WASHINGTON–A spokesman for a bond insurer today passed off a notice that the Securities and Exchange Commission is considering a legal action against the firm as merely “procedure.”
“This is a procedural development in an investigation that began more than 15 months ago and does not necessarily indicate any negative outcome,” said Tom Vogel, speaking for the Financial Security Assurance Holdings Ltd. “We intend to cooperate with the SEC,” he added.
FSA disclosed in a Feb. 7 SEC filing that it is among the companies that received a so-called “Wells Notice” from the SEC, which in addition to informing the firm of possible action against it gives the company an opportunity to respond.
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