11;1380:9
1275:9
rebuttal (3)
redact (1)
1270:9;1319:26;
1304:4
1390:8
redacted (6)
recall (8)
1303:24;1304:8;
1307:22;1308:18;
1306:12;1425:10,15,19
1329:21;1361:25;
redaction (1)
1365:2;1382:15;
1304:5
1408:21;1409:12
redefine (1)
receipts (1)
1449:14
1351:11
redemption (8)
received (2)
1330:26;1334:22;
1401:21;1402:10
1338:17;1340:15,26;
receiving (1)
1350:19;1377:24,25
1415:13
redemptions (1)
recent (3)
1331:2
1287:25;1353:13;
reestablished (1)
1405:13
1435:2
recently (4)
reexposure (1)
1338:18;1366:18;
1290:16
1451:3,7
refer (4)
Recess (4)
1370:19;1371:3;
1325:22;1378:26;
1372:6;1446:10
1429:5;1456:25
reference (4)
recession (1)
1349:7;1440:13;
1302:22
1452:6;1454:8
recitation (1)
references (3)
1342:7
1376:25;1442:23;
recited (1)
1454:17
1376:21
referring (3)
recognize (1)
1348:12;1361:21;
1329:13
1451:15
recognized (3)
refers (2)
1312:20;1326:24;
1431:16;1453:24
1433:17
reflect (1)
recognizing (2)
1454:23
1340:19;1444:26
reflected (4)
recommendations (1)
1278:17;1316:9;
1363:12
1351:12;1395:15
reflecting (1)
1396:2
reflection (1)
1456:6
reflects (1)
1387:16
refuse (2)
1281:18;1388:8
refused (1)
1414:5
regarding (5)
1398:7,8;1420:26;
1421:25;1422:3
regardless (1)
1312:23
regards (1)
1430:2
regular (5)
1332:15;1431:10;
1448:25;1453:25;
1455:14
regulate (1)
1421:26
regulating (1)
1349:22
regulation (19)
1329:15,26;1331:7;
1341:11;1343:3,4,22;
1346:4;1348:26;
1349:24;1354:14;
1356:7;1359:24;1360:6,
8;1368:8,9;1384:6;
1422:8
regulations (1)
1355:12
regulator (7)
1290:23;1292:3;
1302:25;1327:6;
1328:22;1363:19;
1366:15
regulators (8)
1285:24;1360:23;
1361:3,20;1366:9,22;
1401:18;1422:10
regulator's (1)
1329:26
regulatory (5)
1287:13;1304:19;
1363:7,14;1446:20
rehabilitation (7)
1447:18,22;1448:4,8;
1449:8;1452:13;
1455:21
rehashing (1)
1446:8
Reibenhausen (1)
1331:15
reinsurance (42)
1290:16;1291:12;
1298:15,22;1299:21,25;
1300:3;1301:4;1334:9;
1337:6;1340:10;1341:6;
1351:24;1352:9,12;
(24) Q4 - reinsurance
ABN AMRO v.
DINALLO, MBIA
1380:22;1381:4,13;
1397:6;1424:22,22;
1432:16;1443:2,2,8,15;
1444:11,12,15,19,21;
1445:14;1446:14,17;
1447:25;1448:2,26;
1449:17;1451:2;
1453:21;1456:5,7
reinsure (14)
1291:3,6;1299:23;
1332:19;1351:21;
1431:24;1443:16;
1445:10,23,26;1453:26;
1454:21;1455:17;
1456:4
reintroduce (1)
1427:26
reinvigorate (1)
1357:16
rejected (3)
1343:11,12,12
related (2)
1288:4;1301:8
relating (1)
1348:15
relationship (1)
1347:24
relative (1)
1295:9
relatively (2)
1312:11;1372:20
release (19)
1381:24,25;1382:16;
1383:20,24;1387:26;
1391:5,12;1400:25;
1405:3,6,7;1428:13,17;
1434:15;1439:5;1441:2,
3,5
relevance (1)
1373:5
relevant (8)
1313:18;1322:23;
1323:12;1325:26;
1338:13;1420:10;
1430:2;1445:22
reliance (2)
1382:15;1383:19
relied (6)
1275:7;1276:12;
1366:18;1382:25;
1387:9;1432:15
rely (8)
1274:19;1277:2;
1298:21;1314:6;
1322:12;1323:4;
1342:24;1374:22
relying (8)
1322:6,8,8,10;1323:2;
1385:17;1389:14,25
remains (2)
1394:2;1449:13
remarkable (1)
1455:24
Min-U-Script
1340:26;1420:16,17;
1423:7
requests (1)
1367:6
require (5)
1270:19;1273:26;
1439:19;1446:19;
1450:8
required (23)
1276:17;1301:24;
1312:16,25;1313:21;
Respondents (25)
1268:12;1270:2,26;
retire (1)
1407:6
1271:4,6,10,23;1272:10, retirement (1)
16;1273:6,23;1278:19;
1438:3
1330:6;1358:13;
retiring (1)
1362:14,26;1381:8;
1407:8
1383:20;1432:14;
Reuter (1)
1434:22,22;1436:21;
1384:6
1440:22;1446:6,14
revealing (2)
respondents' (4)
1270:26;1385:19
1270:22;1272:18;
revenue (1)
1315:6;1332:16;1367:8,
1274:5;1277:11
1288:6
20;1380:8;1384:23;
Respondent's (2)
review (23)
1386:2;1401:17;
1297:21;1336:16
1273:24;1274:25;
1404:15;1430:13;
responding (1)
1276:23;1296:24,26;
1431:18;1433:25;
1427:10
1297:3,23;1304:24;
1434:19;1438:4;1440:3; response (3)
1309:7;1325:9;1336:12;
1442:5,21;1443:18
1292:6;1369:24;
1364:15;1366:17;
requirements (1)
1452:15
1368:25;1369:8,15;
1341:4
responses (1)
1370:7,16;1374:26;
requires (3)
1304:20
1382:25;1383:10;
1341:6;1380:18;
responsibilities (1)
1444:22;1445:6
1404:4
1293:23
reviewed (3)
requiring (2)
responsibility (2)
1315:23;1375:13;
1271:17;1350:9
1330:2;1363:14
1414:23
requisite (1)
rest (3)
reviewing (3)
1439:12
1328:5;1410:14;
1331:25;1371:5,19
rescue (1)
1416:18
revitalizing (1)
1328:12
restate (6)
1382:13
research (6)
1362:9;1371:24;
revocation (1)
1316:7;1393:25;
1372:4;1396:17;
1312:8
1394:16;1400:3,4,5
1408:20;1412:20
revoke (2)
