Two New York Senate Committee chairmen have raised the possibility of investigating bond insurer MBIA’s behavior in applying for a transformation of the company in 2008 and 2009.

Senate Insurance Chairman James Seward and Senate Investigations & Government Operations Committee Chairman Carl Marcellino on Wednesday issued a news release saying they were “considering conducting an inquiry and holding hearings related to the company’s 2009 restructuring that was approved by the former New York State Insurance Department.”

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