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Moreover, as the public-finance market shrank it also convulsed.
此外，隨著公共財政市場的萎縮，它也出現了動蕩。
Insurers have suffered bigger-than-expected losses on muni defaults, from Detroit to Puerto Rico.
從底特律到波多黎各，保險公司在市政債券違約上遭受的損失超過預期。
The latter's bankruptcy in 2017, designed to help it restructure $120bn of debt and pension obligations, has hit them particularly hard.
后者在2017年破產，這對它們的打擊尤為嚴重，破產本是為了幫助它重組1200億美元的債務和養老金義務。
The $170m net loss under US GAAP made by MBIA in the latest quarter was largely down to Puerto Rico.
根據美國公認會計準則，MBIA最新季度凈虧損1.7億美元，其主要來自波多黎各。
The $720m MBIA is seeking from Citigroup, UBS and seven other banks matches the value of claims it has paid out on Puerto Rican contracts.
MBIA向花旗集團、瑞銀和其它7家銀行尋求的7.2億美元賠款，與該公司對波多黎各合同的索賠金額相當。
It accuses them of creating "a financial abyss of historic proportions" by urging Puerto Rico to issue "unsustainable" debt,
它指責它們敦促波多黎各發行“不可持續”債務并作出虛假或誤導性的披露，以供保險人信賴。
and making false or misleading disclosures on which the insurer relied.
因此造成了“歷史性的金融深淵”，
The banks' defence is likely to focus on the fact that bond insurers are hardly unsophisticated;
銀行的辯護很可能集中在債券保險公司并不單純這一事實上；
insurers have long advertised their credit-surveillance skills.
債券保險公司一直在廣告中宣傳它們的信用追蹤技能。
All of which suggests that post-crisis bond insurance is not for the faint-hearted.
所有這些都表明危機后的債券保險并不適合膽小的人。
Last year David Einhorn became the latest in a long line of hedge funders to publicly short a bond insurer,
去年David Einhorn成為了公開做空一家債券保險公司的對沖基金投資人中的最新一員
calling Assured Guaranty "a melting ice cube".
他稱Assured Guaranty是“一個正在融化的冰塊”。
The firm poohpoohed the critique, and many clearly think it has navigated the morass well:
該公司對這一批評不屑一顧，許多人顯然認為，它已經很好地渡過了困境：
its share price is 50% above its pre-crisis peak (and 23% higher than when Mr Einhorn weighed in); MBIA's is down by 88%.
它的股價比危機前的峰值高出50%（比Einhorn先生介入時高23%）；MBIA的股價下跌了88%。
This has allowed Assured to swoop in on some of the more attractive bits of rivals' books.
這讓Assured得以大舉收購競爭對手的一些更具吸引力的資產。
It is also diversifying: on August 9th it acquired BlueMountain,
它也越來越多樣化：8月9日，它收購了BlueMountain，
a fund manager specialising in collateralised loan obligations—securities backed by leveraged loans,
一家專注于貸款抵押債券的基金管理公司—由杠桿貸款支持的債券，
which fared better than mortgagebacked debt in the crisis and remain popular with yield-hungry investors.
它在危機中的表現好于抵押貸款支持的債券并仍然受到渴望收益的投資者的歡迎。
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