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Note 6 - VIEs Level 3 (Tables)
 12 Months Ended
Dec. 31, 2011
VIEs [Abstract]  
Financial Guaranty Insurance Contracts VIEs [Table Text Block]
The following tables provide a summary of our maximum exposure to losses, and the financial impact on our consolidated balance sheets, our consolidated statements of operations and our consolidated statements of cash flows as of and for the periods indicated, as it relates to our consolidated and unconsolidated financial guaranty insurance contracts and credit derivative VIEs:
 
Consolidated
 
Unconsolidated
 
December 31,
 
December 31,
(In millions)
2011
 
2010
 
2011
 
2010
Balance Sheet:
 
 
 
 
 
 
 
       Trading securities
$
94.5

 
$
83.2

 
$
—

 
$
—

       Derivative assets
—

 
—

 
4.1

 
6.0

       Premiums receivable
—

 
—

 
3.6

 
5.2

       Other assets
105.9

 
112.4

 
—

 
—

       Unearned premiums
—

 
—

 
3.8

 
6.0

       Reserve for losses and LAE
—

 
—

 
7.9

 
15.0

       Derivative liabilities
19.5

 
19.2

 
79.5

 
585.9

       VIE debt—at fair value
218.8

 
379.1

 
—

 
—

       Accounts payable and accrued expenses
0.5

 
0.8

 
—

 
—

 
 
 
 
 
 
 
 
Maximum exposure (1)
580.0

 
584.6

 
6,126.3

 
6,874.2

_______________
(1)
The difference between the carrying amounts of the net asset/liability position and maximum exposure related to VIEs is primarily due to the difference between the face amount of the obligation and the recorded fair values, which include an adjustment for our non-performance risk. The maximum exposure is based on the net par amount of our insured obligations as of the reporting date.
 
 
Consolidated
 
Unconsolidated
 
Year Ended
December 31,
 
Year Ended
December 31,
(In millions)
2011
 
2010
 
2009
 
2011
 
2010
 
2009
Statement of Operations:
 
 
 
 
 
 
 
 
 
 
 
       Premiums earned
$
—

 
$
—

 
—

 
$
2.6

 
$
2.8

 
$
3.5

       Net investment income
8.7

 
10.9

 
—

 
—

 
—

 
—

       Net gains on investments
14.7

 
—

 
—

 
—

 
—

 
—

       Change in fair value of derivative
       instruments—(loss) gain
(10.7
)
 
(14.5
)
 
—

 
511.2

 
(478.3
)
 
—

       Net gain (loss) on other financial
       instruments
155.5

 
(143.5
)
 
—

 
—

 
—

 
—

       Provision for losses—increase
       (decrease)
—

 
—

 
—

 
(6.0
)
 
6.5

 
(4.4
)
       Other operating expenses
3.1

 
3.5

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Net Cash Inflow (Outflow)
0.8

 
0.9

 
—

 
7.6

 
(32.1
)
 
(2.8
)
Net Interest Margin Securities VIES [Table Text Block]
The following tables provide a summary of our maximum exposure to losses, and the financial impact on our consolidated balance sheets, our consolidated statements of operations and our consolidated statements of cash flows as of and for the periods indicated, as it relates to our consolidated NIMS VIEs:
 
December 31,
(In millions)
2011
 
2010
Balance Sheet:
 
 
 
       Derivative assets
$
1.6

 
$
10.9

       VIE debt—at fair value
9.4

 
141.0

 
 
 
 
Maximum exposure (1)
18.5

 
135.8

_______________
(1)
The difference between the carrying amounts of the net asset/liability position and maximum exposure related to VIEs is primarily due to the difference between the face amount of the obligation and the recorded fair values, which includes an adjustment for our non-performance risk. The maximum exposure is based on the net par amount of our insured obligations as of the reporting date.
Committed Preferred Custodial Trust Securities VIEs [Table Text Block]
The following tables provide a summary of our maximum exposure to losses, and the financial impact on our consolidated balance sheets, our consolidated statements of operations and our consolidated statements of cash flows as of and for the periods indicated, as it relates to our consolidated and unconsolidated CPS VIEs:
 
Consolidated
 
December 31,
(In millions)
2011
 
2010
Balance Sheet:
 
 
 
       Short-term investments
$
150.0

 
$
150.0

 
 
 
 
Maximum exposure (1)
150.0

 
150.0

_____________
(1)
The maximum exposure is based on our carrying amounts of the investments.
 
Consolidated
 
Unconsolidated
 
Year Ended
December 31,
 
Year Ended
December 31,
(In millions)
2011
 
2010
 
2009
 
2011
 
2010
 
2009
Statement of Operations:
 
 
 
 
 
 
 
 
 
 
 
       Net investment income
$
0.2

 
$
—

 
$
—

 
$
—

 
$
—

 
$
—

       Change in fair value of derivative
       instruments—gain (loss)
—

 
0.2

 
—

 
—

 
(6.3
)
 
(56.2
)
       Net loss on other financial
       instruments
—

 
(25.7
)
 
—

 
—

 
—

 
—

       Other operating expenses
0.4

 
0.4

 
—

 
—

 
—

 
—

 
 
 
 
 
 
 
 
 
 
 
 
Net Cash Outflow
(0.2
)
 
(83.4
)
 
—

 
—

 
(0.9
)
 
(3.7
)