reserve (3)
restrained (1)
1311:15;1313:7
1429:17;1431:21;
1273:10
Rhodes (1)
1448:26
restricted (1)
1348:21
reserves (12)
1359:13
rich (1)
1316:5;1317:24;1318:7;
1283:19;1293:9;
restructure (1)
1283:26
1319:12;1322:17,26;
1301:22;1332:16;
1391:17
right (31)
1326:26;1332:13;
1363:18;1431:18;
restructured (1)
1275:20;1288:12;
1347:18;1400:3;
1433:25,26;1434:4,7;
1398:3
1289:25;1301:11;
1420:12;1431:8;1439:6;
1442:6,21
restructuring (8)
1302:4,5;1314:17;
1444:18
reserving (1)
1392:2,9,24;1394:7;
1322:4;1324:8;1353:21;
reported (2)
1436:2
1411:26;1415:3;1448:7;
1357:9;1365:10;
1405:10,11
resetting (1)
1452:18
1373:13;1385:20,22;
REPORTERS (1)
1291:13
restructurings (3)
1386:2;1392:22;1403:3,
1268:25
resolve (1)
1363:11;1364:16;
5,13;1427:12;1428:23;
reporting (3)
1448:18
1422:13
1431:4,18;1432:2;
1283:10;1421:23;
resources (3)
result (4)
1436:26;1438:13,14;
1422:19
1293:8,11;1411:20
1384:23;1446:16;
1442:23;1443:6;1449:3
reports (2)
respect (4)
1451:12;1455:11
rights (2)
1400:4;1438:5
1316:14;1434:13;
resulted (1)
1333:18;1360:16
representative (1)
1444:24;1445:13
1322:18
rigorous (1)
1289:3
respected (2)
resulting (1)
1422:5
represented (1)
1321:23;1328:23
1347:3
ripping (1)
1328:7
Respectfully (3)
results (1)
1282:3
representing (2)
1270:21;1372:5;
1405:11
risk (15)
1287:4;1453:9
1420:4
retain (4)
1279:3,4,21,25;
repurchase (2)
respects (1)
1312:26;1336:11;
1280:8;1294:25;1295:2,
1299:20;1330:23
1445:4
1340:24;1375:23
3;1302:25;1303:18;
request (4)
respond (2)
retained (1)
1318:25;1331:4;
1276:7;1388:19;
1368:16;1398:12
1366:13
1424:14;1454:2;
1420:22;1422:20
respondent (1)
retains (1)
1455:17
requested (4)
1275:26
1282:16
risks (3)
NYS Supreme Court Reporters
ABN AMRO v.
DINALLO, MBIA
1302:14;1332:20;
1431:24
RMBS (2)
1316:15;1317:4
Robbing (3)
1357:12;1358:25,25
Rockefeller (3)
1331:17;1348:21;
1356:16
Rockefeller's (1)
1350:14
Roger (2)
1338:9;1409:22
role (2)
1328:15;1354:13
Rolling (1)
1429:10
roughly (1)
1368:15
round (1)
1378:17
routine (1)
1381:17
rubber (1)
1272:11
rubber-stamp (2)
1276:15;1277:14
Ruebenhausen (2)
1345:9,23
rule (7)
1304:5;1324:11;
1325:7,12;1336:17;
1359:24;1360:6
rules (1)
1437:17
run (4)
1275:23;1279:5,8;
1370:21
running (2)
1382:3;1384:18
runoff (1)
1398:6
rush (2)
1358:11;1382:2
Ryan (1)
1379:23
1410:9
sent (4)
1316:14;1317:4;1323:7;
1283:8;1295:13;
1368:23;1378:17;
1365:15;1400:25
1379:23;1386:23;
sentence (6)
1399:26;1429:10;
1301:15;1303:13;
1431:23;1432:9;
1313:19;1378:5;
1443:26;1451:2,8
1393:26;1399:6
second-guessing (1)
sentences (1)
1317:5
1271:20
second-pay (1)
separate (16)
1424:13
1270:18;1296:18;
secret (9)
1299:5;1324:20;
1273:17;1366:14;
1332:26;1333:3;
1414:6;1415:24;
1335:13;1340:19;
1417:11;1418:16,16;
1341:3,3,3;1352:6;
1428:19,20
1381:11;1398:23;
Secretary (3)
1412:3;1442:26
1361:22,26;1383:26
September (9)
section (20)
1297:24;1316:9;
1272:13;1297:10;
1317:24;1323:19;
1298:9,12,15,23;
1361:22;1388:20;
1307:12,17;1330:9;
1389:6;1406:7,22
1337:14;1345:4,10;
series (5)
1349:10;1368:7;
1271:20,21;1363:12;
1380:16;1430:12;
1376:21;1408:19
1443:26;1446:15;
serious (5)
1455:15;1456:9
1272:19;1331:4;
sectors (1)
1409:20;1447:2,6
1277:24
servant (1)
secure (2)
1273:25
1312:24;1347:21
served (2)
securities (4)
1329:14;1356:15
1296:8;1313:17;1335:2;
1285:22;1287:10;
SERVICES (7)
1336:8;1339:7;1340:16;
1320:18;1426:21
1267:7;1351:10;
1359:21;1371:13;
seeing (3)
1368:7;1381:2;1453:10,
1373:15,23;1391:5;
1287:22;1315:18;
14,15
1396:15;1402:8;1407:3,
1342:2
session (2)
15,21,25;1409:5;
seek (1)
1353:12;1379:3
1414:24;1416:21;
1312:8
set (7)
1422:21,22;1424:17;
seeking (2)
1328:17;1332:2;
1428:13;1432:14;
1345:25;1360:16
1359:7;1377:10;1380:9;
1437:4;1438:24
seem (1)
1422:19;1455:19
scenario (2)
1320:14
sets (2)
1279:20;1305:11
seemingly (1)
1320:4;1452:8
scenarios (2)
1450:15
setting (1)
1301:9;1304:2
seems (2)
1431:12
scheme (1)
1445:21;1451:21
settle (1)
S
1347:14
selectively (1)
1321:10
Scholar (1)
1271:4
settlement (3)
safety (1)
1348:21
sell (2)
1327:15;1413:18,21
1449:4
scope (3)
1299:25;1320:26
settlements (1)
salesman (1)
1274:16,25;1297:17
send (1)
1323:3
1421:10
SCOTLAND (1)
1291:26
several (2)
salesperson (1)
1267:9
sending (1)
1379:6;1386:16
1422:22
scrap (1)
1397:26
Sewa (1)
same (23)
1386:12
senior (7)
1372:10
1272:21,24;1315:12,
Screwing (1)
1285:8;1288:11,19;
SF (3)
15;1329:23;1333:25;
