Dexia: No insurance

Dexia’s new management has seized the opportunity – as it should – to blame the troubles of the Belgian-French bank on the past, clean the slate and try to move on. The government-rescued bank posted a record E1.5bn loss in the third quarter, the result of more than E2bn of crisis-related hits. It is also getting rid of a big chunk of the troubled US-based monoline insurer FSA, while trying to address the bank’s long-time lingering problem – poor funding. Dexia will sell FSA’s insurance busines...