N.Y.'s Dinallo: Ambac Rescue Plan in Final Stages
New York State Insurance Superintendent Eric Dinallo says efforts to recapitalize troubled bond insurer Ambac are in the eighth inning, and he is optimistic there will be a resolution.
Dinallo appeared at a Crain's Breakfast in Manhattan. He said his efforts regarding the bond insurance industry included bringing in new players, such as Warren Buffett, and making sure the old firms were well capitalized. He said the next step will involve some new regulations.
Ambac is talking to banks and private equity about additional capital. Dinallo said sovereign funds were also among the entities who have looked at providing capital for monoline insurers.
CNBC caught up with Dinallo after the event. CNBC Executive Editor Patti Domm was one of the panelists interviewing Dinallo.