Calpine Accounts Questioned
Calpine Corp. (CPN.N) has been struggling badly ever since the Enron Corp. collapse in 2001 exposed the weaknesses of its power generation and trading business, but a recent study of its accounts suggests worse may still be to come.
NEW YORK -- MBIA Inc. reported write-downs of $3.5 billion on souring credit derivatives in the fourth quarter Thursday, raising the possibility that the world's largest bond insurer could lose its top credit rating.