PURCHASE, N.Y.--(BUSINESS WIRE)--
MBIA Inc. (NYSE:MBI) (the Company) today announced that Lois A. Scott
(54) was elected to the Company’s Board of Directors, where she will
serve as a member of the Audit Committee. At the same time, Sean Carney,
a General Partner of Warburg Pincus & Co., has retired from the MBIA
Inc. Board.
Ms. Scott is President of Epoch Advisors LLC, a private financial
services company that advises clients on strategic business issues. From
May 2011 to May 2015, Ms. Scott served as the Chief Financial Officer
for the City of Chicago, Illinois. As CFO, she had financial oversight
of essential City services as well as O’Hare Airport, Midway Airport,
the City’s public-private partnership contracts, water and wastewater
systems serving over 5 million people, and City-issued debt. She also
served as a Trustee for two pension plans covering City employees. From
January 2003 to May 2011, Ms. Scott was Co-founder and President of
Scott Balice Strategies, LLC, a financial advisory firm that assisted
public sector, nonprofit and corporate clients with financial strategy,
restructuring and bankruptcy services, capital market transactions,
ratings management, cash flow forecasting and public-private
partnerships.
MBIA Chairman of the Board Charles Rinehart said, “Sean’s commitment and
contributions to the Board have been significant and well-valued. We are
grateful for his support in helping MBIA to navigate through some very
challenging times and circumstances.” Mr. Rinehart continued, “Lois’ 30
years of public finance experience as an issuer, underwriter and
financial advisor is an ideal combination of experience for MBIA Inc.’s
Board as we move forward. We are excited to be working with her and
gaining insights from her perspective and experience.”
From 1997 to 1998, Ms. Scott served as a White House Fellow during
President Clinton’s administration, where she advised on the financial
crisis in Southeast Asia and export finance. She was also named
Counselor to the Chairman and Chaired the management committee of the
Export-Import Bank of the United States.
Prior to that, Ms. Scott was Manager of the Chicago Public Finance
Office and Managing Director of BancAmerica Securities, Inc. She also
held various financial positions at Donaldson, Lufkin & Jenrette
Securities Corporation, including Principal; L.F. Rothschild & Company,
Inc.; and First National Bank of Chicago. In 1997, she was co-founder of
Women in Public Finance and in 2011, she co-founded the Municipal CFO
Forum with the Harris School of Public Policy, University of Chicago.
Forward-Looking Statements
The information contained in this press release should be read in
conjunction with our filings made with the Securities and Exchange
Commission. This release includes statements that are not historical or
current facts and are “forward-looking statements” made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform Act
of 1995. The words “believe,” “anticipate,” “project,” “plan,” “expect,”
“estimate,” “intend,” “will likely result,” “looking forward” or “will
continue,” and similar expressions identify forward-looking statements.
These statements are subject to certain risks and uncertainties that
could cause actual results to differ materially from historical earnings
and those presently anticipated or projected, including, among other
risks and uncertainties, the possibility that the Company will
experience increased credit losses or impairments on public finance
obligations we insure issued by state, local and territorial governments
and finance authorities that are experiencing fiscal stress, the
possibility that MBIA Corp. will have inadequate liquidity to pay
expected claims as a result of increased losses on certain structured
finance transactions, in particular residential mortgage-backed
securities transactions that include a substantial number of ineligible
mortgage loans, or a delay or failure in collecting expected recoveries,
the possibility that loss reserve estimates are not adequate to cover
potential claims, a disruption in the cash flow from our subsidiaries or
an inability to access capital and our exposure to significant
fluctuations in liquidity and asset values within the global credit
markets as a result of collateral posting requirements, our ability to
fully implement our strategic plan, including our ability to maintain
high stable ratings for National and generate investor demand for our
financial guarantees, deterioration in the economic environment and
financial markets in the United States or abroad, and adverse
developments in European sovereign credit performance, real estate
market performance, credit spreads, interest rates and foreign currency
levels, the effects of governmental regulation, including insurance
laws, securities laws, tax laws, legal precedents and accounting rules;
and uncertainties that have not been identified at this time. These and
other factors that could affect financial performance or could cause
actual results to differ materially from estimates contained in or
underlying the Company’s forward-looking statements are discussed under
the “Risk Factors” section in MBIA Inc.’s most recent Annual Report on
Form 10-K and Quarterly Report on Form 10-Q, which may be updated or
amended in the Company’s subsequent filings with the Securities and
Exchange Commission. The Company cautions readers not to place undue
reliance on any such forward-looking statements, which speak only to
their respective dates. The Company undertakes no obligation to publicly
correct or update any forward-looking statement if it later becomes
aware that such result is not likely to be achieved.
MBIA Inc., headquartered in Purchase, New York is a holding company
whose subsidiaries provide financial guarantee insurance for the public
and structured finance markets. Please visit MBIA's website at www.mbia.com.
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MBIA Inc.
Investor and Media Relations:
Greg Diamond,
+1-914-765-3190
Source: MBIA Inc.