1291:25
1318:3;1403:19;1424:7;
1292:20;1293:7;
1334:21;1335:15;
scuttlebutt (1)
1426:14
1294:6
1336:20;1337:24;
1427:4
sense (7)
SG (7)
1339:25;1340:8;1341:4,
1321:4,11;1346:6;
1421:24;1422:3,6,9,
17,19;1343:17;1353:20; search (1)
1383:7
1347:9;1370:19;1406:6;
15,15;1426:14
1371:10,12;1381:25;
Min-U-Script
1443:12;1454:14,26
sample (2)
1274:14;1315:9
San (1)
1348:24
sanction (1)
1312:20
sanctions (1)
1356:5
sat (3)
1392:16;1394:12;
1406:16
satisfied (1)
1432:10
satisfied' (1)
1285:23
satisfy (6)
1285:25;1337:6;
1394:5;1432:4,12;
1438:20
save (4)
1319:25;1369:24;
1388:13;1390:7
saw (12)
1279:6;1280:14;
1315:11;1316:16;
1325:10;1345:18;
1364:14;1393:16,16;
1394:15;1418:18;
1425:15
saying (34)
1275:18,19;1280:5,6;
1289:21,21;1290:7;
second (16)
1301:7;1313:11;
shall (12)
1330:13;1331:22,23,
26;1332:22;1333:11;
1338:24;1341:7,14;
1368:4;1440:9;1449:2
share (17)
1287:16;1288:8,20;
1291:2,18,19,20,23,26;
1293:17,21;1294:4,15;
1334:22;1340:14;
1350:19;1429:20
shareholders (8)
1290:26;1292:24;
1294:5;1330:14;
1401:25;1402:13,26;
1419:13
shares (1)
1406:7
sharing (5)
1289:5,15,18;
1295:10;1352:18
sheds (1)
1369:10
sheet (3)
1301:22;1433:18;
1454:23
shell (1)
1335:12
shield (1)
1451:20
short (8)
1270:23;1274:14;
1369:12;1372:20;
1400:18;1429:3,5;
1436:13
show (22)
1271:3;1273:11;
1282:5;1284:6;1285:17;
1298:20;1305:4,5;
1319:13;1323:8;1324:9;
1338:23;1341:25;
1386:4;1395:10;
1405:22;1412:11;
1417:7,8;1448:11,20;
1452:2
showed (21)
1308:2;1328:26;
1329:17,18,24;1333:26;
1337:23;1338:22;
1365:16;1368:13;
1394:25,25;1395:3;
1398:19;1400:2,3;
1407:3,15;1411:17;
1413:13;1443:11
showing (2)
1272:16;1318:8
shown (13)
1271:21;1307:26;
1312:11;1319:11;
1322:15;1331:6;
1332:15;1386:3;
1394:18,20;1407:12;
1431:16;1448:25
(26) RMBS - shown
ABN AMRO v.
DINALLO, MBIA
shows (3)
1319:9;1338:9;
1339:24
shred (1)
1423:13
sick (1)
1292:14
side (22)
1274:19;1279:24;
1280:4,15,15,17;1281:8;
1282:25;1294:2;1301:8;
1323:8;1324:9;1325:14;
1351:26;1353:18;
1381:16;1384:11;
1389:22;1390:4;
1413:24,25;1423:22
side's (1)
1339:24
sign (6)
1330:10,17;1333:16;
1369:18;1375:19;
1382:11
signed (5)
1272:2;1362:4,4;
1368:5;1375:10
significance (1)
1316:3
significant (8)
1279:13;1281:5,5;
1294:24;1311:22;
1313:16;1394:3;
1454:26
similar (2)
1381:8;1415:4
similarity (1)
1367:11
Similarly (1)
1375:22
simple (5)
1314:4;1316:12;
1331:20;1406:18;
1407:10
simply (3)
1305:17;1338:23;
1456:6
simultaneous (1)
1382:7
sine (1)
1297:6
single (12)
1300:2;1304:12,14;
1309:5;1325:3;1330:5;
1360:22;1361:6,19;
1376:11,11,17
sister (1)
1396:19
sit (5)
1269:13;1313:14;
1319:25;1376:9;
1395:10
sitting (1)
1269:9
situation (10)
Min-U-Script
1303:6
snipping (1)
1288:13
Soc (2)
1411:5,12
so-called (2)
1323:9;1330:10
societal (1)
1356:2
Societe (18)
1277:21;1323:24,24;
1324:5,6;1362:11;
1393:25;1394:11;
1420:13,24;1421:4,6,11;
1422:20,25;1423:25;
1424:7,17
solidity (1)
1296:3;1297:4;1302:12;
1346:4
1307:15;1308:25;
solution (5)
1327:2,3,13,22;1330:5,
1287:16;1414:18,19,
7,20;1331:8;1332:24,25;
21,25
1333:19;1336:11;
solvency (46)
1337:2;1338:6,9,21;
1272:5;1296:17,18,23,
1339:10;1341:25;
26;1297:3,23;1298:7,11;
1343:20;1345:21;
1315:3;1324:12;1325:4;
1347:17;1349:25;
1332:6,10;1333:21,26,
1351:3;1352:21;1353:9;
26;1335:10;1336:14;
1355:10;1357:4;
1337:5,11;1340:12;
1358:13;1359:2;
1346:6,7,26;1347:9;
1361:15;1363:3;
1350:26;1363:17;
1367:18;1368:13;
1364:18;1376:2;1430:2,
1372:8;1381:18;1382:3,
10;1433:4;1434:23;
19,26;1383:19;1387:3,
1436:19,24;1439:8,14,
15;1388:18;1390:19;
24;1440:20;1442:11,14,
1391:12;1393:23;
18;1443:14;1449:14;
1394:14;1396:10;
1451:9
1397:3,14,18,22;
solvent (10)
1398:18;1399:14;
1297:7;1301:26;
1400:2,24;1401:9;
1332:20;1337:4;
1404:26;1405:23;
1431:25;1436:7;
1411:16;1417:6,7,8;
1449:13;1454:2;
1420:11;1423:6,24;
1455:17;1456:8
1428:8;1430:5;1444:5 somebody (4)
slides (5)
1309:6;1310:9,23;
1272:15;1356:12;
1395:16
1387:4,5,10
somebody's (1)
slogan (3)
1303:6
1276:14;1295:5;
somehow (9)
1343:13
1294:17,19;1299:3;
slogans (1)
1320:16,20;1325:5;
1270:24
1353:23;1354:10;
small (3)
1423:11
1278:26;1295:9;
someone (15)
1339:18
1278:26;1290:2,7,19;
smaller (1)
1296:6,7,12,14;1302:17;
1339:18
1317:15;1347:16;
SMBC (1)
1348:4;1352:18;
1267:9
1370:15;1431:9
smoking (1)
someone's (1)
1355:12
1309:13
smothered (1)
Sometimes (1)
1450:9
1450:2
snippeting (1)
soon (2)
1319:25;1394:19
sophisticated (1)
