< meta name="DC.Date.Valid.End" content="20050825"> Amendment Nine: Bankruptcy Fraud Insurance

Thursday, March 24, 2005

Bankruptcy Fraud Insurance

Over my Bloomberg I read a brief snip on Merrill buying $140M of insurance for directors, executives, etc. should Merrill go 11. This morning''s LA Times runs the same snip, but provides a nice quote I hadn't seen: "When it comes to bankruptcy, independent directors are very concerned..."

That was Evan Rosenberg, vp at Chubb, the InsCo selling the coverage to Merrill. Sounds to me like deepening insolvency has officially become a big deal. Can't wait to see what this year's retail cycle brings.