Activist Renews MBIA Fight

For bond insurer MBIA(MBI Quote), it may be looking like 2002 all over again.

Five years ago, hard-driving activist hedge fund manager Bill Ackman of Pershing Square Capital questioned the credibility of monoline insurance companies, penning a scathing and lengthy report on MBIA. He argued that the credit insurance company didn't deserve its triple-A rating.

Ackman on Wednesday renewed the long-running hostilities at the third annual Value Investing Congress, at the Time Warner Center in New York, saying that the firm was headed for financial ruin by as early as the second half of next year, and that some of its practices should raise eyebrows among regulators. ...