MBIA sues
MBIA sued UBS, Credit Suisse and JPMorgan Chase — underwriters of mortgagebacked securities sold by a unit of IndyMac Bancorp, which MBIA claims misrepresented its underwriting standards to investors. MBIA says IndyMac loaned millions to borrowers who couldn’t afford to repay and “systematically abandoned its own underwriting standards” to expand its market share.
Hank-y panky
AIG’s former CEO Maurice “Hank” Greenberg asked a New York judge to dismiss a lawsuit brought in 2005 by then state Attorney General Eliot Spitzer, who Greenberg accused of using the case to promote his political career, according to a filing in New York State Supreme Court.
REIT IPOs
Apollo Commercial Real Estate Finance and Colony Financial halved their IPOS, a sign that investors remain wary of plunging into commercial property debt.
Cisco pay
Cisco Systems said CEO John Chambers received $10.3 million in compensation for the year ended in July, including $375,000 in salary, a filing showed. Daimler bonds
Daimler-Benz AG’s
Mercedes-Benz finance arm plans to sell $1.1 billion of bonds backed by auto loans that are eligible for the Federal Reserve’s Term Asset- Backed Securities Loan Facility, according to Moody’s Investors Service.