1290:19
sorry (8)
1339:17;1346:13;
1354:15,15;1369:23;
1399:5;1433:6;1442:4
sort (22)
1281:24;1315:20;
1323:8;1326:6;1339:8;
1341:23;1343:13;
split (7)
1278:6;1285:24;
1287:6,18;1290:12;
1398:9,22
splitting (3)
1285:20;1415:10,11
spoke (3)
1280:15;1370:6;
1407:25
spoken (2)
1311:3;1431:18
1345:5;1352:2;1360:26; Stabilization (1)
1365:3,8;1381:17;
1362:2
1388:3;1394:6;1421:4; stabilize (1)
1423:22;1430:22,24,25;
1447:10
1435:21;1448:22
stabilized (1)
sorts (1)
1412:4
1387:24
stacked (12)
sought (4)
1281:14,15;1282:8;
1346:5,11,13,24
1292:26;1390:20,22;
sound (4)
1391:3,6,9,25;1396:18;
1355:22;1356:5;
1408:5
1406:11;1448:5
staffing (1)
soundness (4)
1439:23
1346:25;1347:10;
stage (1)
1350:26;1351:2
1312:18
Sounds (2)
stake (2)
1294:23;1429:18
1287:26;1401:16
sources (2)
stakeholders (1)
1357:11;1445:6
1391:20
speak (6)
stale (3)
1314:2;1400:22;
1275:7;1297:20;
1407:6;1408:19;
1317:10
1409:19;1410:13
stamp (1)
special (2)
1453:11
1295:20;1342:24
stamping (1)
specific (2)
1272:12
1276:16;1348:15
stand (4)
specifically (4)
1281:9;1306:4;
1319:22;1321:22;
1403:6;1419:3
1349:10;1380:8
standard (22)
specifics (1)
1276:23;1277:4;
1398:10
1308:24;1309:15;
specified (1)
1310:11,11,21;1331:26;
1440:5
1336:14;1354:10;
speculation (1)
1411:16,18;1429:23;
1321:15
1430:17,18;1431:13,15;
speculative (1)
1432:8,9,9;1433:5;
1443:19
1451:5
speed (1)
standards (6)
1375:16
1340:23;1363:6;
spend (5)
1371:5,18,21;1433:10
1298:3;1331:9;
standing (3)
1346:22;1430:4;1433:2
1374:19;1378:6;
spending (2)
1449:22
1270:13;1362:17
stands (1)
spent (4)
1278:13
1373:24;1406:24;
staring (1)
1413:3,7
1328:14
spin (3)
start (37)
1412:24,26;1413:8
1273:15,20;1280:11;
Spitzer (1)
1281:3;1350:21;
1398:8
1362:21;1364:4,7;
ABN AMRO v.
DINALLO, MBIA
1373:16;1391:2;1392:7;
1393:3,11;1398:6;
1399:4;1402:7,17;
1404:18,23;1405:21;
1406:5,25;1407:14,22;
1408:12;1410:26;
1411:10,14;1413:5;
1416:16;1417:13,16;
1418:10;1420:8;
1428:26;1429:22;
1453:7
started (4)
1269:8;1274:23;
1360:13;1439:24
starting (2)
1289:7;1398:14
start-up (3)
1403:21,23;1404:4
STATE (33)
1267:2,14,15;
1268:18;1271:10;
1272:16;1299:26;
1326:22;1329:26;
1330:6;1354:11;
1367:22;1374:8,10,13,
14;1375:11;1386:20;
1400:26;1401:15;
1430:6;1432:5,7,14;
1434:19;1438:3,8;
1449:16;1450:12;
1453:9,10;1456:13,15
stated (4)
1406:4;1422:16;
1430:7;1449:10
statement (21)
1289:13;1312:19;
1327:23;1332:12;
1339:8;1359:11;
1364:11,11,12,14;
1371:4,18,21;1372:6,9,
11,11,16;1388:16;
1431:7;1434:17
statements (4)
1276:9;1398:8;
1403:2;1419:5
States (1)
1323:26
state's (1)
1432:21
statute (53)
1281:2;1298:17,18;
1313:17,19;1330:24;
1331:20;1332:9,10,23;
1333:18;1334:2,5;
1335:7,9,12;1337:15,17,
18,18;1338:2,4,7,12,24;
1339:10;1341:5,9;
1343:18;1344:3;1345:8,
14;1346:2;1348:6;
1356:9;1357:25,26;
1358:9;1359:9,22,24;
1361:3;1367:24;
1375:21;1380:8;
Min-U-Script
7;1434:6;1449:22,23;
1450:13
statutes (10)
1272:21,22,25;
1273:3;1337:13,22;
1338:10;1340:7;1341:3;
1353:19
statutory (24)
1273:2;1278:18;
1299:4;1301:22,23;
1333:3;1336:21;
1337:14,22;1338:3;
1340:4,4;1342:22;
1343:5;1355:4;1369:10;
1377:10;1386:21;
1432:26;1433:11,12,24;
1449:25;1454:22
STEINBERG (47)
1268:7;1270:16;
1273:10;1285:12;
1296:18;1298:20;
1299:9;1330:16;1332:6;
1336:14;1369:17;
1377:23;1390:13;
1404:13;1428:24,26;
1429:2,8,19,22;1432:19,
23;1438:14,18;1439:11;
1442:1,3;1443:1,23;
1444:1;1445:1;1446:1;
1447:1;1448:1;1449:1;
1450:1;1451:1;1452:1,4,
7,12,22;1453:1,19;
1454:1;1455:1;1456:1
Steinberg's (1)
1330:10
step (1)
1291:16
steps (1)
1358:19
Stewart (7)
1331:16;1345:7;
1348:19,19,23;1357:4,8
Stewart's (2)
1346:17;1349:17
stickler (1)
1427:9
still (10)
1277:25;1285:23;
1321:15;1325:7;
1339:17;1404:3,6;
1424:14,23;1436:7
stock (21)
1290:5,19;1294:15;
1295:25;1299:19;
1330:12,23,26;1331:2;
1338:17;1340:26;
1377:24,25;1393:8;
1404:8,15;1405:26;
1406:6,23;1407:20;
1428:22
stockholders (6)
1278:14;1291:23;
1345:13;1395:15;
1397:25;1400:4
stocks (1)
1400:6
stolen (1)
1293:21
Stones (2)
1429:10,13
stood (2)
1357:14;1456:25
stop (10)
1285:11,20;1294:9;
1330:10,17;1333:16;
1369:18;1375:19;
1382:11;1428:23
stopped (1)
1347:3
stories (1)
1290:3
story (3)
1285:6;1412:22;
1423:19
straight (3)
1320:5;1354:4,5
streamed (1)
1408:16
streaming (2)
1410:3;1411:11
Street (3)
1267:20;1284:19;
1318:10
stress (12)
1279:20;1301:16,19;
1302:11;1305:12,12,13,
15,23,24;1307:19;
1444:24
