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In page Alice Schroeder:
"In 2002, activist hedge fund manager Bill Ackman challenged bond insurer MBIA's AAA rating[1] calling for a division between MBIA's bond insurers' structured finance business and its municipal bond insurance side.[citation needed] Ackman published a report[2] raising extensive concerns about MBIA's continued solvency. He gave Schroeder's team an early draft and suggested they downgrade MBIA, but they initially resisted. Schroeder and her colleague Vinay Saqi eventually responded to Ackman's report, partially acknowledging Ackman's thesis.[3][4]
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