NEW YORK - In what seems to be a rather somber start of a holiday season, MBIA hosted a holiday party aboard the U.S.S. Intrepid last Wednesday, where Gary Dunton, president of the insurance company, drew parallels of a strong, brave and resilient ship to a strong, brave and resilient market.

The party attracted about 200 people at its peak, only half of the amount expected. The windowless room, which granted access to the flight deck, was well lit by the faces of market players like Credit Suisse First Boston's Joe Donovan, head of ABS, and Trisha Hazelwood, head of the syndicate. And the room, filled with mellow guitar music, was buzzing with conversation about the latest fallen angel, Enron.

Subscribe Now

Access to a full range of industry content, analysis and expert commentary.

30-Day Free Trial

No credit card required. Access coverage of the securitization marketplace, including breaking news updated throughout the day.