stressed (3)
1421:15;1445:3,3
stricter (1)
1434:9
stringent (2)
1346:25;1347:10
structure (17)
1281:14;1282:8;
1293:2;1324:14;1325:6;
1390:20,23;1391:4,6,9,
25;1396:18,19,20;
1408:5;1416:8;1428:20
structured (17)
1291:6,19;1292:18,
20;1294:19;1315:24;
1350:19;1357:7;1392:4;
1394:4,8;1398:23;
1408:2,2,9;1422:14;
1445:13
stubborn (1)
1321:25
stuck (3)
1375:4,5,6
student (2)
1277:24;1424:5
studied (1)
1318:22
stuff (1)
1412:26
Stulz (2)
1445:25;1446:7
Stulz' (2)
1446:9,11
sub (2)
1290:15;1292:21
subject (6)
1331:22;1383:14;
1390:11;1403:21;
1438:5;1456:17
subjective (3)
1429:16;1431:21;
1451:6
subjects (1)
1356:3
submitted (7)
1356:13;1371:9;
1382:20;1388:12;
1416:8;1423:5;1446:12
subordinated (1)
1292:7
subs (1)
1292:17
sub's (1)
1292:22
subsection (1)
1332:2
subsections (1)
1331:25
subsidiaries (4)
1380:20;1401:8,19;
1405:14
subsidiary (12)
1290:11;1345:12;
1400:9;1401:19;1402:8;
1406:2,3,19;1411:23;
1412:4;1413:5;1422:2
subsidize (2)
1283:13;1284:4
substantial (7)
1283:5,20;1312:16;
1401:24;1402:12,21;
1404:7
substantially (1)
1356:4
subtracts (1)
1434:2
success (1)
1411:19
successor (1)
1453:15
sufficient (17)
1274:15;1283:20;
1332:19;1334:25,25;
1340:13,24;1369:6;
1373:12,16;1374:20;
1375:23;1399:3;
1404:22;1431:24;
1453:26;1455:16
sufficiently (2)
1315:9;1374:15
suggested (3)
1287:18;1348:11;
1371:10
suggesting (2)
1326:10;1373:4
suggests (1)
1396:20
Sullivan (1)
1323:12
sum (2)
1293:14;1296:15
summarize (1)
1368:15
summary (1)
1420:21
summer (2)
1269:8;1444:14
summit (1)
1384:6
sums (1)
1406:10
super-expert (1)
1322:24
superfluous (1)
1336:24
Superintendent (54)
1267:14;1270:19;
1272:3;1282:22;
1284:13;1287:2;
1289:18;1326:3,11,16,
24;1327:10,14,18,26;
1331:16,24;1332:12;
1334:7,17;1335:18;
1338:24;1339:5;1344:2;
1345:7;1348:20;1350:9;
1351:7;1353:25;
1354:19,26;1355:5,7,9,
26;1356:22;1357:5;
1358:14;1359:5,22;
1360:24;1367:26;
1368:6,11;1410:22;
1431:2,7;1437:5,25;
1440:2;1448:23;1449:5;
1453:10;1455:20
Superintendents (6)
1328:21;1355:20;
1356:13,15;1357:24;
1366:6
Superintendent's (4)
1343:11;1359:12;
1383:10;1453:8
superior (2)
1403:24,26
super-slow (1)
1437:17
supervision (4)
1421:25;1422:4,5;
1446:20
supplemental (1)
1415:2
support (31)
1274:8;1283:14;
1284:5;1315:3,4;
(28) started - support
ABN AMRO v.
DINALLO, MBIA
1333:22,23;1334:25;
1340:14,25;1367:4,9;
1373:12;1375:10,24;
1384:13;1386:13,15;
1388:16;1391:9;1399:3;
1401:14;1403:7,11;
1405:14;1411:23;
1412:25;1414:21;
1415:23;1428:7;
1446:12
supported (8)
1285:16;1342:4;
1389:19;1413:10;
1419:6;1426:18;1427:7,
24
supporting (2)
1333:18;1412:23
supports (3)
1314:8,10;1416:26
supposed (6)
1278:23;1352:17;
1384:12;1389:20;
1431:2;1455:26
supposedly (4)
1302:19;1424:8;
1447:25;1453:22
SUPREME (1)
1267:2
sure (11)
1269:21,22;1285:6;
1325:19;1337:20;
1373:20;1379:12,16;
1385:12;1392:12;
1456:2
surplus (23)
1291:14;1298:23;
1299:2,19;1301:23;
1308:3,4;1324:13;
1325:4;1330:14;
1333:12,17;1334:25;
1338:16;1340:13,24;
1347:2;1353:5,6,7;
1375:18,20,24
surpluses (1)
1299:8
surprise (2)
1427:11;1435:8
surreply (3)
1334:6;1388:12;
1389:15
surrounding (2)
1325:9;1338:20
sustain (4)
1374:20,24;1386:24;
1387:25
Swersky (1)
1309:17
switch (1)
1415:22
sword (1)
1451:20
sworn (1)
1373:13
Min-U-Script
T
T1 (1)
1269:2
T10 (1)
1442:2
T2 (1)
1287:2
T3 (1)
1301:2
T4 (1)
1325:2
T5 (1)
1345:2
T6 (1)
1366:2
T7 (1)
1379:2
T8 (1)
1397:2
T9 (1)
1418:2
tab (3)
1311:26;1312:3,4
table (1)
1412:24
tackle (1)
1360:6
talented (1)
1420:15
talk (66)
1271:2;1273:4;
1275:14;1280:4;
1442:24;1451:21
talked (43)
1270:26;1273:12;
1274:4;1279:14;1295:2;
1302:11;1306:17,18;
1331:11;1343:19;
1345:10,15;1348:2;
1349:9;1351:26;1354:3,
11,18,21;1357:18;
1363:13;1366:25;
1374:2;1379:21;
1382:22;1390:15,19;
1392:23;1397:19;
1403:9;1404:19;1405:9;
1413:23;1414:14;
1417:10,10;1428:2;
1430:21;1431:20;
1442:3;1445:20,24;
1454:10
talking (50)
1274:26;1289:18;
1302:13;1303:7;
1304:24;1307:18,20;
1314:25;1327:14,25;
1349:5,10;1350:14,15;
1351:4;1370:15;
1383:20,21;1391:13,16;
1392:10;1393:17;
1396:7,12;1397:8;
1398:2,13,21;1399:20;
1400:25;1403:20;
1404:11,17;1407:9,12,
24;1412:15,15;1413:26;
1416:23;1419:10;
1420:2,20;1426:25;
1434:5,15;1435:16,26;
1451:11;1454:13
talks (25)
1281:21,22;1287:4;
1290:10,11,12,18;
1291:4;1294:2;1319:22;
1328:7;1336:11;
1340:23;1341:12;
1345:25;1350:3,7;
1369:17;1381:2,4;
1282:25;1289:6;1292:5,
17;1293:23,25;1295:7,7;
