Bond insurers are arguing that they should receive funds 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 Department, the bond insurers (also known as “monolines”) contended that helping them would also ensure the stability of their customers–including municipalities and private firms–and would keep credit available to 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 TARP program to the monolines, a department representative said.
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