Bank of America and Societe Generale had sought to reverse the state approval under New York laws that allow court challenges to state agency decisions.
In 2009, New York Insurance Department Superintendent Eric Dinallo approved the split, allowing MBIA to move the company’s guarantees on state and municipal bonds out of subsidiary MBIA Insurance Corp., which guaranteed some of Wall Street’s most toxic mortgage debt.
In the meantime, Bloomberg also reports that Qiu Zhi Zhong, chairman of greater China at Barclays' investment banking unit, has retired after spending more than three years at the firm.
And The Financial Times reports that KKR, the New York-based private equity group, is rejuvenating its team of European dealmakers as it seeks a fresh start before raising a new fund in the region for the first time since the financial crisis.
KKR told investors at a meeting in Berlin last week that Jacques Garaialde, a French partner who joined in 2003, and Reinhard Gorenflos, a German partner who joined in 2001, would not take part in the next fund.
Du is forbidden to re-join the financial industry, the city’s securities watchdog said in a press release Tuesday. Du worked for Morgan Stanley in Hong Kong from 2001 until May 2007, when he was fired.
Finally, the news organisation also reports that Wegelin & Co. was ordered to pay U.S. authorities almost $58m at the end of a criminal case after the Swiss bank pleaded guilty to helping American taxpayers hide more than $1.2bn from the Internal Revenue Service.
U.S. prosecutors called the misconduct by Switzerland’s oldest private bank, which started in the early 2000s and continued until 2011, 'extraordinarily willful'. Wegelin said the U.S. investigation was responsible for forcing it out of business after 272 years.
KKR rejigs European dealmaking team (subscriber content)
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