1296:17,18;1297:11,21;
1397:6;1399:16;1400:7;
1298:23;1301:6;
1411:17;1420:5
24;1324:10;1325:25;
1326:5,21;1329:19;
1330:4,16;1332:7;
1333:17;1336:2;
1337:11;1338:20;
1341:5;1345:3;1346:20;
1347:22;1352:20;
1355:17;1363:19,24;
1367:3;1373:7;1375:15,
16;1377:18,23;1384:21,
22;1391:17;1397:20;
1417:12;1421:12;
1429:13,15;1432:26;
1433:4,20;1439:7;
1440:16,17,17;1441:7;
1435:11
tapes (1)
1435:10
target (1)
1368:22
targets (1)
1421:18
TARP (7)
1360:14;1361:2,15;
1362:6,14;1382:13;
1415:13
task (2)
1273:26,26
tax (2)
1307:13,19
taxpayer (2)
1360:22;1361:18
taxpayers (1)
1362:23
team (5)
1274:2;1318:12,13,14,
18
telling (13)
1272:9;1327:10;
1372:23,26;1385:23;
1401:10;1402:3,7;
1404:11;1412:20;
1422:25;1423:3;
1443:25
tells (2)
1423:18;1443:20
temporary (1)
1309:22
ten (3)
1325:19;1330:20;
1375:17
tend (1)
1342:15
tens (2)
1360:21;1361:18
termination (1)
1363:18
terms (15)
1272:7;1321:3;
1331:20,23;1332:3;
1334:8;1341:6;1351:8;
1381:4,9,9;1387:4;
1415:4,22;1428:18
terrific (1)
1429:25
test (42)
1298:15,18,22,23;
testing (1)
1301:16
tests (6)
1301:18;1302:11;
1341:3;1355:24;
1430:23;1451:6
Texas (1)
1326:14
Thanks (3)
1380:13;1416:2;
1426:12
theoretical (1)
1282:22
theories (1)
1387:17
thereafter (1)
1333:12
therefore (1)
1294:14
thereof (3)
1337:19;1338:5;
1369:8
thinking (3)
1402:4;1423:9;
1435:25
third (8)
1301:3;1366:16;
1368:24;1369:3,9;
1376:14,25;1379:22
third-party (23)
1300:3;1362:20,20;
1364:3,19;1398:16;
1399:22;1400:11;
1401:21;1402:11,20;
1403:23;1404:3;
1407:13,13;1408:3;
1416:15;1417:12;
1305:15,23,24;1307:19;
1418:11;1419:10,12;
1324:13;1325:5;
1428:6;1433:17
1330:10;1332:10,11;
Thompson (1)
1333:21,22;1335:10;
1384:5
1337:6;1338:16;
thorough (1)
1346:25;1347:10;
1383:7
1368:19;1375:16,19;
though (4)
1429:16;1430:2;1434:5,
1298:17;1310:8;
9,19;1438:19,20,20,23;
1311:11;1353:6
1443:2,3,6,8,26;
thought (22)
1445:17;1446:17,22;
1269:12,15,20;
1448:10;1449:17
1283:3;1295:16;1321:3;
testified (3)
1324:3;1357:10;1365:3,
1283:10;1345:9;
7;1372:2;1373:26;
1432:13
1374:2;1413:10;1422:6,
testifies (2)
26;1425:15;1427:2,4;
1275:21;1366:7
1429:26;1434:21;
testimony (21)
1435:26
1276:8;1296:21,22,22, thousand (1)
23;1318:24;1328:20;
1333:10
1356:19;1365:4;1387:8; threat (1)
1408:14;1414:16;
1394:3
1415:15;1432:24;
threatening (1)
1435:3,4;1446:9;
1411:9
1450:23;1451:24;
three (6)
1452:2;1455:7
1299:17;1315:8;
ABN AMRO v.
DINALLO, MBIA
1327:3;1387:10;
1437:14;1447:5
three-year (1)
1366:17
throughout (1)
1279:4
throw (2)
1323:15;1372:26
Thus (1)
1301:25
time/date (1)
1284:10
timeframe (1)
1391:17
timeline (1)
1361:16
times (7)
1272:22;1324:7;
1333:11;1335:14;
1338:14;1387:10,11
tip (1)
1398:10
today (3)
1269:9,13;1270:17
today's (2)
1403:22;1443:15
together (4)
1271:20;1299:18;
1379:9;1445:2
told (18)
1269:23;1288:16;
1292:25;1298:10;
1311:4;1318:7;1322:16;
1373:19;1399:2;1402:9,
9;1407:11;1415:11;
1427:12;1437:12;
1445:20;1454:3;1455:8
tomorrow (6)
1270:17;1388:14;
1398:7;1426:3;1456:19,
20
tonight (1)
1310:14
took (10)
1271:19;1280:19,19;
1299:24;1307:24;
1308:6,22;1373:11;
1395:12,14
top (8)
1282:16;1289:20;
1295:14,15,16,26;
1329:19;1421:23
total (1)
1427:11
totally (1)
1296:10
tough (1)
1422:7
touted (1)
1447:9
toxic (4)
1285:22;1293:7,7,7
traditional (2)
Min-U-Script
1338:25;1339:4;
1340:11;1347:5,25;
1348:25;1351:8,16;
1352:2,3,6;1354:20;
1366:4,5,8,21,23;
1378:10;1380:18,22,24;
1381:4,8,9,11,12,24,26;
1384:7;1385:24;
1393:18,22;1397:5,7;
1407:21;1408:4;1411:2;
1414:11;1419:6;1423:2,
17;1426:15,22;1427:4,8;
1428:9,10,20,21;
1435:18;1436:24;
1447:18;1448:2;
1449:12
transaction- (1)
1363:15
transactions (17)
1299:17;1315:8,11,15,
21;1331:4,21,25;1339:2;
1341:13,13,14,18;
1351:5;1363:26;
1367:21;1382:6
transcript (4)
1388:17;1395:6;
1446:19;1449:19
transcription (1)
1435:16
transfer (1)
1366:10
transferor (1)
1341:13
transformation (47)
1273:8,12;1281:24;
1282:2;1283:14;1297:8;
1298:7;1299:3;1301:21;
1302:2;1334:8,9;
1335:19,21;1343:24;
1360:25;1363:16,26;
1371:6,19;1372:7;
1380:23;1382:9;
1384:26;1390:16;
1393:19;1395:12;
1403:10;1407:26,26;
1408:7;1410:26;
1412:13;1413:17;
1414:6,11;1415:23,24;
1416:3,22;1417:3,11;
1418:9;1430:10;
1435:18;1444:12,22
translate (1)
1303:25
translated (1)
1426:8
translation (3)
1424:10,11;1425:26
translator (1)
1425:6
transmitting (1)
1345:12
transparency (1)
1422:5
transparent (1)
1321:17
Treasury (7)
