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MBIA's CEO Tells CNBC He's "Comfortable" Competing with Warren Buffett
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Executive Producer
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In response to a question from Michele Caruso-Cabrera about Buffett "going after" his business, Brown suggested Buffett might not be in it for the long haul:
"I have competed with Warren Buffett in the insurance space most of my life. They're tough competitors. They offer a unique product. And they also like to come in and out of markets. The muni market, or the structured market, when you look at it, needs constant players in there. We've seen a huge drop in bond coverage provided by the market.
Warren saw an opportunity. Warren never misses an opportunity to jump in, especially when there's stress. And so I think I'm pretty comfortable we can compete with Warren."
It's an interesting interview, with Brown talking in detail about his plans and goals for the troubled bond insurer, which today held onto its AAA rating from Moody's, at least for now. He revealed that MBIA is done raising "significant dilutive capital."
You can watch the entire conversation in this video clip.
Today, Standard and Poor's said it will give its top AAA credit rating to bonds backed by Berkshire Hathaway Assurance Corp., even though the new insurer does not yet have its own credit rating. S&P says that's justified by "significant contractural commitments" from another Berkshire subsidiary that does have a triple-A. Moody's announced a similar decision late last week.
Current stock prices:
MBIA [MBI
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Berkshire Hathaway [US;BRK.A
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- Buffett's Berkshire Backs Over 100 Muni Bonds In Last Two Days (February 22)
- Buffett's Big Muni Bond Offer: CNBC Interview Transcript (February 12)
- Warren Buffett to CNBC: I Will Reinsure $800B in Municipal Bonds (February 12)
- Warren Buffett Says Berkshire Not Interested in Troubled Bond Insurers (February 6)
- State Regulators Working with Berkshire Hathaway on Nationwide Bond Insurance License Application (January 28)
- Warren Buffett's Muni Bond Insurer "Tip-Toes" Into Market With $10M NYC Bond (January 9)
- Warren Buffett Promises to Stay on the Straight and Narrow with His New Bond Insurer (December 28, 2007)
Data is a real-time snapshot *Data is delayed at least 15 minutes
