WASHINGTON--Bond insurers are arguing that they should receive aid under the Treasury's Troubled Asset Relief Program because such aid would help restore stability to broad sectors of the economy.
In a comment letter submitted to the Treasury Dept. Wednesday, the bond insurers, also known as monolines, contended that helping them would also ensure the stability of their customers, including municipalities and companies, and would help keep credit available to those core sectors of the economy.
The letter was written in consultation with the New York Insurance Department, which has been outspoken in its support of giving aid through the program to the monolines, a department spokesman said earlier this week.
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