1328:8;1361:23,25;
1362:6;1412:25;
1414:18,21
treat (1)
1411:4
treated (5)
1285:25;1422:15,21;
1423:4,14
treatise (2)
1351:4,13
treatment (2)
1423:8;1428:10
tremendous (1)
1444:13
triable (1)
1271:16
trial (2)
1271:17;1325:8
triannual (4)
1436:26;1437:7,8,21
tried (2)
1297:12;1336:5
triple (1)
1394:3
trivial (1)
1309:23
troublesome (1)
1271:7
troubling (1)
1276:9
true (10)
1282:6;1298:21;
1305:5;1343:15,15;
1353:24;1361:15;
1389:11;1392:20;
1453:19
trump (4)
1353:23;1355:2,3,4
trumped (1)
1354:17
trumpeting (1)
1342:5
trumping (1)
1354:3
trust (2)
1366:11;1367:10
truth (1)
1274:21
try (3)
1320:26;1395:26;
1398:11
trying (12)
1274:14;1336:4;
unclear (1)
1356:22;1358:11;
1315:16
1368:15;1385:16;
under (28)
1413:20;1414:2,18;
1281:9;1292:4;
1418:22;1421:9;1452:3
1307:19;1324:3;
tune (2)
1331:16;1334:26;
1360:21;1361:17
1336:14;1348:20;
turn (9)
1356:6,15;1359:16,16;
1271:13;1283:2;
1360:17;1366:9;1376:2;
1288:23;1338:6;1353:9;
1382:11;1383:11;
1359:2;1390:11;
1384:15;1394:23;
1402:26;1428:24
1434:23;1437:13;
turned (2)
1446:20;1450:6;1454:9;
1386:17;1394:9
1455:20,22;1456:5,9
turning (1)
underlying (1)
1383:18
1356:5
turns (1)
underpinning (1)
1364:25
1297:6
twenty (1)
underscores (1)
1446:4
1292:6
two (34)
underserved (1)
1273:11;1292:17;
1357:11
1299:5;1306:2;1321:25; understandings (1)
1332:11;1333:10;
1431:22
1352:6;1367:9,10;
understands (1)
1381:11;1387:11;
1411:25
1388:6,6;1396:13,21; understood (11)
1401:19;1409:25;
1328:19,23;1349:12;
1415:11;1418:15;
1358:23;1392:8,12;
1429:15;1430:23,24,25;
1393:9;1394:11;
1431:13,17;1432:3;
1427:15;1444:26;
1442:11,13,18;1445:7,
1445:5
16;1449:24;1452:7
undertake (1)
type (2)
1369:8
1358:15,17
undertaking (1)
typo (3)
1369:14
1306:24;1337:20;
undisputed (7)
1362:9
1298:14;1301:7;
1313:20,23;1324:12;
1428:12;1446:9
U
unearned (1)
1324:13
UK (1)
unexpected (1)
1420:18
1305:9
ultimate (1)
unfair (4)
1428:8
1324:14;1339:6;
ultimately (10)
1391:25;1408:9
1295:13;1326:19;
Unfortunately (2)
1362:22;1364:7;
1358:11;1429:12
1377:17;1392:26;
unimportant (1)
1403:10;1407:19,21;
1309:17
1424:23
unique (2)
unable (4)
1414:20,25
1332:13;1431:9;
United (1)
1448:24;1455:13
1323:26
unavailable (1)
units (1)
1433:16
1399:3
uncertain (1)
universe (2)
1279:3
1303:14;1434:10
uncertainty (8)
unknown (1)
1279:13;1280:9;
1450:13
1281:6;1283:6,21;
unknowns (5)
1317:18;1347:6;
1279:15;1281:5;
1364:25
ABN AMRO v.
DINALLO, MBIA
1283:21;1302:13,15
unless (7)
1271:16;1333:9;
1341:15;1359:23;
1360:4;1368:5;1444:6
unlike (1)
1361:6
unprecedented (1)
1449:12
unredacted (2)
1279:16;1302:8
unscrupulous (1)
1312:21
unsigned (1)
1299:10
unsupported (1)
1305:21
untethered (1)
1305:21
untouchable (1)
1294:6
untrue (2)
1285:17,18
up (159)
1271:10;1272:16,16,
17;1273:9;1274:23;
1275:4;1279:6;1281:7,
20;1284:23,24,24,24,25;
1288:7,12,24;1289:23,
24,24;1290:9,12;1296:3,
15,21;1297:4,12,19;
1298:2;1299:9;1301:10;
1302:12;1306:14;
1308:21,25;1310:2;
1315:18;1316:25;
1319:12,17;1321:5;
1326:26;1327:2,13,22;
1329:4,4,16,19;1330:5,
6,7,20;1331:8;1332:5,
24;1333:19;1334:6;
1337:2;1340:9;1341:26;
1342:15;1343:18,20,25;
1345:21;1347:17;
1348:7;1349:25;
1350:13,20;1351:3;
1355:10;1356:12,20;
1357:4;1358:4;1359:18;
1360:18;1361:15;
1363:3;1364:8;1365:4;
1367:13,18;1368:13;
1372:8;1374:3;1375:14;
1376:22;1378:6,18;
1379:10;1381:18;
1382:19;1384:22;
1386:17;1387:5,15;
1388:18;1390:19,24;
1391:12;1393:5,5,24;
1394:14,19;1395:23;
1396:10;1397:3;1398:6,
18;1399:14;1400:2,19,
21;1401:9;1403:16,18;
1404:26;1405:23;
1406:26;1409:7,11;
Min-U-Script
1435:15;1437:24;
1440:6;1442:4;1443:3;
1445:19;1448:17;
1450:5;1452:5,11,20;
1453:6;1455:8
updated (1)
1322:16
upheld (2)
1307:4;1325:15
uphold (1)
1385:16
upon (19)
1274:19;1275:7;
1276:12;1277:2;
1294:17;1298:22;
1323:2,4;1356:3;
1366:18;1369:11;
1374:22;1378:7;
1362:17;1392:6;1393:2,
12;1399:20,23;1400:10,
11;1402:16;1404:17,24;
1405:26;1406:3;
1407:13;1409:8;1412:6;
1416:15;1417:12,13,15;
1419:10,12,12;1428:6;
1448:11;1451:8,26,26
usually (1)
1269:14
utilize (2)
1430:13;1451:4
utilized (1)
1432:18
utterance (1)
1441:3
1389:14,25;1432:23
upset (2)
1348:25;1379:15
upside (5)
1273:20;1280:12,13;
1293:2;1393:13
urgent (1)
1353:10
USA (1)
1267:5
usage (1)
1450:15
USB (1)
1267:10
use (26)
1273:17,18,19;
1275:13,17;1280:10;
1289:14;1306:19;
1317:14;1330:10;
1343:13;1361:7;1364:3;
1369:25;1370:14,16;
1399:3;1401:18;
