In a live on-set interview during today's Closing Bell on CNBC, MBIA CEO Jay Brown told us he's "comfortable" going up against Warren Buffett's new bond insurance company, although he acknowledges that Berkshire Hathaway can be "tough" competition.
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."