In its first earnings conference call since ending litigation with banks over the insuring of structured financial instruments this week, MBIA Inc. executives breathed a huge sigh of relief and spoke about a reinvigorated future for the guarantee insurer.
"Let me say, with a newly refreshed level of enthusiasm, good-morning everyone, it truly is a good morning and a pleasure to speak with you today," says CEO Joseph W. Brown Jr. at the start of the conference call with analysts.
Brown was upbeat because of the settlements this week with Bank of America and Societe Generale that ends litigation and relieves the company of its obligations for insuring billions of dollars of credit default swaps.
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