1405:21;1410:26;
1411:10,13;1418:11,11,
20;1420:7
used (35)
1271:6;1273:9;
1275:11;1279:13;
1299:25;1351:22;
1352:8;1360:16;
1362:19;1370:11;
1378:7;1389:2;1390:26;
1405:25;1406:25;
1407:4,19,22;1408:10,
11;1410:25;1411:22;
1418:10;1432:24;
1433:15,22;1445:17;
1450:18,20,26;1451:5;
1354:20
valuation (2)
1320:12,12
value (21)
1283:23;1285:25;
1287:17,22;1290:14;
1291:23;1292:22;
1293:5;1294:5,16,20;
1295:9;1320:18;1348:3;
1395:18;1433:14;
1442:25,25;1446:2,3;
1454:25
valve (1)
1449:4
variety (2)
1401:21;1402:10
Various (3)
1347:22;1356:12;
1445:6
vault (1)
1314:20
veil (1)
1294:20
verge (1)
1447:21
verified (2)
1430:6,16
verse (2)
1282:5;1294:3
version (1)
1356:18
versus (12)
1271:11;1326:20;
1355:19;1376:23;
1379:19;1390:20;
1416:6,12;1422:11,14;
1433:23;1449:26
vests (1)
1359:5
view (9)
1316:8;1335:13;
1412:2;1424:22;1442:9;
1444:2,3;1445:2;
1450:17
1357:5;1364:22;1367:3; ways (2)
1377:21;1415:23;
1277:9;1431:14
1444:12;1453:2
weaken (2)
viewed (1)
1350:25,26
1364:11
wealthy (1)
violate (2)
1284:2
1340:3;1351:14
weather-wise (1)
violations (2)
1269:6
1312:10;1450:10
website (3)
virtually (1)
1329:5,6,6
1443:16
websites (1)
vis--vis (1)
1329:2
1278:13
week (15)
vision (1)
1296:5;1305:20;
1356:2
1307:26;1308:2;
voice (2)
1313:13;1329:21;
1390:12;1429:7
1392:16;1394:12;
volatility (1)
1395:23;1397:19;
1436:5
1402:19;1403:8;
1422:26;1423:9;
W
1442:18
weekend (5)
1343:8;1360:22;
WACHOVIA (1)
1361:6,19;1373:22
1267:10
weeks (4)
Wait (4)
1274:2;1287:25;
1328:10;1349:3;
1442:12,13
1395:22;1438:15
weight (2)
waited (1)
1343:6;1344:2
1437:6
Weinberg (1)
waiting (1)
1364:19
1436:23
well-meaning (1)
Wall (2)
1273:25
1284:19;1318:10
Wendell (1)
wants (9)
1449:26
1293:23;1306:2,3;
weren't (7)
1314:11;1319:24;
1276:18;1385:17;
1348:12;1388:23;
1405:20;1406:12;
1421:3;1438:9
1414:20;1416:23,24
Warburg (8)
Wertheim (1)
1287:23,24;1289:3;
1405:2
1290:8,9;1295:10,18;
what's (11)
1397:26
1283:17;1303:17;
warrants (1)
1319:4,10;1321:9;
1444:6
1323:8;1346:11;1358:5;
washed (1)
1376:4;1404:15;1440:2
1309:6
whatsoever (1)
way (36)
1377:26
1274:3;1275:16;
wheelbarrow (1)
1276:15;1280:7;
1314:19
1284:25;1291:9,10;
whenever (6)
1292:21;1293:8;
1332:11;1367:25;
1294:14;1295:14,14;
1437:22;1438:9;
1303:4;1304:11;
1440:24;1448:22
1307:21;1311:2;
whereby (1)
1336:23;1338:22;
1412:25
1339:20;1342:5;
Whereupon (1)
1346:14;1350:18;
1456:25
1351:15,16;1360:10;
white (1)
1372:26;1375:12;
1363:10
1380:24;1396:20;
ABN AMRO v.
DINALLO, MBIA
Whoa (1)
1349:2
whole (40)
1271:21;1276:19;
1284:23,24,25;1289:24;
1296:2;1298:11;
1299:11;1303:7;1306:8;
1307:14,15;1311:19;
1316:4;1337:16;
1342:11,12,13;1349:11,
17;1356:21;1373:22;
1374:3;1380:23;1382:9;
1395:4;1401:13,15;
1402:25;1409:11;
1414:22;1420:13;
1423:26;1424:26;
1425:12;1428:3,9;
1434:10;1438:16
wide (2)
1401:21;1402:10
William (1)
1327:17
willingness (1)
1312:12
win (3)
1292:10,11;1394:19
wins (1)
1292:8
within (15)
1290:6;1317:21;
1331:21;1334:10,23;
1335:20;1347:25;
1348:16;1357:25;
1358:8,18,22;1393:17;
1403:4;1451:16
without (7)
1276:16;1337:4,5;
1342:14;1355:13;
1361:11;1439:10
withstand (1)
1301:19
wondered (1)
1339:16
word (9)
1273:9;1277:12;
1332:17;1337:19;
1338:5;1360:16;1378:7;
1403:6;1419:4
wording (2)
1343:5;1450:13
words (22)
1272:24;1274:13,18,
19;1280:26;1286:2;
1289:12,21;1296:2,14,
24,25;1297:9,16;
1333:24;1335:7,10,25;
1368:3;1392:19;1402:9;
1446:22
work (17)
1274:23;1275:19;
1297:17;1309:2;
1310:24;1311:13,17;
1312:15,16;1313:21;
Min-U-Script
1384:24;1385:7,26
year (9)
1275:5;1282:18,20;
1366:24,25;1374:10;
1389:8;1414:23;1437:8
year-long (3)
1274:6,7,8
years (33)
1276:5;1279:5;
1281:24;1291:9;1309:3,
7;1317:13;1327:18;
1330:15;1332:9;
1338:15,16;1341:24;
1346:8;1348:23;
1356:17;1371:14,22;
1386:16;1388:6,7;
1390:2;1391:18;
1394:20;1422:7;
1432:17;1436:25;
1437:15,22;1443:4;
1445:18;1450:25;
1455:10
yesterday (2)
1342:13;1413:24
YORK (57)
1267:2,8,14;1268:6,6,
13,13,18,19,19;1276:22;
1278:16,19;1280:2;
1281:9;1287:3;1299:26;
1301:24;1303:19;
1305:16;1307:3;
1309:21;1324:3,7;
1327:6;1328:22;1329:6;
1337:13,14;1338:2,7;
1342:21;1347:14;
1350:2;1356:23;1359:4;
1367:22;1372:17;
1400:26;1401:15;
1420:6;1422:6;1428:14,
16;1429:24;1434:25;
1436:18;1451:22;
1452:14,17;1453:9,11,
24;1454:10,15,24;
1456:13
young (2)
1269:11;1295:19
Z
zero (3)
1293:13,13,14
Y
Yates (5)
1304:14;1382:21;
NYS Supreme Court Reporters