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We meet at last, Herr Ackman

Some rare good news for the monolines as S&P confirms their AAA ratings. Perhaps buoyed by this, the new MBIA chairman, Jay Brown, issues a letter discussing the plan to split the muni and structured finance businesses, and suggesting the company could move offshore, before launching into an extraordinary monologue:

... we are also a convenient and attractive target for self-interested parties such as Mr. William Ackman. Many of you have asked me in the past few days whether there is something personal between us. In actual fact we have many similarities. We are both extremely passionate in our beliefs and are persistent in overcoming all obstacles in terms of reaching our objectives. The real difference is that I am leading a regulated institution that provides security, jobs and peace of mind to tens of thousands of institutions and millions of individual investors. Mr. Ackman's objective is less complex; he will stop at nothing to increase his already enormous personal profits as he systematically tries to destroy our franchise and our industry. His campaign against us has increased our cost of capital, but his intent to force a collapse has no chance to succeed.

I'm not sure whether this description is closer to Blofeld or Macavity the Mystery Cat.

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